Bank deposit guarantee netherlands New Dutch deposit guarantee scheme should ‘disincentivise risk-taking’ by banks - Central Banking
The Icesave dispute was a diplomatic dispute that began after the privately owned Icelandic bank Landsbanki was placed in receivership on 7 October The Icelandic state refused to take on this liability on behalf of the guarantee fund.
Originally this was because the state lost funding access at credit markets due to the Icelandic financial crisisbut later proposed bilateral loan guarantees for repayment were rejected by Icelandic voters.
The Icesave bill 1 was the first negotiated loan agreement, attempting bank deposit guarantee netherlands define the repayment terms for these two loans. It was enacted on 2 September but was not accepted by the governments of UK and Netherlands, due to a unilaterally attached term added by the Icelandic parliament which limited Iceland's repayment guarantee only towith automatic cancellation of any potential owing still existing beyond payout jackpot city year.
Instead, UK and Netherlands then counter proposed a new version of the loan agreement, referred to as Icesave bill 2where no bank deposit guarantee netherlands limit was included for the Icelandic state's repayment guarantee.
This was at first accepted by the Icelandic parliament, but the Icelandic president refused to enact the law and referred approval to a referendum being held on 6 Marchwhere voters subsequently rejected the law. After the rejection of Icesave bill 2renewed negotiations started on the terms for the repayment agreement. The negotiations resulted, in Decemberin an adjusted agreement named Icesave bill 3with better terms for Iceland. After analysing the election result, stakeholders decided not see more attempt negotiation of a further improved Icesave bill 4but bank deposit guarantee netherlands to refer the case to the EFTA Court as a legal dispute.
This caused shock, as some legal experts bank deposit guarantee netherlands suggested the ESA would win. If either of the proposed deals with the UK and Netherlands had been implemented, Bank deposit guarantee netherlands would still be paying, because of high interest costs, for the Icesave guarantees. Icesave was an online savings account brand owned and operated by the private Landsbanki bank from to that offered savings accounts.
The bank intended to roll the brand out to additional territories in and In the UK, Icesave's marketing slogan was "clear difference", and it offered three types of savings accounts: In the Netherlands, Icesave's marketing slogan was " de transparante spaarbank "  English: It offered a single type of account: Icesave accounts were accounts with Landsbanki's branches in London and Amsterdam, as the logo used in the United Kingdom made clear: Kaupthing Edge was an online savings brand owned and operated by Kaupthing Bank and its subsidiaries from to It offered savings accounts only to personal savers and operated in ten countries.
One major difference between Kaupthing Edge and Icesave was that Kaupthing Edge accounts were usually held not with branches but with subsidiaries. This means responsibility for regulation of the subsidiaries and provision of deposit guarantees rested with the host countries.
Bank deposit guarantee netherlands Finland  and Norway,  the local financial supervisors took over Kaupthing's operations and guaranteed deposits. In Bank deposit guarantee netherlands, a private agreement was reached between the Austrian authorities and Kaupthing's receivers, with accounts http://vioara.info/free-casino-games-online-free.php transferred to other banks.
In this case, German authorities quickly seized all assets and deposits in Germany before the Icelandic managers were able to move them, thus preventing bank deposit guarantee netherlands from being transferred to Iceland or other offshore accounts. Iceland's three major banks: KaupthingLandsbanki and Glitnir were all highly leveraged by international standards,  and their combined foreign debt was more than five times Iceland's gross domestic product GDP.
With the financial crisis of —08this debt was becoming increasingly difficult to refinanceespecially after bank deposit guarantee netherlands collapse in mid-September of U. Matters came to a head during the weekend of 4—5 October, with bank deposit guarantee netherlands comments in the British press and on discussion forums questioning the solvency of Icelandic banks. On 6 Http://vioara.info/ist-online-casino-spielen-in-deutschland-erlaubt.php, the Icelandic government pushed an emergency law through Iceland's parliament, the Althingin response to the "unusual financial market circumstances".
We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly. He compared the government's measures to the U. A long-standing opponent of Icelandic membership of the European Union bank deposit guarantee netherlands adoption of the euro as national currency, he also claimed that "[i]f we were tied to the euro, […] we would just have to succumb to the laws of Germany and France.
Once the Icesave dispute had got underway, it became clear that there had been several high-level contacts between the British and Icelandic governments in the weeks and even months before Landsbanki's collapse. On 12 Februaryat an International meeting in London, the Central Bank of Iceland CBI received the first warning sign by representatives from foreign banks and credit rating agencies, who concluded that the Icelandic banks were in a serious situation and that bank deposit guarantee netherlands action was needed to manage the current situation.
CBI was advised to make a request towards Landsbanki, that they should bank deposit guarantee netherlands for a transfer of the Icesave accounts from their foreign branch into a UK subsidiaryso that it could be subject to UK law for bank supervision and the UK minimum deposit guarantee scheme. Landsbanki indeed sought legal advice for such a move on 22 February, but for unknown reasons dropped the idea in April, and despite of bank deposit guarantee netherlands fact that the UK Financial Services Authority FSA in July directly had insisted such a transfer into a subsidiary should happen, Landsbanki continued to run Icesave as a foreign branch straight until it went bankrupt.
When British Prime Minister Gordon Brown met with his Icelandic counterpart Geir Haarde in London on 24 Aprilthis was the first event where Iceland's problems with its banking sector was discussed at the highest level. The Landsbanki Freezing Order was the first time that the UK government had used its powers to impose unilateral financial sanctions since those powers were revised in Bank deposit guarantee netherlands powers themselves date from the Defence General Regulations Also on 8 October, the Prime Minister Geir Haarde issued a statement saying "The Icelandic government appreciates that the British authorities are willing to step in and respond to the immediate concerns of depositors of Landsbankinn Icesave accounts" and that "There is a good probability that the total assets of Landsbankinn will be sufficient to cover the deposits in IceSave.
On the following day Haarde said at a press conference that the Icelandic government was outraged that the UK government applied provisions of "anti-terrorism legislation" to it in a move they dubbed a "very unfriendly act".
He also reiterated that Iceland was considering legal action against the UK. The next day, the Central Bank of Iceland stated that problems with international payments to and from Iceland were "directly attributable to the extremely harmful actions taken by the British authorities"  a claim that was repeated on 21 October.
Haarde, before the Althing again on 30 October, criticized the UK's "absurd decision to invoke the Terrorism Act against Icelandic interests in Britain",  which became "the virulent measures of the UK authorities" in front of the Federation of Icelandic Fishing Vessel Owners the following day. The bank deposit guarantee netherlands became more tense, and Iceland made it clear that UK online best singapore casino in its airspace were not appropriate given the state of affairs and subsequently on 14 November the UK had to cancel its patrols and defense of the Icelandic airspace, which before the dispute had been scheduled to start in December Iceland has no standing army of its own, and relies on a long-term standing agreement with NATO where a group of member states have committed in turns to defend the Icelandic airspace, and the UK Royal Air Force had now cancelled this after mutual agreement with NATO although presumably with another member state having accepted to overtake the liability.
In November, media reports indicated that the European Union and EU member states were putting pressure on Icelandic authorities to reach an agreement with Britain and the Netherlands over the Icesave dispute, and this would be a prerequisite to activation of the bailout loans Iceland had applied for, from International Monetary Fund IMF and other EU member countries.
The arguments of the British and Dutch governments are based on their bank deposit guarantee netherlands of the law of the European Economic Area EEAand online bonus greece two positions in particular:. In principle, if the fund cannot meet depositors' claims in the event of a default by a member of the scheme, it is for the remaining credit article source to make up the difference.
The Icelandic government has stated that the directive was never intended to cover the case of a systemic failure, and does not impose a sovereign guarantee on deposit insurance schemes. It was not designed to deal with a systemic crisis but with the collapse of a single bank. Whereas this Directive may not result in the Member States' or their competent authorities' being made liable in respect of depositors if they have ensured that one or more schemes guaranteeing deposits or credit institutions themselves and ensuring the compensation or protection of depositors under the conditions prescribed in this Directive have been introduced and officially recognized.
The Member States of the European Union contest the interpretation of the Icelandic government, and consider that a sovereign "guarantee of last resort", bank deposit guarantee netherlands to the role of central banks as lenders of last resortis the only click at this page of "ensuring the compensation or protection of depositors" as required by the Directive.
The dispute over deposit bank deposit guarantee netherlands is not without some irony. In AprilLandsbanki launched a scathing attack on the UK Financial Services Compensation Scheme FSCS after the FSCS had implied on its website without specifically mentioning Icesave that depositors guaranteed under the "passport system" might have to wait longer for their money in the event of a bank failure than depositors with banks which were completely under the FSCS.
Landsbanki went as far as accusing the FSCS of breaching European law "by letting savers believe this falsehood". Finally, the emergency powers, passed by the Althing on the night of 6 October, contain a measure Art. Iceland roundly denies the charge of discrimination. It is in this regard bank deposit guarantee netherlands Articles 12 EC and 17 EC ] settled case-law that the principle of non-discrimination requires that comparable situations must not be treated differently and that different situations must not bank deposit guarantee netherlands treated in the same way.
Such treatment may be justified only if it bank deposit guarantee netherlands based on objective considerations independent of the nationality of the euromoon casino support concerned and is proportionate to the objective being legitimately pursued.
The situation is complicated by the position of so-called "wholesale" depositors. Iceland makes a much more sparing link of this provision, so its definition of a guaranteed deposit is wider:.
However, this guarantee does not extend to bonds, bills of exchange, or other claims issued by a commercial bank bank deposit guarantee netherlands savings bank in the form of securities.
Deposits, securities and cash owned by Member Companies, their parent and subsidiary companies for their own account, and deposits, securities and cash connected with convictions of money-laundering, are not covered by the guarantee […].
The Dutch government was forced to use a royal decree to prevent North Holland from attempting to seize Landsbanki assets through the courts outside the Netherlands: Additionally, EFTA criticised Iceland for the difference in treatment of international and domestic accounts. Iceland was given two months to respond.
An agreement with the Netherlands was announced on 11 October,  while the negotiations for an agreement with UK was described as being in bank deposit guarantee netherlands progress". Although the delegations "agreed to work closely on the other remaining issues over the coming days", there was no public sign of movement on the issue for the next four weeks. Thus the government was in a critical need to apply Click the following article Monetary Fund IMF and other bank deposit guarantee netherlands countries for the supply of a sovereign bailout package, which at that point of time got the highest priority first to settle.
When the time came for the bailout loan to be formally approved by the Board of the IMF, it however became clear that the Icesave dispute also first needed to be resolved, before the bailout loan could be transferred.
Dutch finance minister Wouter Bos said that the Netherlands would oppose activation of the IMF loan, unless a mutual agreement first was reached over Icesave. In regards of the responsible authority for the monitoring and control of financial activities performed by the Icesave bank, it was however later established this had always been the sole responsibility of the Icelandic Financial Supervisory Authority FME with the minimum deposit guarantees also to be covered by the Icelandic Depositors' and Investors' Guarantee Fund, because the Icesave bank had been established as a foreign branch by the Icelandic Landsbanki.
Thus it was only the Icelandic authorities having a desert night casino mobile responsibility in the case, and this fact alone emphasized the bank deposit guarantee netherlands for a solution about the payment of minimum deposit guarantees to the Dutch and British Icesave account holders, either to be reached with the Icelandic state or the Icelandic Depositors' and Investors' Guarantee See more. The repayment conditions were however still click of further negotiation with EU involvement.
For this operation, DNB hired sixty temporary employees who were housed on the second floor of the Bank's headquarters. With aroundpaper files being handled on this floor, lying around in crates, DNB realised the floor was not http://vioara.info/online-gambling-revenue-2014.php of holding this amount of weight and the entire department had to be moved.
However, the Althing debate revealed wide opposition -even within the government- about the repayment conditions, bank deposit guarantee netherlands thus the parliament unilaterally added an amendment to the bill which bank deposit guarantee netherlands a maximum ceiling on the yearly repayments based on the country's Gross Domestic Product. The government however argued, that if the parliament failed to pass the bill, then Britain and the Netherlands might retaliate bank deposit guarantee netherlands blocking a planned aid package for Iceland from the International Monetary Fund IMF.
After unilaterally having amended the bill with a special ceiling for the state's guaranteed repayment, which greatly reduced bank deposit guarantee netherlands risk and liabilities for the Icelandic state, the two government parties voted through the bill in the parliament. The article source repayment ceiling under the amended bill was rather complicated. It was supposed to work in this way, article source starting from the yearly increase of Icelandic GDP growth measured in pound sterling and euro according to Eurostats method should be calculated, with these figures being accumulated from year to year.
Remaining debts after would be cancelled. The two governments would receive payments over the next 14 years after compensating the losses of more thanof the bank's customers. The legal design flaw he had pointed out, was that the repayment agreement had a paragraph which had interfered and changed the usual creditor priority order, compared to how it normally worked according to the Icelandic law.
If the receivership managed to recover enough money to cover all priority claims, the Icelandic State's loss of first priority status within the priority claims would not cause any difference. Opinion polls predicted that a sizable majority of Icelanders would vote against the bill in a referendum. How Icesave affected the timing of the bank deposit guarantee netherlands was indirect and related to the broader financing for the programme. Because other creditors of Iceland made it a condition, we had to wait until they were satisfied.
The dispute between Iceland, Britain and the Netherlands concerning Icesave complicated efforts by Iceland to secure click bank deposit guarantee netherlands financing for the programme from other participating countries.
Would non-passage of "Icesave bill 2" affect financing assurances? I don't know how these things will play out. I'm not willing to speculate. Due to the recently discovered design flaws in the Icesave bill 2 bank deposit guarantee netherlands, which had put an equal stand to the priority of all the creditor's "priority claims" towards the Landsbanki receivershipmeaning that the Icelandic state as an unwanted consequence suddenly faced much higher liabilities compared to how the Icelandic law normally would regulate the bank deposit guarantee netherlands, it was now a fact in February that basically all Icelandic politicians had started to recommend the Icelandic people to vote no for the Icesave bill 2 in the referendum being scheduled to take place on 6 March On this background, it was decided by the Icelandic politicians instead to start a new round of negotiations to attempt fixing the issue and reach a new better compromise in the Icesave dispute.
This new Icelandic offer, was described as focusing to maximize the amount of Landsbanki assets casino casino cruise online by the UK and the Netherlands, by secreting and transferring asset values equal to their claims without accrued interests from bank deposit guarantee netherlands Landsbanki receivership over to a public owned liquidation unit in the two countries. The UK and the Netherlands, however, did not accept this new Icelandic proposal.
Bank deposit guarantee netherlands Icesave dispute - Wikipedia
Explicit deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
Banks are allowed and usually encouraged to lend or invest most of the money deposited with them instead of safe-keeping the full amounts see fractional-reserve banking. If many of a bank's borrowers fail to repay their loans when due, the bank's creditors, including its depositors, risk loss. Because they rely on customer deposits that can be withdrawn on little or no notice, banks in financial trouble are prone bank deposit guarantee netherlands bank runswhere depositors seek to withdraw funds quickly ahead of a possible bank insolvency.
Because banking institution failures have the bank deposit guarantee netherlands to trigger a broad spectrum of harmful events, including economic recessions, policy makers maintain deposit insurance schemes to protect depositors and to give them comfort that their funds are not at risk. Deposit insurance was formed to protect small unit banks in the United States when branching regulations existed. Banks were restricted by location thus did not reap the benefits coming from economies of scale, namely pooling and netting.
To protect local banks in poorer states, the federal bank deposit guarantee netherlands created deposit insurance. Many national deposit insurers are members of the International Association of Deposit Insurers IADIan international organization established to contribute to the stability of financial systems by promoting international cooperation and to encourage wide international contact among deposit insurers and other interested parties. On the other hand, one deposit insurance system can cover more than one country: According to the IADI,  as of 31 Januarycountries have instituted some form of explicit deposit insurance up from 12 in Another bank deposit guarantee netherlands countries are considering the implementation of an explicit deposit insurance system.
Bank deposit guarantee netherlands the antebellum period and the s, there were various deposit insurance schemes. Those based on self-regulation via mutual liability were successful; compulsory state-based insurance schemes were not. There have been no failures since Information on the Canadian system is found at http: Funds in a foreign currency, not Canadian dollars, are not insured, such as a US dollar accounts even bank deposit guarantee netherlands held in a registered CDIC financial institutions.
Guaranteed Investment Contracts with a longer term than 5 years are also not insured. Funds in foreign banks operating in Canada may or may not be covered depending on whether they are members of CDIC.
The general principle is to cover reasonable deposits and savings, but not deposits deliberately legit casinos online most to take risks for gain, such as mutual funds or stocks.
Generally speaking, the Canadian banking system is well regulated, in part by the Office of the Superintendent of Financial Institutions Canadawhich can in an extreme case close a financial institution. That and Canada's tight mortgage rules mean the risk of bank failures similar to the US are much less likely. In Brazil, the creation of deposit insurance was authorized by Resolution ofthe National Monetary Council.
This standard mandated the creation of a protection mechanism for credit holders against financial institutions, called "Credit Guarantee Fund" FGC. Currently, bank deposit guarantee netherlands FGC is regulated by Resolution of The Http://vioara.info/euro-roulette-wheel-layout.php Responsibility Act prohibits the use of public funds bank deposit guarantee netherlands finance the losses, so it is formed exclusively by compulsory contributions from the participating institutions.
More recently, the Guarantor Credit Union Fund FGCoop was created, in order to protect depositors of credit unions and cooperative banks. On October 7,the Ecofin meeting of EU's ministers of finance agreed to increase the minimum amount to 50, The bank deposit guarantee netherlands amount followed on Ireland's move, in Septemberto increase its deposit insurance to an unlimited amount.
Many other EU countries, starting with the United Kingdom, reacted by increasing its limit to avoid that people transfer savings to Irish banks. Bank deposit guarantee netherlands November a comprehensive report was published by EU, with a description and comparison of each Insurance Guarantee Scheme in place for all EU member states.
The report concluded, that many of the schemes but not all had restricted the appliance of guarantees to retail consumers, please click for source private individuals, although Small or Medium-sized SME businesses sometimes also were placed into the retail category.
Common for all schemes are, that they do not apply for big wholesale customers. The report recommend this practice to continue, as the limiting of the scheme's to "retail customers excl. SME businesses " help reduce the cost of the scheme while bank deposit guarantee netherlands helping to increase its available funds towards those who really depend on the guarantee — when being activated for protection of claimants in a certain case.
From Octobermany EU countries increased the amount covered by their deposit insurance schemes. Since these amounts are typically encoded in legislation, there was a certain delay before the new amounts were formally valid. This is the case in all EU countries. This case shows the limits of deposit insurance in protecting against systemic failure as opposed to the collapse of a single bank or other institutionespecially when a small country offers banking to international bank deposit guarantee netherlands. Banks operating in Monaco participate in the French deposit guarantee scheme, i.
Russia enacted deposit insurance law in December and established the national deposit insurance agency DIA in Maximum compensation is limited to 1, roubles  equivalent to approximately 21, US dollars or 19, Euro at September exchange rate.
As at Bank deposit guarantee netherlandsDIA funds exceeded 68 billion roubles 2. There were 15 "insured events" bankruptcy cases bank deposit guarantee netherlands DIA intervention in with resulting payout reaching million roubles. The agency is set up as a state-owned corporationmanaged jointly by Central Bank and bank deposit guarantee netherlands government of Russia.
DIA membership is mandatory requirement for any bank operating with private investors' money. Central Bank of Russia used admission of banks into DIA system to weed out unsound banks and money launderers.
The murder of Andrey Kozlov bank deposit guarantee netherlands, the Central Bank executive in charge of DIA admission, was directly linked to his non-compromising attitude to money launderers. Switzerland has a privately operated bank deposit guarantee netherlands insurance system called Deposit Protection of Swiss Banks and Securities Dealers. Clients of this bank received the payments at the time up to CHF 30 per customer within three weeks.
For further information see the FAQ at http: In response to the financial crisis inboth Guernsey and Jersey introduced deposit compensation schemes. The scheme does not cover company or, with minor exceptions, trust accounts. The Jersey scheme was enacted in November  and offers a similar level of protection. The Isle of Man government also pressed the Icelandic government bank deposit guarantee netherlands honour Kaupthing hf's irrevocable and binding guarantee of all depositors' funds held by Kaupthing, Singer and Friedlander Isle of Man Ltd.
The last bank failure in this web page Australian depositors lost money and then only a minimal amount was that of a trading bank, the Primary Producers Bank of Australia, in Fitz-Gibbon and Gizycki bank deposit guarantee netherlands Since the early s, banking sector problems have been resolved without losses to depositors. This measure comes on bank deposit guarantee netherlands of existing mandates of APRA and ASIC to monitor Australian banks and bank deposit guarantee netherlands taking authorities to ensure that their risks do not compromise the safety of depositors funds.
With the vast majority of Chinese savers holding far less than the maximum, and the central bank has visit web page that The plan is expected to take effect in January,and is intended by Chinese officials to increase certainty and help customers better assess risks and protect the nation's financial stability in the event of a crisis.
India introduced Deposit Insurance in Casino review euro Kong Deposit Protection Board is an independent and statutory institution formed to manage and supervise the operation of Deposit Protection Scheme. Deposit Insurance Corporation of Japanfounded in http://vioara.info/low-deposit-long-haul-holidays-2016.php based in Tokyooversees this function for institutes other than agricultural and fishery co-operative.
Malaysia introduced its Deposit Insurance System in September All commercial and Islamic banks, including foreign banks operating in Malaysia, are compulsory member institutions of PIDM. The maximum coverage limit is RM, per depositor per member institution. Islamic accountsjoint accountstrust accounts and accounts of sole proprietorships, partnerships or persons carrying on professional practices are separately insured up to the RM, limit. During the global financial crises, Mongolia extended blanket guarantee to protect all bank deposits.
At the time the guarantee coverage was 1. On 10 Januarythe Parliament of Bank deposit guarantee netherlands adopted bank deposit guarantee netherlands Law on Insurance for Bank Deposits that establishes a mandatory insurance scheme for bank deposit guarantee netherlands protection of bank monetary deposits.
It was raised from the previous insurance coverage of PHP, KDIC, founded in just before the East Asian financial crisis ofproved its effectiveness through the crisis and gradually upgraded its capacity over the years. The objectives of the Agency as specified by law are providing protection to deposits in financial institutions system; administration of institutions bank deposit guarantee netherlands to control under the Financial Institutions Businesses Act and liquidation of financial institutions whose licenses have been revoked.
Deposit in Thailand was fully guaranteed until 10 August From 11 August until 10 Augustthe coverage dropped to 50 million baht per depositor per bank. Since then coverage has been limited to THB one million per depositor per bank. When a nation state has a deposit insurance scheme, foreign investors aka non-resident bank depositors are more likely to passively deposit article source amounts of money in the banks of said nation state that has a bank deposit insurance scheme.
Having a bank deposit insurance scheme for all practical purposes guarantees that a nation state will continue reading likely have a higher rate of passive foreign investment within the margin of insurable amount.
There has been substantial research done over the years [ example needed ] on bank deposit guarantee netherlands impact on foreign investment of bank deposit insurance schemes. Deposit insurance enables banks to increase the money supply, without it underfunded banks might suffer a bank run bank deposit guarantee netherlands is prevented by the insurance. Detractors of deposit insurance claim the schemes introduce a moral hazard issue, encouraging both depositors and banks to take on excessive risks.
See more risks are shared by all banks, safe or risky. There are several examples where bank managers have made big money by lending money at high interest rates to risk customers, such as real estate speculation, and the government bailed out the banks while the managers kept their money and found new jobs. If deposit bank deposit guarantee netherlands is provided by another business or corporation, like other insurance agreements, there is a presumption that the insurance corporation would charge higher rates to or simply refuse to cover banks that engaged in extremely risky behavior,  thus solving the problem of moral hazard whilst simultaneously reducing the risk of a bank run.
The Bibby planwhich gets round the problem of moral hazard while still preventing bank runs would be that the state should provide deposit insurance, but the banks will pay regular premiums to the state reflecting the extent of the deposit insurance which could be at the choice of the banks and the inherent risk in that particular bank. It would allow some element of differentiation between banks in level of riskiness and in the level of insurance offered.
In the Asian context, the study finds that the state-funded deposit insurance funds allow Asian banks to take a higher risk. From Wikipedia, the free encyclopedia. This article has multiple issues. Please help improve it or discuss these issues on the talk page. Learn how and when to remove these template messages. This article may require cleanup to meet Wikipedia's quality standards.
The specific problem is: These need to be removed or converted to references. Please help improve this article if you can. December Learn how and when to remove this template message. This article's lead section does not adequately summarize key points of its contents. Please consider expanding the lead to provide an accessible overview of all important aspects of the article.
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