Lok Sabha Question No. 67 (STARRED), answered on 2015-07-24
Subject: Restructuring of Loans
Ministry: FINANCE
Asked by: BHARTRUHARI MAHTAB

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF FINANCIAL SERVICES

LOK SABHA

STARRED QUESTION NO.*67

TO BE ANSWERED ON 24 TH JULY, 2015 / SHRAVANA 2, 1937 (SAKA)

RESTRUCTURING OF LOANS

*67: SHRI BHARTRUHARI MAHTAB

QUESTION

Will the Minister of FINANCE be pleased to state:

1. whether the Government proposes restructuring of loans of corporate and farmers to deal with genuine and wilful defaulters;

1. if so, the details thereof along with the number of farmers, corporate houses benefited from the said move, State and bank-wise;

1. whether the Government has assessed the impact of such restructuring of loans on the Non-Performing assets (NPAs) of the banks;

1. if so, the details thereof along with the likely benefits of such restructuring to the banks;

1. whether any instance of corruption/irregularities in restructuring of loans have been reported; and

1. if so, the details thereof, bank and State-wise along with the corrective action taken/being taken by the Government in this regard?

ANSWER

FINANCE MINISTER

(SHRI ARUN JAITLEY)

(a) to (f): A Statement is laid on the Table of the House.

* * * * *

**STATEMENT AS REFERRED TO IN RE TO PARAs (A) TO (F) OF LOK SABHA STARRED QUESTION NO. *67 FOR ANSWER ON 24** **TH** **JULY, 2015 / SHRAVANA 2, 1937 (SAKA) REGARDING RESTRUCTURING OF LOANS BY SHRI BHARTRUHARI MAHTAB.**

(a) :  Reserve Bank of India (RBI) has been issuing prudential norms on restructuring of advances since long, and, these are reviewed periodically taking into account the changed economic conditions and feedback of all stakeholders. All effective prudential norms on restructuring of advances are consolidated in the Master Circular issued by them every year in the month of July. The banks can refer these norms and restructure genuine cases as and when required.

Restructuring of accounts of a Wilful Defaulter is generally not permitted under the above-mentioned prudential guidelines.  The restructuring in such cases is considered after reviewing the reasons for classification of the borrower as willful defaulter and after satisfying that the borrower is in a position to rectify the willful default.

The restructuring of such cases may be done with Board’s approval, while for such accounts the restructuring under the Corporate Debt Restructuring (CDR) Mechanism may be carried out with the approval of the Core Group only.

(b): Data reporting system of RBI does not collate information on State - wise and number wise restructuring of loans of farmers and corporate houses.  However, the data as collated by RBI for restructuring of standard advances, bank-wise is at Annex, which includes farmers and corporate houses.

(c) and (d):  A provision of 5% of the outstanding was provided for the restructured assets till 31 st March, 2015.  All standard assets shall be classified as sub-standard upon restructuring with effect from 1 st April 2015 and will attract provision of 15%. This will enable the banks to sustain future shocks on account of standard restructured assets slipping into sub-standard category.

(e) & (f):   All instance of corruption/irregularities in restructuring of loans  are dealt by Chief Vigilance Officer (CVO) of the respective banks.   However, in the period from April, 2011-December, 2014 as per the information provided by Twenty Five (25) major Public Sector Banks, after conducting enquiries into the staff lapses in NPA cases, 677 employees were dismissed and major and minor penalties were imposed on 6711 and 7498 employees respectively.

| ***ANNEX***                                                                   |                         |              |              |                                      |            |            |                                               |              |              |                                                          |            |            |
|-------------------------------------------------------------------------------|-------------------------|--------------|--------------|--------------------------------------|------------|------------|-----------------------------------------------|--------------|--------------|----------------------------------------------------------|------------|------------|
| **DATA ON GROSS NPAs, RESTRUCTURED STANDARD ADVANCES (Rs. in Crore)**         |                         |              |              |                                      |            |            |                                               |              |              |                                                          |            |            |
| **Bank Name**                                                                 | **Gross NPAs-Rs.crore** |              |              | **Gross NPAs to Gross Advances (%)** |            |            | **Restructured Standard Advances - Rs.crore** |              |              | **Restructured Standard Advances to Gross Advances (%)** |            |            |
|                                                                               | **Mar-13**              | **Mar-14**   | **Mar-15**   | **Mar-13**                           | **Mar-14** | **Mar-15** | **Mar-13**                                    | **Mar-14**   | **Mar-15**   | **Mar-13**                                               | **Mar-14** | **Mar-15** |
| Allahabad Bank                                                                | 4,962                   | 7,961        | 8,274        | 3.98                                 | 5.90       | 5.70       | 11,908                                        | 10,907       | 16,727       | 9.55                                                     | 8.08       | 11.52      |
| Andhra Bank                                                                   | 3,714                   | 5,858        | 6,877        | 3.71                                 | 5.29       | 5.31       | 9,683                                         | 10,627       | 13,982       | 9.67                                                     | 9.60       | 10.79      |
| Bank of Baroda                                                                | 6,551                   | 9,894        | 13,921       | 2.87                                 | 3.56       | 4.64       | 16,028                                        | 19,209       | 23,321       | 7.01                                                     | 6.91       | 7.78       |
| Bank of India                                                                 | 7,152                   | 10,274       | 20,245       | 3.51                                 | 3.89       | 6.99       | 17,641                                        | 18,870       | 20,180       | 8.65                                                     | 7.14       | 6.97       |
| Bank of Maharashtra                                                           | 1,138                   | 2,860        | 6,402        | 1.49                                 | 3.16       | 6.33       | 4,525                                         | 6,692        | 7,234        | 5.92                                                     | 7.40       | 7.15       |
| Bharatiya Mahila Bank Ltd.                                                    |                         | -            | -            |                                      | -          | -          |                                               | -            | -            |                                                          | -          | -          |
| Canara Bank                                                                   | 5,786                   | 7,371        | 12,490       | 2.53                                 | 2.59       | 4.00       | 16,590                                        | 20,248       | 22,621       | 7.25                                                     | 7.13       | 7.25       |
| Central Bank of India                                                         | 8,456                   | 11,500       | 11,873       | 4.81                                 | 6.27       | 6.09       | 20,152                                        | 25,962       | 29,618       | 11.46                                                    | 14.16      | 15.19      |
| Corporation Bank                                                              | 2,048                   | 4,737        | 7,107        | 1.72                                 | 3.42       | 4.81       | 7,219                                         | 9,750        | 13,177       | 6.05                                                     | 7.03       | 8.92       |
| Dena Bank                                                                     | 1,452                   | 2,616        | 4,393        | 2.19                                 | 3.33       | 5.45       | 4,975                                         | 7,056        | 8,609        | 7.49                                                     | 8.97       | 10.68      |
| IDBI Bank Limited                                                             | 6,450                   | 9,949        | 12,654       | 3.43                                 | 5.36       | 6.60       | 11,571                                        | 12,391       | 14,956       | 6.15                                                     | 6.68       | 7.80       |
| Indian Bank                                                                   | 3,255                   | 4,284        | 5,366        | 3.22                                 | 3.67       | 4.37       | 8,573                                         | 8,151        | 9,944        | 8.48                                                     | 6.97       | 8.09       |
| Indian Overseas Bank                                                          | 5,621                   | 7,838        | 13,153       | 3.88                                 | 4.84       | 8.08       | 16,683                                        | 12,264       | 16,075       | 11.51                                                    | 7.57       | 9.87       |
| Oriental Bank of Commerce                                                     | 4,184                   | 5,618        | 7,666        | 3.21                                 | 3.99       | 5.18       | 12,304                                        | 15,006       | 20,086       | 9.45                                                     | 10.66      | 13.57      |
| Punjab & Sind Bank                                                            | 1,537                   | 2,554        | 3,082        | 2.96                                 | 4.41       | 4.76       | 6,414                                         | 6,937        | 9,097        | 12.37                                                    | 11.99      | 14.04      |
| Punjab National Bank                                                          | 13,255                  | 18,611       | 25,318       | 4.68                                 | 5.83       | 7.45       | 30,527                                        | 35,507       | 38,315       | 10.78                                                    | 11.13      | 11.28      |
| Syndicate Bank                                                                | 2,816                   | 4,264        | 5,904        | 2.27                                 | 2.97       | 3.58       | 8,189                                         | 9,899        | 8,889        | 6.59                                                     | 6.89       | 5.38       |
| UCO Bank                                                                      | 6,905                   | 6,275        | 9,782        | 5.79                                 | 4.47       | 7.14       | 11,259                                        | 13,427       | 10,796       | 9.44                                                     | 9.57       | 7.88       |
| Union Bank of India                                                           | 6,143                   | 9,142        | 12,672       | 3.09                                 | 4.22       | 5.25       | 9,747                                         | 12,353       | 13,658       | 4.90                                                     | 5.70       | 5.66       |
| United Bank of India                                                          | 2,964                   | 7,118        | 6,553        | 4.25                                 | 10.47      | 9.49       | 3,917                                         | 4,857        | 8,476        | 5.62                                                     | 7.14       | 12.27      |
| Vijaya Bank                                                                   | 1,533                   | 1,986        | 2,443        | 2.17                                 | 2.41       | 2.79       | 4,233                                         | 3,979        | 5,286        | 6.00                                                     | 4.83       | 6.03       |
| State Bank of Bikaner & Jaipur                                                | 2,119                   | 2,733        | 2,945        | 3.62                                 | 4.18       | 4.14       | 3,771                                         | 4,621        | 6,708        | 6.45                                                     | 7.07       | 9.43       |
| State Bank of Hyderabad                                                       | 3,186                   | 5,824        | 4,985        | 3.46                                 | 5.89       | 4.59       | 2,968                                         | 4,736        | 7,180        | 3.22                                                     | 4.79       | 6.60       |
| State Bank of India                                                           | 48,378                  | 57,819       | 54,107       | 5.32                                 | 5.61       | 4.91       | 41,872                                        | 41,171       | 53,571       | 4.60                                                     | 3.99       | 4.87       |
| State Bank of Mysore                                                          | 2,081                   | 2,819        | 2,136        | 4.53                                 | 5.54       | 4.01       | 3,693                                         | 3,863        | 3,581        | 8.03                                                     | 7.60       | 6.72       |
| State Bank of Patiala                                                         | 2,453                   | 3,758        | 4,360        | 3.25                                 | 4.83       | 5.41       | 4,791                                         | 7,313        | 9,600        | 6.35                                                     | 9.40       | 11.90      |
| State Bank of Travancore                                                      | 1,750                   | 3,077        | 2,357        | 2.56                                 | 4.35       | 3.37       | 2,114                                         | 3,421        | 3,974        | 3.09                                                     | 4.83       | 5.69       |
| **Public Sector Banks**                                                       | **1,55,890**            | **2,16,739** | **2,67,065** | **3.84**                             | **4.72**   | **5.43**   | **2,91,345**                                  | **3,29,215** | **3,95,660** | **7.18**                                                 | **7.17**   | **8.05**   |
| Catholic Syrian Bank Ltd.                                                     | 211                     | 334          | 475          | 2.35                                 | 3.77       | 4.96       | 550                                           | 359          | 355          | 6.13                                                     | 4.06       | 3.70       |
| City Union Bank Ltd.                                                          | 173                     | 293          | 336          | 1.13                                 | 1.81       | 1.86       | 319                                           | 332          | 261          | 2.08                                                     | 2.05       | 1.44       |
| Dhanlaxmi Bank Limited                                                        | 380                     | 486          | 558          | 4.82                                 | 5.98       | 7.00       | 176                                           | 125          | 51           | 2.23                                                     | 1.55       | 0.63       |
| Federal Bank Ltd.                                                             | 1,554                   | 1,087        | 1,058        | 3.44                                 | 2.46       | 2.04       | 2,055                                         | 2,524        | 2,605        | 4.55                                                     | 5.71       | 5.01       |
| ING Vysya Bank Ltd.                                                           | 121                     | 263          | 745          | 0.38                                 | 0.73       | 1.83       | 271                                           | 578          | 425          | 0.85                                                     | 1.60       | 1.04       |
| Jammu & Kashmir Bank Ltd.                                                     | 644                     | 783          | 2,764        | 1.62                                 | 1.66       | 5.97       | 1,739                                         | 1,512        | 2,152        | 4.36                                                     | 3.21       | 4.65       |
| Karnataka Bank Ltd.                                                           | 639                     | 836          | 944          | 2.51                                 | 2.92       | 2.95       | 1,545                                         | 1,684        | 1,800        | 6.08                                                     | 5.88       | 5.63       |
| Karur Vysya Bank Ltd.                                                         | 286                     | 279          | 678          | 0.96                                 | 0.82       | 1.85       | 1,088                                         | 1,390        | 1,943        | 3.66                                                     | 4.06       | 5.29       |
| Lakshmi Vilas Bank Ltd.                                                       | 460                     | 546          | 455          | 3.87                                 | 4.19       | 2.75       | 518                                           | 671          | 1,133        | 4.35                                                     | 5.15       | 6.86       |
| Nainital Bank Ltd.                                                            | 67                      | 61           | 77           | 3.09                                 | 2.47       | 2.98       | 30                                            | 31           | 37           | 1.38                                                     | 1.27       | 1.44       |
| Ratnakar Bank Ltd.                                                            | 26                      | 78           | 111          | 0.40                                 | 0.79       | 0.77       | 25                                            | 19           | 79           | 0.39                                                     | 0.19       | 0.54       |
| South Indian Bank Ltd.                                                        | 434                     | 433          | 643          | 1.36                                 | 1.19       | 1.71       | 1,446                                         | 1,633        | 1,882        | 4.52                                                     | 4.49       | 4.99       |
| Tamilnad Mercantile Bank Ltd.                                                 | 214                     | 428          | 319          | 1.31                                 | 2.46       | 1.63       | 1,154                                         | 1,111        | 1,270        | 7.05                                                     | 6.40       | 6.50       |
| Axis Bank Ltd.                                                                | 2,152                   | 2,760        | 3,615        | 1.28                                 | 1.40       | 1.52       | 4,379                                         | 6,221        | 9,742        | 2.60                                                     | 3.17       | 4.09       |
| DCB Bank Ltd                                                                  | 215                     | 138          | 186          | 3.18                                 | 1.69       | 1.76       | 33                                            | 53           | 64           | 0.48                                                     | 0.65       | 0.61       |
| HDFC Bank Ltd.                                                                | 2,048                   | 2,738        | 3,108        | 0.88                                 | 0.97       | 0.92       | 28                                            | 27           | 243          | 0.01                                                     | 0.01       | 0.07       |
| ICICI Bank Ltd.                                                               | 9,051                   | 9,339        | 13,390       | 4.03                                 | 3.63       | 4.40       | 4,524                                         | 9,787        | 10,002       | 2.01                                                     | 3.81       | 3.29       |
| IndusInd Bank Ltd.                                                            | 458                     | 621          | 563          | 1.03                                 | 1.12       | 0.81       | 140                                           | 230          | 438          | 0.31                                                     | 0.41       | 0.63       |
| Kotak Mahindra Bank Ltd.                                                      | 758                     | 1,059        | 1,237        | 1.55                                 | 1.98       | 1.85       | 11                                            | 14           | 164          | 0.02                                                     | 0.03       | 0.25       |
| Yes Bank Ltd                                                                  | 94                      | 175          | 313          | 0.20                                 | 0.31       | 0.41       | 144                                           | 101          | 382          | 0.31                                                     | 0.18       | 0.50       |
| Capital Local Area Bank Ltd                                                   | 3                       | 3            | 4            | 0.45                                 | 0.36       | 0.39       | -                                             | -            | -            | -                                                        | -          | -          |
| Coastal Local Area Bank Ltd                                                   | 0                       | 1            | 2            | 0.24                                 | 0.50       | 0.78       | -                                             | -            | -            | -                                                        | -          | -          |
| Krishna Bhima Samruddhi Local Area Bank Ltd                                   | 3                       | 2            | 3            | 2.78                                 | 1.93       | 1.99       | -                                             | -            | -            | -                                                        | -          | -          |
| Subhadra Local Area Bank Ltd                                                  | 0                       | 0            | 2            | 1.06                                 | 0.84       | 3.33       | -                                             | -            | -            | -                                                        | -          | -          |
| **Private Sector Banks**                                                      | **19,992**              | **22,744**   | **31,586**   | **1.91**                             | **1.88**   | **2.20**   | **20,175**                                    | **28,402**   | **35,027**   | **1.93**                                                 | **2.34**   | **2.43**   |
| AB Bank Ltd                                                                   | 6                       | 7            | 8            | 8.86                                 | 10.45      | 12.11      | -                                             | 2            | 2            | -                                                        | 2.79       | 2.68       |
| Abu Dhabi Commercial Bank Ltd.                                                | 0                       | 23           | 23           | 0.01                                 | 2.03       | 1.30       | 1                                             | -            | -            | 0.13                                                     | -          | -          |
| American Express Banking Corp.                                                | 45                      | 20           | 20           | 2.59                                 | 0.92       | 0.87       | -                                             | -            | -            | -                                                        | -          | -          |
| Antwerp Diamond Bank NV                                                       | 50                      | 50           | 6            | 6.20                                 | 6.87       | 1.54       | -                                             | -            | -            | -                                                        | -          | -          |
| Australia and New Zealand Banking Group Limited                               | 28                      | 19           | -            | 1.17                                 | 0.90       | -          | -                                             | -            | -            | -                                                        | -          | -          |
| BNP Paribas                                                                   | 16                      | 16           | 12           | 0.21                                 | 0.13       | 0.09       | -                                             | -            | -            | -                                                        | -          | -          |
| Bank Internasional Indonesia                                                  |                         | -            | -            |                                      | -          | -          |                                               | -            | -            |                                                          | -          | -          |
| Bank of America, National Association                                         | -                       | -            | 14           | -                                    | -          | 0.16       | -                                             | -            | -            | -                                                        | -          | -          |
| Bank of Bahrain & Kuwait BSC                                                  | 56                      | 90           | 40           | 7.76                                 | 11.45      | 4.05       | -                                             | 45           | 91           | -                                                        | 5.73       | 9.28       |
| Bank of Ceylon                                                                | 2                       | 1            | 1            | 1.49                                 | 0.89       | 0.64       | -                                             | -            | -            | -                                                        | -          | -          |
| Bank of Nova Scotia                                                           | 58                      | 194          | 193          | 0.74                                 | 4.07       | 3.08       | 11                                            | 6            | -            | 0.15                                                     | 0.12       | -          |
| Barclays Bank Plc                                                             | 554                     | 464          | 311          | 6.24                                 | 5.47       | 2.28       | 10                                            | 12           | 12           | 0.11                                                     | 0.14       | 0.09       |
| CTBC Bank                                                                     | 52                      | 8            | 8            | 17.29                                | 2.46       | 1.79       | -                                             | -            | -            | -                                                        | -          | -          |
| Citibank N.A.                                                                 | 1,359                   | 1,484        | 781          | 2.58                                 | 2.59       | 1.27       | 34                                            | 13           | 10           | 0.07                                                     | 0.02       | 0.02       |
| Commonwealth Bank of Australia                                                | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| Credit Agricole Corporate and Investment Bank                                 | 1                       | 17           | 1            | 0.02                                 | 0.66       | 0.01       | -                                             | -            | -            | -                                                        | -          | -          |
| Credit Suisse AG                                                              | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| DBS Bank Limited                                                              | 582                     | 2,116        | 1,284        | 4.12                                 | 13.45      | 7.79       | -                                             | -            | 139          | -                                                        | -          | 0.84       |
| Deutsche Bank ( Asia )                                                        | 154                     | 167          | 119          | 0.69                                 | 0.57       | 0.33       | -                                             | -            | -            | -                                                        | -          | -          |
| Doha Bank Qsc                                                                 |                         |              | -            |                                      |            |            |                                               |              | -            |                                                          |            |            |
| FIRSTRAND BANK                                                                | 22                      | 34           | 22           | 7.82                                 | 14.65      | 7.82       | -                                             | -            | -            | -                                                        | -          | -          |
| HSBC Bank Oman S.A.O.G                                                        | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| Hongkong & Shanghai Banking Corporation Ltd.                                  | 641                     | 672          | 791          | 1.79                                 | 1.65       | 1.68       | -                                             | -            | -            | -                                                        | -          | -          |
| Industrial and Commercial Bank of China Limited                               | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| JP Morgan Chase Bank, National Association                                    | 24                      | 23           | -            | 0.45                                 | 0.53       | -          | -                                             | -            | -            | -                                                        | -          | -          |
| JSC VTB Bank                                                                  | -                       | -            | 18           | -                                    | -          | 46.18      | 14                                            | 23           | -            | 15.70                                                    | 18.13      | -          |
| Krung Thai Bank pcl                                                           | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| Mashreq Bank PSC                                                              | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| Mizuho Corporate Bank,Ltd.                                                    | 125                     | 150          | 137          | 2.26                                 | 2.09       | 2.01       | -                                             | -            | -            | -                                                        | -          | -          |
| National Australia Bank                                                       | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| Rabobank International (Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.) | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| SBERBANK                                                                      | -                       | 20           | 49           | -                                    | 6.04       | 15.68      | -                                             | -            | -            | -                                                        | -          | -          |
| SBM Bank (Mauritius) Ltd.                                                     | 35                      | 102          | 80           | 4.17                                 | 16.62      | 11.50      | 100                                           | 58           | 35           | 11.89                                                    | 9.50       | 5.06       |
| Shinhan Bank                                                                  | -                       | -            | -            | -                                    | -          | -          | 12                                            | 8            | 4            | 1.00                                                     | 0.61       | 0.17       |
| Societe Generale                                                              | 1                       | 0            | -            | 0.04                                 | 0.02       | -          | -                                             | -            | -            | -                                                        | -          | -          |
| Sonali Bank Ltd                                                               | 1                       | 3            | 3            | 7.56                                 | 14.14      | 11.03      | -                                             | -            | -            | -                                                        | -          | -          |
| Standard Chartered Bank                                                       | 3,880                   | 5,783        | 6,656        | 5.98                                 | 7.82       | 8.90       | 234                                           | 124          | 54           | 0.36                                                     | 0.17       | 0.07       |
| Sumitomo Mitsui Banking Corporation                                           | -                       | -            | -            |                                      | -          | -          | -                                             | -            | -            |                                                          | -          | -          |
| The Bank of Tokyo - Mitsubishi UFJ, Ltd.                                      | -                       | -            | 98           | -                                    | -          | 1.70       | -                                             | -            | -            | -                                                        | -          | -          |
| The Royal Bank of Scotland N.V.                                               | 280                     | 114          | 82           | 2.19                                 | 1.01       | 0.73       | 1                                             | 0            | -            | 0.01                                                     | -          | -          |
| UBS AG                                                                        | -                       | -            | -            | -                                    |            |            | -                                             | -            | -            | -                                                        |            |            |
| United Overseas Bank Limited                                                  | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| Westpac Banking Corporation                                                   | -                       | -            | -            |                                      | -          | -          | -                                             | -            | -            |                                                          | -          | -          |
| Woori Bank                                                                    | -                       | -            | -            | -                                    | -          | -          | -                                             | -            | -            | -                                                        | -          | -          |
| **Foreign Banks**                                                             | **7,972**               | **11,577**   | **10,758**   | **2.97**                             | **3.86**   | **3.20**   | **418**                                       | **291**      | **347**      | **0.16**                                                 | **0.10**   | **0.10**   |
| **All Banks**                                                                 | **1,83,854**            | **2,51,060** | **3,09,409** | **3.42**                             | **4.11**   | **4.62**   | **3,11,939**                                  | **3,57,907** | **4,31,033** | **5.81**                                                 | **5.87**   | **6.44**   |
| *Source: RBI-Off-site returns as reported by banks, domestic operations*      |                         |              |              |                                      |            |            |                                               |              |              |                                                          |            |            |