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Welcome to the Central Bank Insider Archives. We are pleased to be able to provide you with this intimate look at central banking events, policies, and staff. Commentary is updated as available (generally bi-weekly) and archived monthly. The source commentary "Newsmakers" is reprinted at USAGOLD with permission and by courtesy of Central Banking Publications Ltd.
19 January 2004
******************************************
A selection of news stories from CentralBankNet
http://www.centralbanknet.com/
By Benedict Mander
Central Banking Publications
******************************************
ZETI WINS TOP HONOURS AS
CENTRAL BANKER
Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz is The
Banker's choice as the central bank governor for 2004.
The magazine, which is published by the Financial Times, said
that Zeti's continued pioneering work to build the Islamic finance
industry and establish Malaysia at the forefront "shines
out".
"No less important, she showed a deft hand in guiding the
Malaysian economy onto a path of solid growth," the magazine
said, adding that as a result of her efforts, Malaysia leads Bahrain
and the United Arab Emirates as the centre for Islamic finance.
The magazine quoted Zeti as saying: "For Islamic banking
and finance to be sustainable, compliance with syariah principles
alone is not sufficient. Over the long run, customers and businesses
demand quality in the products and services that Islamic finance
offers.
"This is the challenge for Islamic banking and finance: to
be able to provide a comprehensive range of Islamic financial
products and services that are not only innovative and competitive
but syariah-compliant."
TRICHET RATCHES UP THE RHETORIC
The steady appreciation of the euro and widening of the euro-dollar
gap has been accompanied by a rising lack of appreciation at the
ECB, where the president, Jean-Claude Trichet has been using increasingly
strong rhetoric to voice his concern.
For some time the mantra from the Eurotower has been that they
want a "strong and stable" euro. Then we were told the
emphasis was on "stable". Last week Trichet stepped
up the volume a notch by denouncing excessive exchange rate volatility
as "not welcome and not appropriate". However he obviously
felt that the message was not getting through. "We are concerned.
We are not indifferent", he said a few days later at a meeting
of the G10.
Trichet's comments were enough to send the euro into decline but
it steadied before too long, leading strategists to speculate
that verbal intervention can only have a short term effect. It
seems, though, that the current situation suits George Bush rather
well, decreasing the trade deficit as American exports (and the
profits of exporters) rebound. So hopes that America will help
are perhaps optimistic.
BERNANKE -- THE FED'S WAVE-MAKER
Ben Bernanke, having signed on as a governor only 17 months ago,
never stops making waves at the Fed. Even though he has tried
to learn Fedspeak, to the alarm of some traditional central bankers
he can communicate even in this strange lingo. His latest effort
stole the show at the annual meeting of the American Economic
Association in San Diego, despite the presence of luminaries like
Alan Greenspan and Roger Ferguson in attendance.
Preaching on transparency, a virtue only recently fashionable
among central bankers (though to hear them speak you would think
they have been practicing it for ages), Bernanke called for information
to be made more symmetric -- surely an unexceptionable aspiration.
Clarity in communicating the purpose of policy and the rules and
models used by central bankers was paramount.
Bernanke supported the Fed's stance of maintaining interest rates
despite the signs of recovery in the US economy. He claimed that
while in normal circumstances raising rates would be the correct
course of action, the US situation is presently 'unusual' since
there are several factors at play that prevent pressure on prices
to rise.
He did not mention that there was a certain gentleman running
to be President of the United States later this year who would
not appreciate a big hike in rates and a recession just before
November 2. Discretion is a central bankerly virtue that has not
gone out of fashion.
FAREWELL TO SADDAM NOTES
Iraqi bank notes bearing the face of Saddam Hussein are now obsolete
following the termination of the three-month period to exchange
new bills for old ones. More than 10,000 tons of worthless notes
are being destroyed according to a statement by the Central Bank
of Iraq and the Coalition Provisional Authority.
The new notes are illustrated with images of Iraq's scientific
contributions, history and landscape and are printed in denominations
of 50, 250, 1000, 5000, 10,000 and 25,000 dinars. The dollar is
now worth between 1,200 and 1,300 dinars, substantially less than
the 2000 dinars it was worth before the US-led invasion. There
are about 4.5 trillion new Iraqi dinars ($3 billion) in circulation.
Deputy governor of the Central Bank of Iraq, Ahmed Salman Jaburi
claims that the new dinar is secure, unlike the easily forgeable
Saddam dinar. The notes were printed by the British company De
La Rue and the first shipment arrived in Baghdad on 17 September
in 28 jet loads of 90 tons each.
SPEECH OF 1975 EVIDENCE IN BoE TRIAL
A speech given in 1975 by the governor of the Bank of England
at the time, Gordon Richardson, has been used as evidence against
the Bank in the ongoing trial over its handling of the Bank of
Credit and Commerce International affair.
The Bank claims its senior officials always believed the Luxembourg
regulators were responsible for supervising BCCI SA, but Richardson
told a different story to an international banking conference.
Richardson agreed "that the supervisory authority in the
country where a banking group's head office is located should
assume primary responsibility (for supervising the group)".
BCCI later collapsed owing more than £10 billion to depositors
and creditors in one of the world's biggest banking frauds. The
liquidator, Deloitte and Touche, claims that Bank officials knew
that BCCI SA's operations were run from Leadenhall Street in the
City of London, even though it was formally incorporated in Luxembourg
and that they deliberately avoided their supervisory duties. It
is suing the Bank for £850 million.
DROPPED FEUD MAKES MEDINA FAVOURITE FOR GOVERNOR
Victor Medina, CEO of the United Mizrahi Bank, is a step closer
to becoming central bank governor of the Bank of Israel in January
2005 after the Prime Minister, Ariel Sharon, dropped his objections.
Sharon's previous opposition to Medina stemmed from a long-standing
dispute, but his support for his previous adversary is now said
to be greater than for any other candidate.
Sharon and finance minister Benjamin Netnayahu will submit a candidate
together under an agreement on the formulation for the current
government. As Netanyahu also backs Medina and it appears David
Klein, the current governor will not be offered a second term,
it looks like Medina could be on the way up.
BANK OF ISRAEL'S KLEIN TO PETITION ON SALARIES
Governor David Klein has announced that he intends to petition
the High Court against a decision to intervene in salary terms
and other benefits awarded to employees of the Bank of Israel.
Klein's reaction came after Finance Ministry wages chief, Yuval
Rachlevsky, recently asked the attorney general to intervene in
bringing about a change in the central bank's salary terms.
As part of the legal struggle, Rachlevsky intends to turn to a
criminal statute which places criminal liability on general managers
or department heads when an anomaly is discovered in the budget
or in benefits awarded to employees.
BANK OF ENGLAND GOVERNORS' SPORTING PROWESS
With that Eddie George dislocating his shoulder at the start of
the month in a Tennessee Titans match against the Baltimore Ravens
and the disgrace of Mervyn King after he insisted on the measuring
of the oche of his dart in the world championships this month,
it appears that our multi-talented former and present Bank of
England governors have been in the news recently. American football?
A surprising pursuit for a former bank governor to excel in. Darts
championships? An interesting choice for someone helming the British
economy in his spare time. But no, the world of central banking
can breathe a sigh of relief. Mervyn King, number three darts
seed and Eddie George, star of the football pitch share their
names with governors of the old lady. Anyone sharing the name
of the world tiddlywinks champion might want to think about sending
in applications when King's tenure is done!
FORMER BANK INDONESIA GOVERNOR UNDER INVESTIGATION
Former governor of the Bank Indonesia, Syahril Sabirin, has been
named as a suspect in a fund misuse case worth 20.9 rupiah (2.47
billion dollars). An investigation has been triggered by findings
of the Supreme Audit Board (BPK) last August showing that the
central bank and the Indonesian Bank Restructuring Agency (IBRA)
had misused part of the 53.78 trillion rupiah in government funds.
The funds had been placed in a central bank account to aid struggling
banks after the Asian financial crisis of 1997-1998.
This is not the first time the Indonesian authorities have attempted
to put Sabirin behind bars. In 2000 he was declared a suspect
in a corruption case involving the disbursement of IBRA funds
to Bank Bali. In 2002 he was sentenced to three years in prison
by the Central Jakarta District Court but five months later was
acquitted of all charges by the Jakarta High Court.
TUNISIAN GOVERNOR DISMISSED
Mohamed Daouas, governor of the Central Bank of Tunisia was dismissed
on Wednesday, an official news agency has reported.
The agency states that Daouas was "called to other functions".
The news follows the leak of a list allegedly containing the names
of Tunisia's 127 most indebted businessmen some months ago.
Taoufik Baccar, outgoing finance minister, has stepped in as governor.
NORGES BANK EXECUTIVE DIRECTOR GETS IMF MOVE
Norges Bank Executive Director Jon Solheim is to take office as
executive director for the Nordic-Baltic countries at the IMF
in Washington.
He will work at the Fund's Washington DC headquarters for a two-year
term beginning in January 2004, Norges Bank announced.
Executive directors are members of the Executive Board, which
is responsible for conducting the day-to-day business of the IMF.
Solheim will represent Denmark, Finland, Iceland, Norway, Sweden,
Estonia, Latvia and Lithuania. These countries are jointly represented
by one member of the Board. The position is held by each of the
Nordic countries in turn and it is now Norway's turn to take office.
An economics graduate from the University of Oslo, Solheim joined
the staff of Norges Bank in 1970. He worked at the European department
of the IMF from 1972 to 1975 and as chief economist at the Central
Bank of Gambia in 1977-78. In 1984-86, he held the position of
managing director at the Association of Norwegian Finance Houses
and from 1991 to 1993 was alternate executive director for the
Nordic-Baltic countries in the IMF. Solheim has held positions
at executive level at Norges Bank for many years, most recently
as executive director of Norges Bank Financial Stability. He has
also taken part in a number of international and national committees
dealing with economic, monetary and foreign exchange issues and
has carried out short-term assignments in Jamaica, Zambia and
Namibia.
2 January 2004
******************************************
By Benedict Mander
Central Banking Publications
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BANK OF ENGLAND FALLS PREY TO E-MAIL HOAX
The Bank of England has become the latest in a line of banking institutions to experience an e-mail hoax, after 100,000 e-mails purportedly sent out by the Bank administration bounced back to it in late December. The e-mails claimed that by downloading an attached software file called "antikeylog2004.exe", recipients would help prevent credit card fraud. The attachment was later proved to hold a virus. Experts from the National High Tech Crime Unit are now trying to ascertain the purpose of the hoax - whether it was a case of "phishing" (fishing for information by hoax e-mails), a ploy by fraudsters and organised crime to get customer bank details, or of a less serious nature.
As yet the number of recipients of the e-mail is unknown, although the number of bounce-backs alone suggest it could affect a very large number of people. The Bank of England has issued a news release urging all recipients to delete any e-mails from the address immediately.
MOSUL CENTRAL BANK REBUILDING BEGINS
The rebuilding of Mosul Central Bank, the northern Iraq branch of Iraq's Central Bank has begun and is expected to be complete by early 2005. Although currently only a ruined shell the two-phase renovation will include the building of a three metre tall cement and steel wall around the building's perimeter, the installation of a new marble floor and a security system that will include new tinted windows and thick, heavy-duty doors for added protection.
"WORST CENTRAL BANKER" IN BID FOR PRESIDENCY
Victor Gerashchenko, former head of the Russian central bank is to run in the presidential elections to be held on March 14 2004, it has been confirmed. Gerashchenko, once dubbed the "worst central banker" by Jeffrey Sachs for stoking Russian hyperinflation by turning on the printing presses, is to run as the official candidate of the Rodina electoral bloc.
Rodina, meaning motherland, ran its first State Duma elections in December and turned out to be the surprise success story, winning 9.1% of seats, making it the fourth largest party in the Duma.
DRINK-DRIVING DUISENBERG FACES FINE
Wim Duisenberg, the former president of the European Central Bank, is due to appear in court on a drink driving charge. According to a report in the electronic Telegraph, police stopped Duisenberg on December 18 and took him downtown for a breathalyser test. He was reported to have two times over the legal drinking limit. Duisenberg had a chauffeur-driven car until he made way for Jean-Claude Trichet to become head of the ECB on November 1.
He is to appear in court on May 12. A spokesman for the public prosecutor's office in Amsterdam said he could be fined up to EUR300.
The incident, which occurred on December 18, ends a year of controversy for Duisenberg. In January his wife, Gretta, caused a row after Dutch MPs questioned her right to travel on a diplomatic passport to meet Palestinian leader Yasser Arafat.
GREENSPAN'S DISCRETION PREFERRED
Federal Reserve Chairman Alan Greenspan and his colleagues got high marks from private economists for their actions in 2003, a year mired by war, a falling inflation rate and uncertainty. The main critique from the 60 economists surveyed by USA TODAY was that Fed officials didn't do a good job communicating to the public. But according to nearly three-quarters of the economists polled, inflation targeting, was not the answer.
Private economists surveyed Dec. 11-17 said inflation targeting would restrict the Fed's ability to quickly respond to economic developments.
"It removes flexibility,"
Banc One Investment Advisors chief economist Anthony Chan said.
Greenspan has opposed inflation targeting. But others at the Fed,
including Fed Governor Ben Bernanke, have advocated adopting target
ranges. They argue that now is the time to impose inflation targets
- while inflation is low and before Greenspan, 77, leaves the
U.S. central bank, potentially taking the Fed's credibility as
an inflation fighter with him. Greenspan's term ends January 2006.
"We have some very good people at the Fed right now (but) they might not always be there," said Lyle Gramley, a former Fed governor.
NZ'S BOLLARD'S GOOD CHEER CHRISTMAS CARDS
Reserve Bank Governor Alan Bollard, who raised a few smiles last year with a witty Christmas card shortly after taking the job, has done it again this year.
Bollard's card last year depicted Goldilocks sitting at a table sandwiched between a bull and a bear underneath a sign that said: "Stability is next to Godliness".
This year's card shows Santa's sleigh flying over the Reserve Bank, spilling money and with a large percentage sign symbolising the Official Cash Rate, accompanied by a poem.
Bollard added to Christmas cheer when in a toss-up decision on whether to raise interest rates last month, he left them on hold.
WARING APPOINTED TO RBNZ BOARD
Marilyn Waring has been appointed to the Reserve Bank Board to replace Ruth Richardson whose term is expiring. Waring is currently a professor of public policy and has written extensively on the economics of women's work, equality and human rights. Paul Baines, a former Chief Executive of CS First Boston, is to serve a second five year term, beginning on 1 July.
The Reserve Bank has also appointed Terry McFadgen to take over as a part-time monetary policy advisor from Ms Kerrin Vautier. The RBNZ employs two people as external advisors (the other advisor is Malcolm Bailey) to bring an outside perspective to decision making processes. McFadgen has had a long involvement in the New Zealand residential and commercial property industries and is currently acting as Establishment Director of the College of Law New Zealand.
TRICHET BITES BACK
Jean-Clause Trichet proved that he can bare his teeth while still maintaining his legendary charm during his confirmation hearings as president of the ECB before the European Parliament in September. At the end of his gruelling two hour inquisition. Charles Tannock, a particularly well spoken British Conservative MEP, challenged Trichet head on. "As an enarque (a graduate of ENA, Ecole National d'Administration) the idea that you are not part of the French political elite - encompassing the civil service and the political classes - is a little disingenuous to say the least" was his opening salvo. Then came what Tannock no doubt hoped would be his killer blow. "You have also, as a haut fonctionnaire, been cautious in your approach and very supportive of state dirigisme."
Trichet rebutted this, pointing out that as chief of staff at the French Treasury from 1986 to 1987 he had been extremely active in radically reforming the French economy: "And as for being a member of some monolithic French "establishment" that too is a misunderstanding," he continued, "I dare not ask, Sir, whether you went to Oxford or Cambridge."
Tannock went to Oxford.
TRICHET THE INTERNATIONALIST
Trichet proved equally adept
at dealing with the cut and thrust of his first press conference.
Responding to a question asked in French, the new ECB president
answered first in his mother tongue and then, as "all journalists
do not have access to translation" he switched seamlessly
to finance's lingua franca and answered in his flawless English.
This seemed to rile a French member of the press corps - perhaps
hoping that a French president would mean a more francophone ECB
- who replied, en français naturellement: "I would
also like to put my question in French, which is one of the official
languages of the Union, I would like to remind my colleagues,
since they seem to have forgotten that."
But Trichet refused to rise to the bait, replying: "I will
respond, if you permit me, both in English, first, because there
are a lot of people that understand English here, and then in
French," later he continued, when asked again in French,
"If you permit me, I will respond in English in order to
avoid any misunderstanding."
Trichet's linguistic tact will be needed even more in the future; with the ECB's rotational voting there will be enough emphasis on nationality without linguistic squabbles entering the fray.
FINLAND'S MATTI VANHALA ON SICK LEAVE
Governor of the Bank of Finland Matti Vanhala had some bad luck while staying at his holiday home in the archipelago recently. Vanhala broke his thigh and needed an operation which has kept him at home until the New Year.
During his absence, Vanhala's duties are handled by Deputy Governor Matti Louekoski. Louekoski will also stand in for Vanhala on the Governing Council of the European Central Bank for the duration of the sick leave.
RBA APPOINTS NEW DEPUTY GOVERNOR
The Reserve Bank of Australia has appointed Philip Lowe as assistant governor (Financial System). This role oversees the bank's work on issues related to financial stability and payments system policy, and carries membership of the payments system board. Lowe succeeds John Laker, who left the Bank in July to become chairman of the Australian Prudential Regulation Authority.
Lowe joined the bank in 1980, and is currently head of economic analysis department. Prior to that he spent two years with the Bank for International Settlements. He will take up his new duties in early 2004. Tony Richards, currently head of economic research, will move across to be head of economic analysis department.
Meanwhile, Bob Rankin is to become as Assistant Governor (Business Services) when Geoff Board moves to head the Bank's European Representative Office this month. This role oversees three departments - those responsible for the operation of the payments system, the Bank's note issue function, and the provision of financial services to the Australian Government.
CALLS FOR RBA BOARD TO BE 'REJIGGED'
Trouble on the political front. A National Party Senator has called for the Reserve Bank's board to be "rejigged" following the RBA's recent rate rise. He called for the make-up of the Reserve Bank board to be broadened with more rural representation than at present.
Meanwhile, the Federal Government has increased pressure on the Reserve Bank not to increase interest rates further for fear that the economy will be being "clobbered" by high interest rates.
PAUL ACQUAH ELECTED CHAIRMAN OF WAMZ
Paul Acquah, Governor of the
Bank of Ghana, is the new chairman of the committee of governors
of central banks of the West African Monetary Zone (WAMZ). At
a summit held in Conakry in November 2002, heads of state of the
five countries decided to defer the introduction of a common currency
from January 2003 to July 2005 to enable the states to satisfy
the criteria set for its introduction.
In December 2003 Ghana was nominated to host the headquarters
of the West African Central bank (WACB), although other members
of the WAMZ are still eligible to express interest in hosting
it.
PERU'S CENTRAL BANK CHIEF MAY FACE FRAUD CHARGES
A Peruvian congressional commission has recommended that Congress pursue fraud charges against Javier Silva Ruete, president of the central bank. It is alleged that Silva Ruete and Peru's Vice President, Raul Diez Canseco sponsored a decree that allowed the father of Diez Canseco's girlfriend to avoid taxes. Silva Reute is allegedly implicated because he was economy minister when the decree was drawn up.
It is possible that the two men could be barred from office by a Congress sanction.
CENTRAL BANK FACES RACISM CASE
A powerful organisation of people of Indian origin has sued the Central Bank of Trinidad and Tobago for alleged racist practices.
Secretary General of the Sanatan Dharma Maha Sabha, Sat Maharaj, yesterday said he had instructed his attorneys to initiate legal actions over the refusal of the bank Governor, Ewart Williams, to hand over certain documents to the organisation under the Freedom of the Information Act.
At the heart of the dispute is the presence of Selwyn Cudjoe, a preofessor of literature at Wellesley College, who has reportedly made several statements discriminating against Indo-Trinidadians, as a member of the bank's Board of Directors.
3,491 OPT FOR EARLY RETIREMENT AT RBI
The Reserve Bank of India's early retirement scheme, which was introduced recently, has attracted 3,491 applications, out of a total staff of 28884. The scheme closed at the end of December with official sources saying the "RBI introduced the early retirement scheme with a view to rationalise the staff strength".
BANKNOTES AND THE GLASS OF WATER TEST
In an effort to foil counterfeiters and promote the use of vending machines, Vietnam said on Thursday it will introduce a 500,000 dong ($32) currency note, redesign its 50,000 dong note and mint three types of coins.
Central bank governor Le Duc Thuy said the changes were designed "to make the money structure more reasonable and to better fight against counterfeits". He also said the new Australian-made polymer-based notes were more durable, dipping one specimen into a glass of water to demonstrate. "People selling vegetables and fish in the market will be very happy with this money," he said to laughter.
HARDEST WORKING MAN IN CENTRAL BANKING?
According to Neil Courtis, editor of The Financial Regulator, the title should go to Jaime Caruana, governor of the Bank of Spain, chairman of the Basel Committee on Banking Supervision, and a member of the governing board of the European Central Bank. The frequent flyer miles are piling up as Mr Caruana shuttles back and forth to Frankfurt, and criss-crosses the globe spreading the gospel about the Basel committee's new capital accord.
In the last six months Caruana has given speeches in Dubai, Paris, London, Chicago and New York, chaired the Basel committee's key October meeting, testified in front of the European Parliament, and joined the Bank for International Settlements trip to Asia in November where he gave two more speeches in Tokyo and Beijing.
DAVID CARSE STAYS OFFSHORE
David Carse OBE has been appointed director general of the Jersey Financial Services Commission. He took up the position at the beginning of November, moving from his previous positon as deputy chief executive of the Hong Kong Monetary Authority (HKMA). Replacing Carse on the HKMA is William Ryback from the Federal Reserve Board in Washington.
GAY HUEY EVANS TO CHAIR THE JOINT FORUM
Gay Huey Evans is taking over chairmanship of the Joint Forum, an umbrella group formed to help coordinate regulation of financial conglomerates and examine areas of common interest to the Basel committee, the International Association of Insurance Supervisors and IOSCO. Evans was previously director of markets at the UK Financial Services Authority, with whom she has worked since 1998.
DUISENBERG AT A DISCOUNT
Despite a splendid send-off in October, including a blizzard of awards from European countries, the image of Wim Duisenberg, the former president of the ECB, is starting to fade. The ECB itself produced a commemorative euro coin set that includes a silver medallion bearing a likeness of the erstwhile president's face as part of the tribute. But it is clearly not a hot seller. Initially priced at EUR59, it has been slashed to EUR49 in the ECB's own giftshop. Wim is only just out the door but is already going cheap; and it's not even the January sales.
FORMER DEPUTY GOVERNOR OF THE BANK OF ENGLAND KNIGHTED
Among the awards given in the New Years honours list is a knighthood for David Clementi, former deputy governor of the Bank of England. Clementi is now chairman of Prudential.
GAMES CENTRAL BANKERS PLAY
There is a growing trend for central banks to use computer games to broaden understanding about monetary policy.
Fed - Peanuts and Crackerjacks
http://www.bos.frb.org/peanuts/leadpgs/intro.htm
Finland
http://www.rahamuseo.fi/english/multi_politiikka.html
Germany - Mission Bundesbank
http://www.bundesbank.de/lern/lern_missionbbk.php
New Zealand - MoPoS
http://www.rbnz.govt.nz/education/0116902.html
Sweden - Stargold
http://www.riksbank.se/stargold/
THIRD TIME A CHARM FOR POLLEIT
One economist interviewed by Blomberg news, Barclays Capital economist Thorsten Polleit, admitted to spending too long mulling a swathe of data ranging from money supply to industrial output on his first attempt and was blown off course by a stock market crash, heralding a deflationary spiral and headlines announcing his resignation.
But Pollett clearly has the makings of a central banker. Success leads to price stability and plaudits. Polleit was promoted to the ECB's executive board on his third attempt, after keeping inflation close to 2 percent during his 10-year term. "It gives you a greater degree of sympathy for central bankers," said Frankfurt-based Polleit, a member of two groups that monitor the ECB.
© Copyright 2002 Central Banking Publications. All rights reserved. Reprinted at USAGOLD by permission.
Benedict
Mander
Email: bmander@centralbanking.co.uk
Central Banking Publications Ltd
6 Langley Street, London WC2H 9JA, UK
Tel: +44 (0)20 7836 3625
Fax: +44 (0)20 7836 3608
http://www.centralbanking.co.uk
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