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The Governing Council also decided in October to change the terms and conditions of TLTRO III. It adjusted the interest rates on the operations from 23 November, by indexing the interest rate paid to the average applicable key ECB interest rates, and offered banks three additional voluntary early repayment dates. During the acute phase of the pandemic, this instrument played a key role in countering downside risks to price stability. In view of the unexpected and extraordinary rise in inflation, however, it needed to be recalibrated to ensure consistency with the broader monetary policy normalisation process and to reinforce the transmission of policy rate increases to bank lending conditions. The Governing Council expected the recalibration of the TLTRO III terms and conditions to contribute to the normalisation of bank funding costs. The ensuing normalisation of financing conditions would, in turn, exert downward pressure on inflation, helping to restore price stability over the medium term. The recalibration also removed deterrents to voluntary early repayment of outstanding TLTRO III funds. Voluntary early repayments would reduce the Eurosystem balance sheet and thus contribute to the overall monetary policy normalisation. The recalibration of TLTRO III and the subsequent repayments led to a substantial decline in excess liquidity.

The Eurosystem plays a central role in developing, operating and overseeing market infrastructure and arrangements that facilitate the safe and efficient flow of payments, securities and collateral across the euro area. It also acts as a catalyst for integration and innovation in the payments and securities market. In 2022 the Eurosystem reviewed and renewed existing market infrastructure, policies and strategies, and explored new technologies and a potential digital euro.

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The ECB remained responsible for the administration of various financial operations on behalf of the European Union and played a coordinating role in relation to the Eurosystem reserve management services framework.

During the design phase, the Eurosystem is identifying the key elements of the new framework (both in terms of content and data processes) and outlining a more efficient organisation of the Eurosystem statistical business process. In shaping the IReF, the Eurosystem builds on the contributions of the relevant stakeholders by means of an ongoing cost-benefit assessment.[58] As part of the ongoing cost-benefit assessment, three reports were published in September 2022. These were each focused on specific features of the envisaged reporting system, namely content-related topics, technical integration of country-specific requirements, and procedural and implementation aspects.[59] Furthermore, the ECB organised two workshops with the banking industry in 2022 to discuss the state of play of the cost-benefit assessment.

The ECB is committed to playing its part in the fight against climate change and in addressing climate-related risks, within its mandate. In 2021 the ECB strengthened the governance of its climate-related work by setting up the climate change centre (CCC), which reports directly to the ECB President and regularly updates the Executive Board on progress and priorities.

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[UPDATE: it failed. I installed everything relating to Silverlight 5 and I don't have the Silverlight version of the .dll assembly System.ComponentModel.DataAnnotations . Too bad. UPDATE II: I found an old .dll having this name from a previous installation of Silverlight developer's kit for Visual Studio 2008 or 2010. I added this file and it seems to 'work', in that IntelliSense is now recognizing attributes on class members, such as [Display(Name = "My Property Name")]. Whether or not this works for everything else in this .dll I don't know.]

Chairman of the State Agency for Public Service and Social Innovations - Ulvi Mehdiyev said that lots of applications for the participation in the camp have been received. He also emphasized that this project will play a special role in enhancing patriotism and improving the knowledge and skills of participants.

The play reflects the influence of the USSR and socialism on the values of people. Also in theplay that reflects the failure of university graduate, educated and talented young people in finding a work in a relevant field, there is shown how the young worker has gone through his career as a deputy minister.

Complementary/Supplementary HobbiesDec 15, 2008,22:25 PM Definitely all of us here have a myriad of hobbies to indulge in. Some of us play a lot of sport, while other collect fine things. There are also some hobbies that we pick up along the way as we get sucked into some particular hobbies. I like to think of them as complementary or supplementary hobbies. For example, a fountain pen collector may decide to start collecting different types of inks and paper. Tea lovers may begin to collect fine tea pots and cups.

That said, one of my primary loves is playing table tennis. Table tennis (aka ping pong) is probably the most equipment centric sport in the world today (maybe golf comes close). I cannot think of any other sport where equipment can create adverse effect on the experience of gameplay. This is enhanced by the fact that there are countless choices of products (i.e. blade/bat/paddle material, blade/bat/paddle grip, rubber, sponge and until recently speed glue) coupled by the impossible-to-count combinations of using these choices.

To put it into perspective, the construction of a blade (within the legal definition stated by ITTF) requires only a specific amount of wood and can include the usage of synthetic materials such as arylate/vectran, zylon and aramid carbon fiber layers. Even different types of wood provides specific characteristics to the blade that result in variances in rebound ability, speed, control/feel and sound.

My 20 year old Butterfly penholder that is just made with 5 layers of unidentifiable plywood.

My Chinese penholder blade with 7 layers of wood (Koto, Ayous and Kiri woods) and aramid carbon combination (on the Xiom Stradivarius)

I shall not speak further about the incomprehensible amount of combinations available to the modern table tennis player (unless there are requests) but my posting is actually related to a bunch of people who collect table tennis blades. In general, players who like to buy and try new equipment in the ceaseless search for 'the perfect setup' are called equipment junkie (I'm one of them). A subset of these players also get sucked into the collecting of finely made blades.

Most well known are collectors of Japanese penholder grip blades that are made of single ply Cypress wood. There are many types of Cypress from around the world. Top grade Cypress suited for making blades come from Japan, Taiwan and the US.

A Butterfly Senkoh Max (shakehand grip) made from single ply 10mm cypress. Butterfly never stated where this cypress came from.

My 10 year old Butterfly Senkoh Z that is no longer being produced (also 9-10mm single ply cypress).

To understand the attraction of collecting such blades, one must know the top grade of suitable wood that is Kiso Hinoki. Hinoki is the word for Japanese cypress (Chamaecyparis obtusa). Kiso Hinoki is hinoki harvested from the region of Kiso. Today the stocks from this particular region is dwindling due to rising demands. Kiso Hinoki is normally used in the construction of shrines and therefore is given the name "Go-Shin-boku" or "Tree where god stayed". The choice of Kiso Hinoki in the construction of table tennis blades is due to 2 reasons...

1) Appearance

- beautiful tight parallel grain and smooth to the touch

- lemon scented

- rot resistant

2) Performance

- high rebound speed with good feel

- perfect for japanese pen holder

Normally, premium Kiso Hinoki blades are made from wood that is around 300-500 years old in order to obtain the perfect grain. The wood is harvested, graded and then stored to dry/seasoned/treated for 1-2 years before being cut into shape. There are only very few Kiso Hinoki orchards/plantations left in the region of Kiso in Japan. The choice of buying a particular type of Kiso Hinoki single ply Japanese penholder blade is defined by the application of the blade.

1) players look for blades that are

- between 95-105g in weight to provide greater speed due to heavier mass

- have perfect parallel and tight wood grain to provide consistent feel throughout the blade

- 9mm in thickness for greater control

- 10mm in thickness for greater speed

2) collectors look for blades that are

- free from physical defect

- have perfect parallel and tight wood grain for aesthetics

- blades with rounded edges are also sought after as they allow concentric circles to form from the grains at the side of the blades to form 'eyes'

- below 95g in weight

- at least 10mm in thickness

It is believed that the blades produced in older times are better quality due to dwindling quality of Kiso Hinoki. Today, companies such as Butterfly, Kokutaku and Darker produce blades suited for both these types of customers.

Butterfly is a well known name and their kiso hinoki blades always sell out. Their top end kiso hinoki japanese penholder blades are snapped up by collectors as soon as they arrive in retail outlets. Among these are the Butterfly Cypress Max and the Kim Taek Soo.

My Kim Taek Soo (blue label - there is also a much sought after red label that is no longer being produced)

For Butterfly, they also have a bespoke service where it takes 2 months at least to make you a blade you like.

Darker is another famous brand and they are said to own their own Kiso Hinoki plantation. Apparently, due to this, Darker has managed to produce among the best blades in existence and are also known to release special edition blades e.g. 10.5mm limited edition or 1000 year old anniversary edition.

I am also fond of Kokutaku blades which have been treated with a their own unique methods. Here I have 2 specimens to show.

The Super Cho Tokusen Bishu No1 D-100 9mm (which I use to play). As you can see, the eyes on the side are imperfect. This one uses Kiso Hinoki at the bottom end of the top grade of wood.

The Bishu No1 Cho Super Cho Tokusen

10mm for collection purposes. The eyes are better formed and the grain is tighter. This one uses Kiso Hinoki from the top end of the top grade of wood and retails at a large percentage over the previous blade.

And to end this post, here is my Xiom chinese penholder Ryu Seung Min Athena Platinum 10.5mm. Single ply and ultra thick Kiso Hinoki blades are rarely seen for the Chinese penholder grip due to the style of play. This one looks to be specifically made for the Chinese/Taiwan collector market.