Analysis Of Nathaniel Hawthorne s `` Young Goodman Brown...

When observing patterns of American literature, it’s often that one can see authors ahead of their times, condemning ideals and values that they deem unfair or distorted. These authors and the themes they write on serve as something along the lines of â€Å"moral purifiers† of their time, illustrating their intent for a change in their respective eras and cultures. In three particular short stories, namely Nathaniel Hawthorne’s â€Å"Young Goodman Brown†, â€Å"A New England Nun† by Mary E. Wilkins Freeman, and lastly Charlotte Gilman’s â€Å"The Yellow Wallpaper†, each individual author speaks out against the established norms of their time in search for moral change. In Nathaniel Hawthorne’s short story, â€Å"Young Goodman Brown†, he addresses the value of the intense religious culture of that early American time period and the hypocrisy that often went along with it by examining motifs of true faith and self-scrutiny. The symbolism in Hawthorne’s story isn’t meant to be subtle in the slightest whether it’s the wife of the eponymous character, a woman aptly named Faith, or the â€Å"mysterious† hooded man in black who leads him down a dark path, which can be easily inferred to be the Devil if one takes a look at it. Literary analyst Thomas Walsh explains, â€Å"For an understanding of what happens to Goodman Brown the reader should be conscious of three sets of symbols: first, Faith, Brown s wife, represents religious faith and faith in mankind; second, Brown s journey into the forest represents anShow MoreRelatedANALIZ TEXT INTERPRETATION AND ANALYSIS28843 Words   |  116 Pagesï » ¿TEXT INTERPRETAT ION AND ANALYSIS The purpose of Text Interpretation and Analysis is a literary and linguistic commentary in which the reader explains what the text reveals under close examination. Any literary work is unique. It is created by the author in accordance with his vision and is permeated with his idea of the world. The reader’s interpretation is also highly individual and depends to a great extent on his knowledge and personal experience. That’s why one cannot lay down a fixed â€Å"model†

The Character of Oedipus in Oedipus and The Infernal Machine

The Character of Oedipus in Oedipus and The Infernal Machine The stories of Oedipus, as told through Senecas Oedipus and Cocteaus The Infernal Machine, contain both similarites and differences. Both authors portray the character of Oedipus as being obstinate, ignorant, and inquisitive. Yet Seneca and Cocteau differ on their interpretation of the motives that propelled these characteristics of Oedipus. Seneca portrays Oedipus as a mature man who, in seeing the troubles of the plague that has descended upon Thebes, feels true sorrow for his dying people and wishes to cure his moribund city. On the other hand, Cocteaus Oedipus is a pretentious, immature, and overweening young adult who seeks to indulge himself in the fast and†¦show more content†¦that I killed the King so that I could marry her. Cocteau, Infernal Machine, p.90 In this quote, so too is Cocteaus Oedipus seemingly blind to the virtually obvious, choosing instead to believe Tiresiass wishes in admitting Oedipuss horrible deeds, were only to seize control of the throne. Jocasta and Creon also try to warn Oedipus of the impending truth, but it is to no avail, as Oedipus will not heed their pleas. Contrary to one another, are Seneca and Cocteaus views on Oedipuss reasons for being so pertinacious in his search for the killer of Laius. Senecas Oedipus, a stately, old, and sage man, is committed to his role as king. But under the present circumstances, in which a horrible plague ravages Thebes, Oedipus with all his human powers a nd abilities, is not able to provide assistance. Only can he pray that somehow it might all go away. And yet I posed my riddle. Next, a shriek- and her impatient claws ripped at the rock and not my entrails. But that tangled mess, her dark enigma, I solved nonetheless. Sen. Oed. 10 In his encounter with the Sphinx, Oedipus bravely faces the beast and answers the riddle that had been indecipherable for so many other men. He arrived in Thebes a true hero, was welcome as their king, and subsequently commenced his benevolent rule. Cocteaus Oedipus, on the other hand, is a much more immature and haughty character. And while Senecas Oedipuss persistence stemmed from his wish to save the citizens of hisShow MoreRelated Sophocles Oedipus the King and Cocteaus The Infernal Machine1440 Words   |  6 PagesSophocles Oedipus the King and Cocteaus The Infernal Machine   Ã‚  Ã‚   Sophocles Oedipus the King and Cocteaus The Infernal Machine relate the same story, yet from quite different angles. Sophocles play is written in heightened language and spends 1,530 lines on an hour of time. On the other hand, Cocteaus characters speak colloquially, and his 96 pages cover 17 years, putting much more emphasis on the events prior to where Sophocles begins his play. Sophocles and Cocteau present Oedipus characterRead More Comparing The Infernal Machine and Oedipus Rex Essay1443 Words   |  6 PagesComparing The Infernal Machine and Oedipus Rex (the King)   Ã‚  Ã‚   The myth of Oedipus’s incest and parricide has been retold many different times. The basic story line has remained the same. Oedipus leaves Corinth to try to escape a fate of incest and parricide. After he leaving the city, he ends up saving Thebes from the Sphinx, becoming king of the city and in the process fulfilling the prophecy. The character of Oedipus changes in each play to help support a different meaning to the entire mythRead MoreThe, The Infernal Machine, And Ubu Roi By Alfred Jarry1609 Words   |  7 Pagesdiscussed in class, Antigone by Jean Anouilh, The Infernal Machine by Jean Cocteau, and Ubu Roi by Alfred Jarry, there is a prodigious depiction of female characters and power that come in numerous ways. In The Infernal Machine there are female characters, such as Jocasta and the Sphinx, who show power and authority. Likewise, in â€Å"Antigone,† characters, such as Antigone and her sister, Ismene, also show power and supremacy. In Ubu Roi, the main character that showed power through rule was Mere Ubu.

Nen perfoming loan in banks Free Essays

string(115) " to get the defaulted borrowers’ to conduct interview with them to know their likely causes of loan default\." Banks exist to provide financial Intermediation services while at the same time endeavor to maximize profit share holders value. Availing credit to borrowers is one means by which banks maximize their profit. Loans are the dominant asset represent 50-75 percent of total amount of most banks, generate the largest share of operating Income represent the banks greater risk exposure (Mac Donald Koch, 2006). We will write a custom essay sample on Nen perfoming loan in banks or any similar topic only for you Order Now Managing loan in a proper way is not only has a positive effect on the banks performance but on borrowers firms and the country as a whole. Failure to manage moans, which make up the largest share of banks assets, would likely lead to the episode of high level of NP. According to MIFF (MIFF, 2009), a non performing loan is any loan which interest and principal payments are more than 90 days over due ; or more than 90 days worth of interest has been refinanced. Under the Ethiopians banking business directives (N.B., 2008), non performing loans are defined as â€Å"Loans and Advances whose credit quality has deteriorated such that full collection of principal and/or interest in accordance with the contractual repayment of term loans or advances in question†. Theoretically, there are so many reasons why loans fail to perform. Some of this includes, depressed economic conditions, high real Interest rate, Inflation, lenient terms of credit, high credit growth risk appetite and poor credit monitoring are among the others. Forestall (2002) categorize non performing loans to bank specific and macro economic conditions. Accordingly, this study is focused on assessing factors that contributed for nonperforming loans of Awash International Bank mainly targeting on bank specific determinants of non performing loans. 1. 2 Statement of the problem An efficient and well functioning of financial sector is essential for the development of any economy. Loan qualities are one of the indicators of financial sectors soundness. A sound financial system among other things requires maintenance of low non performing loans. In Ethiopians context. The banks In the country are required to maintain ratio of their non performing loans below five percent (N.B., 2008). The data obtained from the 2011/12 2012/13 annual progress report of BIB shows that the ratio of non performing loan of the bank was below the threshold for both years. Despite the fact, the non performing loan of the bank was Increased from Birr 98 million in 201 1/12 to Birr 1 77 million in 2012/13, showing an increments of Birr 108. 9 million (104%). Similarly, the bank’s non performing loan ratio was increased from 1. 9% to 2. 8% during the same period. Even, this ratio was above ten percent in some branches of BIB. This fact raises the issue of what causes this non performing loan Increment. Accordingly, two research questions were drawn to investigate this Issue. What does the tends of loans and NP looks like in BIB? Defaulted? What are the main causes for these defaulted loans? 3 Objectives of the Study The general objective of the study is to review the non performing loan of BIB and to identify its causes. Side by side, the study was assessed the following issues. Reviewed Loans NP trends of BIB? 0 Indemnify which loan category, loan purpose economic sectors more defaulted. Searched the main causes of NP in BIB in general identify those branches that were highly contributed for this NP. Assessed the credit assessment follow up practice of other commercial banks. 0 Recommended some remedial actions to be taken to reduce these non performing loans. 1. 4. Methodology Research Design: A sample survey was carried out to seek the characteristics of defaulted loan files and to identify likely causes for their loan default. Survey Population: 25- Branches were recorded NP as of June 30, 2013, comprising about 74 defaulted loan files. Sampling Design: Using random sampling method, seventeen branches and 43 defaulted loan files were taken for this study purpose. Table 1. 1: NP Recorded Branches Profile Branches Total NP recorded branches Sampled NP Branches % GE Responded branches Total NP files Sampled NP files % city 119 829 31 21 68 outlying 148 578 432251 Total 25 176017744358 Data Sources: To achieve the stated objective, both primary and secondary data were utilized. The primary data was collected by interviewing Selected Alba’s Credit Directorate staffs, Compliance Risk Management Department staffs that are on supervisory position. Questionnaires were also distributed to selected branches incurred loan default. Secondary data was utilized from various documents of BIB, mainly from Annual progress report of BIB, credit policies procedures of the bank, NP action plan report and other related documents. Various published and unpublished literatures were also utilized from different sources grading the subject. Data Analysis Presentation: After collection, the data was organized, analyzed interpreted using both quantitative qualitative descriptive analysis methods mainly tables, percentages, charts etc. 1. 5 Scope Limitations of the study Scope of the study The study was reviewed factors that contributed for non performing loan of BIB and it was focus on bank specific determinants of non performing loan. The spectrum of the study, therefore, includes: Examinations of loans NP of BIB by loan category individual economic sectors. – An in depth analysis of the loan file characteristics of the defaulted rowers with special reference to their likely causes for their loan default. – An in depth analysis Credit analysis follow up practice of BIB with special reference to identification of their limitations that contributed for the banks non performing loans. – Suggestions of relevant non performing loan reduction strategies based on The respondents were busy and usually uncooperative. Particularly, some branch managers were unwilling to fill the questionnaire by themselves and order other officers to fill the questionnaire. As a result, the researcher had called phone many times to branches before getting a fulfilled questionnaire. In addition it was difficult to obtain some of the required data’s from credit directorates since some of the data’s were not compiled properly and regularly. Similarly, it was difficult to get the defaulted borrowers’ to conduct interview with them to know their likely causes of loan default. You read "Nen perfoming loan in banks" in category "Papers" Accordingly, the researcher was forced to see the likely causes of their loan default from the analysis of their loan files and interview conducted with staff members. Despite this limitation, the result of the research provided a meaningful basis for filling the gap and made recommendations that can be used by the management to improve performance of loan portfolio in BIB. 2. Literature Review 2. 1 Theoretical Review of Non- Performing Loans Loans and advances are the most profitable of all the assets of a bank. These assets constitute the primary source of income by banks. As a business institution, a bank aims at making a huge profit. Since loans and advances are more profitable than any other assets, it is willing to lend as much of its funds as possible. But banks have to be careful about the safety of such advances. In the words of Dry. Leaf, the banker â€Å"has to tamper liberty with caution. If he is too liberal, he may easily impair his profits by bad debts, and if he is too timed, he may fail to obtain an adequate return on the funds which are confided to him for use. It is by his capacity in lending that a bank manager is Judged. A bank needs to be careful in giving loans as there is a greater risk which follows it in a situation where the loan defaults. Loan loss or defaulted loans puts a bank in a difficult situation especially when they are in greatest amount. Banks gives loans with uncertainty whether they are returned or not though they may hold some security. In assessing any proposal for n advance or a loan, the banker has to satisfy himself/herself regarding the period for which the advance is required and the prospects of its repayment at the end of the period. He/she should not be carried away by the soundness of the security offered to him/her or the rate of interest. Profitability should be given only a sound consideration. He/she should also satisfy himself [herself about the purpose for which the advance is required. He/she is expected to discriminate against and discourage speculative advances. As a matter of fact most bank failures may be traced to faulty policies in respect of loans and advances. From the point of safety and liquidity, loan and advances are poor assets. The risk mostly ensues when loans become non- performing. Allocating loans has always been one of the central pillars of the banking business. Traditionally this marked the start of a long term relationship with the client, which would continue at least until the maturity of the loan. With the growth of deposits, banks are supposed to increase the lending. However, when Non-performing Loans (Naps) are high, the willingness to expand loan reduces. This relationship will be distorted under high NP condition. In any lending recess, there is inherent risk of loans being defaulted which leads to the concept of non- performing loans. The concept of non-performing loans has been defined in performing loans are defined as defaulted loans which banks are unable to profit from. They are loans which cannot be recovered within stipulated time that is governed by the laws of a country. The criterion for identifying non performing loans also varies in Africa. Some countries use quantitative criteria to distinguish between â€Å"good† and â€Å"bad† loans (e. G. , number of days of overdue schedule payments), while others rely on qualitative arms (such as the availability of information about the client’s financial status, and perspectives about future payments). However, the Basel II Commission emphasizes the need to evolve toward a standardized and internal rating-based approach. Accordingly, the Basel committee puts non performing loans as loans left unpaid for a period of 90 days. Under the Ethiopians banking business directive, non-performing loans are defined as â€Å"loans or advances whose credit quality has deteriorated such that full collection of principal and/or interest in accordance with the contractual payment terms of the loan or advances in question† It further provides that: . moans or advances with pre established repayment programs are nonperforming when principal and/ or interest is due and uncollected for 90 (ninety) consecutive days or more beyond the scheduled payment date or maturity. In addition to the above mentioned category of non- performing loans, the following are also considered as non- performing. Overdrafts and loans or advances that do not have re-established repayment program shall be non-performing when: – The debt remains outstanding for 90 (ninety) consecutive days or more beyond the scheduled payment date or maturity; – The debt exceeds the borrower’s approved limit for 90 (ninety) consecutive days or more; – Interest is due and uncollected for 90 (ninety) consecutive days and more; or – For the overdrafts, (I) the account has been inactive for 90 (ninety) consecutive days or deposits are insufficient to cover the interest capitalized during 90 (ninety) consecutive days or (it) the account fails to show the following debit balance at least once over 360 days preceding the date of loan review: 1 . 20% of approved limit or less 2. 5 % or less This is in accordance with the Basel rules. If a loan is past due 90 consecutive days, it will be regarded as non- performing. The criteria used in Ethiopians banking business to identify non- performing loan is a quantitative criteria based on the number of days passed from loan being due. 2. 2 Classification of Loans Advances The National bank of Ethiopia supervision of banking directives classifies loans and advances as follows. Pass loan: loans and advances in this category are fully protected by the current financial and paying capacity of borrower and are not subject to criticism. In general loans and advances, which are fully secured both as to ironical interest by cash or cash substitutes are classified under this category regardless of past due status or other adverse credit factor. Special Mention: Any loan or advance past due 30 days or more, but less than 90 days is classified under this category. Substandard: Non performing loans or advances past due 90 days or more but less than 180 days is classified under this category. Doubtful: Non classified as doubtful. Loss: Non performing loans or advances past due 360 is classified as loss. As per the directive the provision for impairment losses is determined as follows Loan Category Pass loan Mention Extent of provision required 1% of outstanding loan balances Special 3% of outstanding loan balances Substandard 20% of the net loan balance Doubtful balance Loss Non-performing Loans 65% of the net loan 100% of net loan balance 2. 3 Causes of Default culture is not a new dimension in the arena of investment. Rather in the present economic structure, it is an established culture. The redundancy of unusual happening becomes so frequent that it seems people prefer to be declared as defaulters. Basically, the non- performing loans are a result of the compromise of the objectivity of credit appraisal and assessment. The problem is aggravated by the weakness in the accounting, disclosure and grant of additional loans. In the assessment of the status of current loans, the borrower’s credit worthiness and the market value of collateral are not taken into account thereby rendering it difficult to spot bad loans. The causes for loan default vary in different countries. It extends from borrower’s specific act to banks weak regulatory mechanism in advancing loans and monitoring procedures. Generally, in developing and underdeveloped countries, the reasons for default have a multi dimensional aspect. Various researchers have concluded various reasons for loan default. A. Reduced Attention to Borrowers Few of the loan defaults that make trouble for banks can be blamed on reduced attention to borrowers. Borrowers give better attention to the loans that they borrowed when they have the perception that better attention is given to them. Lending officers of institutions should try to keep up with their loans, visiting the borrower’s premises at least once a year or up to a half a dozen times a year on larger loans. Banks rarely lose money solely because the initial decision to lend was wrong. Even where there are greater risks that the banks recognize, they only cause a loss after giving a warning sign. More banks lose money because they do not monitor their borrower’s property, and fail to recognize warning signs early enough. When banks fail to give due attention to the borrowers and what they are doing with the money, then they will fail to see the risk of loss. The objective of supervising a loan is to verify, first, whether the basis on which the lending decision was taken continues to hold good. And second whether the loan funds are being properly utilized for the purpose they were granted. . Macroeconomic Instability Macroeconomic stability and banking soundness are inexorably linked. Both economic theory and empirical evidence strongly indicate that instability in the macro economy is associated with instability in banking and financial markets and instability in these sectors is associated with instability in the macro economy. Most problems of poor loan quality faced by banks were compounded by macroeconomic rate also makes loan appraisal more difficult for the bank, because the viability of potential borrowers depends upon unpredictable development in the overall rate of inflation, its individual components, exchange rates and interest rates. Moreover, asset prices are also likely to be highly volatile under such conditions. Hence, the future real value of loan security is also very uncertain. Banks do poorly both when product and asset price inflation accelerate unexpectedly and when inflation decelerates unexpectedly, unemployment increases, and/or aggregate output and income decline unexpectedly. Unexpected accelerations in inflation adversely affect banks that, on average, lend longer term at fixed-rates than they borrow because nominal interest rates will rise more than expected. This will increase their cost of deposits more than their revenues from loans. Decelerations in inflation and, in particular, bursting of asset prices harm banks because the value of their asset collateral is likely to decline below the value of the associated loans and fuel defaults and losses. Indeed, probably the greatest threat to banking stability in almost all countries is increasing asset price. C. Unsound Assessment Mechanism and Weak Risk Consciousness Risk, and the ways, in which it can be identified, quantified and minimized, is key concerns for a banks management and its auditors when they are engendering the need to provide for bad and doubtful loans. No loan is entirely without risk. Every loan, no matter how well it is secured, and no matter who is the borrower, has the potential to generate loss for the lender. It is the degree of risk to which a loan is susceptible and the probability of loss that vary; these should normally be reflected in the interest margin and other terms set at the inception of the loan. A bank, in considering whether to lend or not, takes into account the quality of a borrower which is reflected in, inter alai, its past and projected profit reference, the strength of its balance sheet (for example, capital and liquidity) the nature of and market for its product, economic and political conditions in the country in which it is based, the quality and stability of its management and its general reputation and standing. It is important for the bank to know the purpose of the loan, to assess its validity and to determine how the funds required for the payment of interest and the repayment of capital will be regenerated. D. Lack of Strict Admittance policies and no active exit Under the influence of idea of pursuing market share excessively, banks do not establish detailed and strict market admittance policies, which undermine the first risk to prevent gate and weaken the orientation effect of admittance policies to market. During pre-loan investigation, some relationship managers put little emphasis on authenticity and integrally review on related materials. They haven’t clarified the true intended usage of the loan (especially when extending short-termed credit) and the review is too optimistic, which does not analyze the potential influence of changes in related factors. There is also no deep review on the market, no enough understanding on enterprises’ operation management situation, no horrors risk revaluation; inaccurate assessment, the risk of loans is not fully covered and the risk on group customers and affiliated enterprises are not identified effectively. The factors above damage the loans at the early stage. 2. Debt Recovery Processes interest comprises a banks principal source of revenue, and therefore, of profit. Accordingly, from a banks perspective it is essential that its borrowers keep their contractual commitments and repay interest and capital as scheduled. Defaults are inevitable, but when they occur a bank should take appropriate remedial action, or ailing that, recover the outstanding interest and capital promptly. Ethiopians Banks adopt different ways of recovering non- performing loans. These methods are one or the combination of the following: Settlement – This engages both the lender and the borrower in negotiation to settle through collection of cash. Reschedule/Renewal – this method is used whenever a bank believes that the Naps can be regulated in favorable terms and conditions through negotiation (term loans) and renewals (overdrafts). This is not without limitation. National Bank Directive No. SUB/43/2008 states a bank shall not reschedule restructure or negotiate worth or medium term loan to a borrower for more than three periods. Before rescheduling, restructuring or renegotiating a short or a medium term loan, a bank shall collect in cash full amount of interest thereof and the following principal amounts: a. A minimum of 25% of outstanding principal balance in case of rescheduling, restructuring or renegotiating for the second time. How to cite Nen perfoming loan in banks, Papers