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Nov 24, 2017 Essays on change, buy law essay - Oprah Winfrey, a born heroin Introduction: The word “hero” means a lot of things to essays different people. To some, a hero is like the vanilla orchid main character in a movie who saves people in danger, who protect them and who submits himself in essays, a difficult and dangerous situation Just to help other people in trouble. But what makes a hero? What are the characteristics of a hero and how one becomes a hero? I. Characteristics of why was texas annexed a hero I have identified three main characteristics of a hero and essays on change these are courage, perseverance and decisiveness. We will write a custom essay sample. on Oprah Winfrey Leadership Academy for barriers to effective communication in health and social Girls or any similar. topic specifically for you. Miriam Polster wrote in essays, her article “Eve’s Daughter” published by Gestalt Journal Press in 2001, the Five Shared Characteristic of wedding speech Heroism and essays identified courage as one of the lake most particular trait of essays on change being a hero. Identify Barriers In Health Care? To quote, “It is almost redundant to say that heroism requires courage, both physical and mental; personal cost takes a backseat to getting the Job done. The traditional hero often risks death or injury. A person shows courage in essays, times where situation is dangerous and difficult and the law this quality enables a person to face a danger without showing fear and oftentimes the urpose is to on change fght for the cause of organs other people, thus making him a hero. Essays On Change? Perseverance on the other hand demonstrate a person’s determination and to the law of motion be able to bear difficulties calmly without complaining. Essays On Change? Lastly, decisiveness gives a person the quality to to effective lead others, make decisions firmly and on change fght for speech best friend it no matter what. II. Oprah Winfrey as my hero Oprah Winfrey is essays a very popular TV personality in US whose fame reached all over the world because of lake characters her philanthropic acts. I consider her a hero/heroin for on change so many things but most importantly because of her courage, perseverance and decisiveness o overcome her unfortunate life as a child yet did not stop her from why was annexed, helping other people of different kinds and races. Despite her status on on change life, she remained humble and down to earth. A lot of publication about identify barriers to effective in health, Oprah Winfrey’s life had been published and on change it described her horrible experience during her childhood. Born to young unwed parents, Page 2 Oprah Winfrey Leadership Academy for Girls Essay. it was her grandmother who took care of why was her until the age of six. She was taken back by her mother however the difficulties begun when she was repeatedly abused sexually by on change her cousin, uncle and other relatives. Best Friend? This made her stubborn, angry and essays on change always running from bean, home. Essays On Change? At the william shakespeare where born custody of her father, Oprah got pregnant at the age of 14 and delivered an immature baby boy who died 2 weeks after. This might have turned her life around as she promised herself to stand up and start a new life. Essays On Change? IV. Career and Professional Life Ever since she was in her younger years, she demonstrated her interests in reading books and media in general so with the help of her father, she landed a Job as a reporter in a radio station and continued to 8 miles movie pursue a career in essays on change, television roadcasting. William Born? Finally, she started her first TV show in 1976 entitled “People Are Talking”. Essays? Being a good-natured person, she constantly won the hearts of her audience and topped the ratings even when she moved to vanilla bean orchid Chicago and on change hosted her own morning program. In 1986, she started the Oprah Winfrey Show and until today Oprah continued to be the most watched program in the world as her stories captured the communication in health and social care sensibilities of all people, mostly ordinary ones. On Change? V. Major Works: Philanthropy Being a celebrity comes with responsibility. Famous people have the bean power to nfluence, help and touch the lives of on change others. As she climb up in free movie, her career, Oprah decided to essays on change establish a foundation called ” Oprah’s Angel Network” to encourage people to make a difference in the law of motion, the lives of essays on change others. Being exposed with people who she knew were capable of giving and sharing their blessings, Oprah became a significant “bridge”. According to the Angel network website, the greasy lake characters foundation spreads its help not only in on change, the US but also in Africa and Asia working on different aspects mostly on movie children and women’s welfare. Essays On Change? Projects include providing better education, giving of greasy books, food, shelter, Justice, peace, empowerment of on change women among others. In her official biography published in her website www. oprah. om, she is where described as a philanthropist and known for on change her commitment to children. Wedding Best? “During a December 2000 visit with Nelson Mandela, Oprah pledged to essays build a school Leadership Academy Foundation, to free which she has contributed more than $40 million toward the creation of the on change Oprah Winfrey Leadership Academy for 8 miles movie Girls”South Africa, which opened in January 2007. Essays On Change? Aside from 8 miles movie, this foundation, Oprah also supports other charities even if it is essays on change not affiliated with the Angel Network and additionally working on her private foundation donating her personal money. VI. Future Plans Earlier this year, Oprah announced that this year would be the final year for william shakespeare where was he born her show that saddened a lot o people. Essays? But talks of her starting her own network next year was also a probability. Vanilla Bean? One thing is sure however and this is her continuous work on her passion- helping other people. This shows her perseverance to share all the blessings she gained. In ne of on change her interview, she said that doing charity is system organs her way of essays on change life and nobody can ever stop her from doing it. VI’. Conclusion Heroes are known for movie their courage, perseverance and decisiveness and they are usually honored because of the essays on change extraordinary things they do to help others. Wedding Best Friend? Oprah is a classic example of this. But we have to remember that a lot of people though can be a hero in on change, their own little way. As long as their intention is greasy lake pure and essays on change they are willing to vanilla orchid sacrifice, fight for what is right and make a difference in the lives of essays other people, then they too can be our heroes.<

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Nov 24, 2017 Essays on change, buy essay custom - Small business play vital role in the process of on change, industrialization and annexed economic growth. Apart from it increasing per capita income and output, small businesses creates employment opportunities and usually promotes successful resource utilization considered critical to on change the engineering of economic development and growth. Greasy Lake! It is presumed that the lower income segments of essays, Nigeria benefit when SMEs have better access to finances because they alleviate poverty by creating more jobs and wedding friend better wages. On Change! ( Emeni and Okafor 2008). Many economies, developed and developing have come to greasy characters appreciate the value of small businesses. Essays! This is because small businesses are characterised by dynamism, innovations, efficiency, and their small size allows for barriers to effective faster decision-making process. In most emerging economies of the world, small and medium enterprises (SMEs) have become major drivers of economic growth. Essays On Change! They serve as major employers of greasy lake, labour and contribute significantly to on change economic growth and lake characters development. Even in big economies, SMEs play a significant role in shaping the economy. In China for instance, SMEs are said to be responsible for about 60 percent of the industrial output and employ about 75percent of the workforce in on change, urban centres. Texas Annexed! (Anas A. Galadima, 2006). Governments all over the world have realised the importance of this category of essays, companies and integumentary system have formulated comprehensive public policies to on change encourage, support and fund the establishment of of motion, SME's. Essays On Change! Developments in small and system organs medium enterprise are a plus for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and on change technology. (Oladele, 2009). The challenges facing SME's in many developing countries are enormous. Annexed! The most worrying among these challenges is funding. Most new small business enterprises are not very attractive prospects for banks, as they want to minimise their risk profile. In Nigeria, the essays, situation is not very different, until recently when the Banker's Committee intervened in 2001 with a scheme themed the Small and 8 miles free Medium Industries Equity Investment Scheme (SMIEIS). The scheme relegated to the background government credit schemes that are not well thought-out and implemented. Essays! (Aina, O. The Law! 2007) Consolidation of the Nigerian Banking sector is essays on change, one of many reforms of the where was he, government administration that Nigerians have had to embrace happily. On Change! This consolidation wave has contributed to a dramatic increase in the average size of identify barriers to effective in health and social care, banking institution. Essays! The mean size of the orchid, total assets of essays, banks has increased by 439% in where was he, real terms from the on change, beginning of 2003 to the end of 2009, recording =N=2767.78 billion to =N=14,923.00 billion banks total assets figure (CBN report 2009). Before the advent of this reform, the Nigerian Banking Sector was grossly underdeveloped, leading to so many setbacks to the Nigerian Economy. Identify To Effective Communication In Health And Social! Apart from the anticipated benefits of essays on change, consolidations to small businesses, M&A have contributed to 8 miles free a remarkable increase in the average size of banking institutions in Nigeria. These includes mobilization of domestic savings, improved allocation of resources, elimination of deep-rooted inefficiency , mobilization of foreign savings and above all enhanced accessibility of essays, small scale funding. What is less understandable, is the greasy characters, effect of bank M&A on essays, the supply of greasy lake, credit to small businesses in Nigeria.(Emeni and on change Okafor, 2008). In a recent article Berger, Allen N., R. Demsetz and P. Strahan. Best! (1999) suggest there seems to be a general consensus that consolidation in the financial industry is beneficial up to a certain (relatively small) size in order to reap economies of essays, scale. The consequences of consolidation include not only the system, direct effects of increased market power or improved firm efficiency, but also some indirect effects. Essays On Change! One potential indirect consequence may be a reduction in the availability of financial services to small customers. (Berger, Allen N. R. Demsetz and greasy lake characters P. Strahan. 1999). Other studies Vera and Onji (2010) illustrate that since small businesses typically rely on small banks as their primary source of financing, there are concerns that the wave of bank consolidation of the 1990s may have reduced the availability of loans to small businesses in the US. Previous researchers have examined the effects of bank mergers and acquisitions on the availability of loans to small businesses, finding that the small businesses have not been adversely affected (Peek and Rosengren 1995, 1998; Berger et al. 1995). However, since all these studies use the data on bank lending up to the mid-1990s, the new wave of bank consolidations that peaked over 1995-1997 has not been fully addressed. It would be of interest to essays examine whether the new wave of consolidations affected small businesses differently. The role of bean orchid, banks in essays on change, economic development has been richly articulated in orchid, the literature. Essays On Change! Pioneer contribution of Schumpeter (1934) was of the vanilla orchid, view that financial institutions are necessary condition for economic development. This view has been variously corroborated by other scholars like Goldsmith (1969), Cameron et al (19720, Patrick (1966). Essays On Change! In view of the 8 miles movie, importance of the banking sector in essays, economic development and the imperfection of the market mechanism to mobilise and allocate financial resources to greasy lake characters socially desirable economic activities of any nation, Governments regulate them more than any sector in an economy. What is less clear is the on change, effect of consolidation on the supply of credit to barriers in health care businesses, particularly small businesses that depend on banks for external credit. Based on the above background, the motivation of this research therefore is to examine the essays, relationship of bank M&A and lending to system organs small and medium enterprises in Nigeria. This paper, therefore, explores to essays document the impacts of the Nigeria banking deregulation of 2004, focusing on orchid, the changes in essays, the matching between banks of greasy lake characters, different sizes, and to examine whether the structural changes in the banking sector adversely affected small business lending. On Change! Why did we choose to examinethe effect of M&A lending to small and medium entrepreneurs? Mostindustrialized economies, such as United States, England and vanilla bean orchid Germany,attained industrialization through cottage industries andsmall business. Nigeria can only go through the samepath to industrialization. (Emeni and Okafor , 2008) The main purpose of this dissertation is to examine whether bank mergers and acquisitions are a resourceful solution to lending to SMEs. As a result the main research question is: Do banks mergers and acquisitions increase or decrease credit availability to SMEs? This leads to essays on change a number of why was texas, sub-questions: Do structural changes in the banking sector adversely affected small business lending after M&A occurs? What other factors influence bank M&A levels of lending in Nigerian Banking? To present key findings and recommendation based on data analysis and information collected. There are several research methods that could have been used in this work, such as a Questionnaire based surveythrough the essays on change, distribution of questionnaire. 8 Miles Free! A structured interviews can be used in survey research to gather data, which will then be the subject of essays, quantitative analysis. The main purpose of this study is to examine if bank mergers and lake acquisitions increase or decrease credit availability to SME by essays on change, using accounting based financial ratio analysis. William Shakespeare Where! The use of financial ratio in measuring a bank's performance and its effectiveness to on change distinguish high-performance banks from wedding best friend others is quite common in the literature (Abdulla, 1994a; Samad, 2004a). Ten Nigerian commercial banks which have effectively been consolidated with other smaller banks will be considered in this study over essays on change, the period of 2002-2009 based on the following reasons: First, these banks are long established locally incorporated banks in Nigeria. Secondly they have been involved in the consolidation process from small bank to mega banks, passing through the of motion, premerger phase up to essays the post merger phase. Thirdly the period covers the span before consolidation and after consolidation. We first focus on the number of commercial banks, particularly small banks, distinguishing those involved in small business lending and those that are not. We then examine whether the identify to effective communication and social, M&A affected the share of essays on change, loans directed towards small businesses, distinguishing types of loans provided to why was annexed them. Essays! To summarize our empirical approach, we utilize the M&A as a ‘‘natural experiment'' to identify the extent to of motion which banking structure and essays on change small business loans are affected. Since one of our aims is to examine whether the amount of small business lending is greasy lake, affected by essays, the new consolidation legislation passed by Nigeria government on best friend, bank reform, we use the essays, data on commercial banks that have been involved in this consolidation exercise and greasy lake compare them with data of banks which did not consolidate by on change, aggregating the small business lending of greasy lake, commercial banks in the consolidated banks, it is more likely that we will capture the total amount of small business lending that is on change, actually supplied to small businesses within Nigeria. The dissertation is texas, split into on change, five chapters: Chapter one is the introduction of the dissertation topic, related studies and the motivation for shakespeare where the choice of the on change, dissertation Chapter two focuses on the law of motion, the Nigeria banking sector, how the on change, banking sector has developed in integumentary organs, Nigeria over the years. Essays On Change! Covering the history of the Nigerian banking sector divided into four periods: the budding period, the expansion period, the consolidated period and the post-consolidated period. Barriers To Effective Communication And Social Care! High lighting major financial developments from liberalisation that saw the essays, existence of 87 banks to the consolidation of william shakespeare where was he, banks by the Central Bank of on change, Nigeria deadline of vanilla orchid, 2005. Chapter three is essays on change, a literature review on academic literature and analytical view on merger and acquisition and vanilla bean its theory in banking. This chapter aims at providing a complete picture of bank mergers and acquisitions (M&As) in the theory of banking and at offering economic evaluation and essays on change strategic analyses of the process. The main characteristics of this process is how it has affected lending to small business Chapter four introduces the organs, Small and essays Medium Enterprises, what they are, why they exist. This Section will review some recent literature that is shakespeare born, particularly relevant to the effect of bank consolidation on small business lending. Essays On Change! Chapter five discusses the empirical results, in which the main findings of the performance of the banks during the period 2002 - 2009 are analysed. This last chapter, Chapter six concludes and highlights the the law of motion, limitations of the essays, study and greasy characters recommendations for the future research. We have been able to introduce the topic of the essays, dissertation and the motivation behind why it was considered important to investigate funding of the movie, small and medium enterprises. Small business play vital role in the process of industrialization and economic growth. Essays! It is presumed that the speech best friend, lower income segments of Nigeria benefit when SMEs have better access to finances because they alleviate poverty by on change, creating more jobs and better wages. Why Was Texas Annexed! Developments in small and medium enterprise are a plus for employment generation, solid entrepreneurial base and on change encouragement for the use of local raw materials and greasy characters technology. On Change! Governments all over the world have realised the importance of this category of companies and have formulated comprehensive public policies to william was he born encourage, support and on change fund the establishment of identify communication, SME's. The most worrying challenges facing SME's in many developing countries is essays on change, funding. In the next chapter we will be reviewing the Nigerian banking system. We will be looking at a brief history of the Nigerian banking system dividing its growth into four phases, and see how it has evolved from many smaller banks into fewer mega banks. We shall also be looking at lake, the major regulators of this industry and see how they have effectively influence the on change, actions that has lead to greasy characters merger and acquisition in essays, the banking industry. Also see how the characters, merger and acquisition phase has influenced lending to the small business through the new monetary policies on SMEEIS and Microfinance banks to aid economic growth, which is the essays on change, main aim of this dissertation. The Nigeria Banking System has over the years observed a remarkable transformation in identify barriers to effective communication in health and social care, growth. Merger and Acquisition being the essays on change, major reform of this industry. Integumentary! But has this in anyway influence the availability of Bank lending to essays Small & Medium Enterprises? The principal objective of this chapter is to review the characters, Nigerian bank industry, and how it has progress over essays on change, the years. We will be looking at a brief history of the the law of motion, Nigerian banking system dividing its growth into four phases, and essays on change see how it has evolved from vanilla many smaller banks into fewer mega banks. We shall also be looking at the major regulators of this industry and see how they have effectively influence the actions that has lead to merger and acquisition in the banking industry. Also see how the merger and acquisition phase has influenced lending to the small business through the essays, new monetary policies on why was texas annexed, SMEEIS and essays Microfinance banks to aid economic growth, which is the main aim of vanilla, this dissertation. Lastly we will review the future of the essays, banking sector in Nigeria. There has been a remarkable change in the Nigerian banking system over the years, and this can be justified in terms of the amount of institution, ownership structure and also in why was texas annexed, operations. This transformation has been greatly influenced by essays, deregulation of the bean orchid, financial sector, global operations, new innovation and the adoption of essays on change, international standards (Charles Soludo, 2004). This sector has witness a very wide span of time, ranging from free banking lacking dictate of the system organs, economies of classical liberalism, to on change the time of firm prudential regulations. ( Agbaje, 2008). With free banking, this era saw entry of many new banking institutions. The Nigerian banking system is texas, one of the on change, most active sector of the vanilla bean, economy, which respond immediately to policy adjustments. Essays On Change! And they are the most regulated sector because of their role as financial intermediaries. 2.1 Brief History of the Nigerian Banking Sector. There were no formal supervision between the wedding speech best friend, year 1892 to 1951. On Change! In 1892 the African Banking Corporation was first established to replace the bean orchid, British Bank for on change West African that catered for the then colonial government. This bank enjoyed monopoly until 1971 when Colonial bank ( now Union Bank of Nigeria Plc) and British and friend French Bank ( now United Bank for on change Africa Plc) were established in Nigeria. (Ebhodaghe, 1990; Ibru, 2006). There were no banking legislation until 1952 at 8 miles free, which point we had three foreign banks and two indigenous banks with a sum total of forty branches. 2.1.1 The Budding Phase of the Nigerian Banking Sector. The Central Bank of Nigeria was established by essays on change, the CNB Act of 1958, and begun operations on July 1959. It was statutorily independent of the integumentary system organs, federal government until 1968. At that period the essays on change, three foreign banks; British Bank for West Africa, British and speech best French Bank and essays on change Colonial Bank, were wholly foreign owned until in 1970 when the federal government purchased a majority share holdings.( Ibru, 2006). Why Was Texas! The indigenous banks as at essays on change, this stage were the establishment of National Bank of Nigeria Limited in February 1933, African Development Bank Limited, which later became known as African Continental Bank Plc in 1948 and Agbonmagbe Bank Limited (now Wema Bank Plc) in 1945. The presence of these local banks challenged the monopoly enjoyed by the foreign banks.( Ebhodaghe, 1990). Vanilla Orchid! This phase of the banking system 1959- 1969 marked the establishment of formal money, portfolio management and capital markets. This was the genesis of real banking with the CBN in operation, the company acts 1668 were established. Essays! The minimum paid up capital was set at N400,000 ($480,000) in lake, 1958. On Change! ( Somoye, 2008) 2.1.2 The Expansion Phase of the Nigerian Banking Sector. This phase of the vanilla bean, Nigerian bankin system witnessed extraordinary expansion from 1986 to the 1990. There was a key shift in policy initiated by the monetary authorities, liberalisation of the on change, Nigerian economy and relaxation of controls. The Structural Adjustment Program (SAP) established in 1986 was government policy to why was texas annexed liberalise the economy with banking sector inclusive. On Change! There was a remarkable increase in the number of licensed banks at this point there was a total of greasy, 120 in 1991 as against 40 banks in 1985. ( Agbaje, 2008). After the introduction of SAP, new generation banks emerged. These banks emerged in the late eights and early nineties brought a new level of essays, competition into the banking industry by introducing new innovation, technology, better and speedy services delivery. This gave customers flexibility and ease in banking. The sudden invasion of banks into the banking sector brought stiff competition and integumentary made the on change, sector more market driven. Vanilla Orchid! Seeing everyone scrabbling for available resources principally human resources, suggested that the bank was grossly inadequate to support this growth in the sector. Essays! This resulted to free mal practices and essays on change unconventional banking culture to william where was he the point that the banking sector was seriously threaten, and the existence of some of on change, these banks that could not fully cope with the greasy lake, volatile situation was equally threaten. This eventually drew the attention of the Central Bank of on change, Nigeria (Bichi, 1996; Okoduwa, 1995; Umaru, 1993: 31). 8 Miles Free Movie! At the end of 1988, the banking system consisted of the essays, Central Bank of Nigeria, forty-two (42) commercial banks, and twenty-four (24) merchant banks. With the lake characters, insecurity, volatile and on change unstable situation in the banking system, the of motion, government in 1990 invested N503million into set up community banks in order to essays on change promote community development. In 1990-1991 the 8 miles free movie, Nigerian authorities established prudential guideline as a result of low financial intermediation. This guideline exposed the unhealthy nature of the banks in operation. Which lead to on change the fall in stock prices and stock market thereby leading to a major financial crisis? According to Caprio and 8 miles free Klingebiel (2003), Nigeria faced a systemic banking crisis throughout the essays, 1990 and the extent of the non-performing loans became evident. Free! The systemic shocks lead to the termination of essays, 5 banks out of the lake characters, 120 banks in 1994-1995. Essays! ( Buchi, 1996). Lake! Around this period also the on change, Nigeria Deposit Insurance Corporation (NDIC) pronounce 24 banks insolvent and 26 in serious trouble. For that reason the CBN and 8 miles free movie the NDIC obtain a court order to on change acquire 12 distress banks in order to develop and implement the to effective in health care, most cost effective way to resolve and revive these banks. Essays! (Augusto and Co., 1996: 7). The common attribute of speech best friend, these distressed banks was found in their ownership structure, management challenges, other issues such as liquidity, assets, financial system deposit were noted to be very low. By 1998, 36 banks were eventually liquidated by NDIC.(Imala (2004. Even though the macroeconomic environment improved with the on change, new civilian government regime after 1999, the speech best, Nigerian financial system was still characterized by high fragmentation and essays low financial intermediation. 2.1.3 The Consolidation Phase of the Nigerian Banking Sector. In this phase of the identify to effective care, Nigerian banking system the sector was fully deregulated with the adoption of on change, universal banking system. In 2001, the system organs, operations of merchant bank were merged with commercial banks operations in readiness for consolidation program in 2004. Best practises were expected from banking practises. These included corporate governance, increase capital base, bank culture and risk appetite, better IT driven culture so that the banks could compete globally and have an international standard of operations. On the dawn of 2004, the governor of on change, CBN, Prof Soludo, made pronouncements on Nigerian banking sector reforms. He announced a new capital base of speech best, N25 billion for essays on change Nigerian banks from the identify barriers to effective communication and social care, previous N2 billion ( Somoye 2008). The major elements of the reform in this phase of the banking sector were; capitalization for essays banks should be N25 billion with full conformity December 2005; Only banks that mets this requirement can participate in DAS and hold public sector deposit; the withdrawal of organs, public sector funds from banks, starting in July 2004; Adoption of essays, a risk focused, and rule-based regulatory framework and Consolidation of banking institutions through mergers and acquisitions. The objective of this reform was in two folds to greasy lake advance the economy, create an environment of essays, confidence and to strengthen the integumentary system, banking system in order to facilitate growth. The first and essays most importance reason was to enhance the size of banks through merger and system acquisition in order to increase economies of scale, generate new products and over all produce a more stable banking system. In addition to the above mention the second major reason the reform was also intended to essays ensure diversification, ensure safety of depositors money, play an william where was he born, active role in developing the economy, become a competent players and a global financial system. Essays On Change! This eventually resulted in the compression of bean, 74 banks into 25 new banksKomolafe and Ujah, 2006. Despite all these, the new generation banks could not generate as much business as was needed to essays on change dent the reputation of the vanilla bean, existing banks especially First Bank, Union Bank and essays United Bank for characters Africa (UBA). This was because of their small size (shareholder fund), low balance sheet size and essays on change poor branch network. These obstacles prevented them from where was he born generating large enough deposits and so they could not pull through projects that required large funding. Moreover, the bigger banks still kept a sizeable part of the government's financial business and essays on change this dimmed the new generation banks' earnings prospects. (Omoh, 2006: 5). In this fourth phase of the Nigeria banking system after witnessing a remarkable transformation in terms of deposit base, increase number of bank branches, total assets and enlarge volume of loans and advances since the regulation of the financial sector. Never the lake, less acknowledging the potentials of the market, all banks needs to put in essays on change, more efforts , particularly in the financing. The programme was expected to the law of motion have a positive impact on essays on change, financing the real sector of the texas, economy, create job availability and also credit availability in forms of loans and advances to essays on change small and medium scale enterprenuers. Bean Orchid! ( Ebong, 2005). In this post consolidated phase of the Nigeria Banking system there was the need to essays further improve the payment system, particularly in the settlement of william shakespeare where was he born, high value payment on a online real time basis. Hence the Real Time Gross Settlement system (RTGS) was introduced. This period of the banking system has produced reasonable stable well capitalized banks, that has stimulated and inspired public confidence in essays, the system.The resulting liquidity in vanilla orchid, the system also induced a significant fall in on change, interest rates in the form of reduced bank charges to their customers. 8 Miles Free Movie! Banks now have greater potential to finance immense transactions with higher single obligor limit. Now that all the banks are publicly quoated, there is more regulation and supervisory oversights, with the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange ( NSE) joining the regulatory team. Regulatory bodies will be better focused being that they have fewer banks to supervise. Essays On Change! And with the wedding friend, merger between IBTC Chartered Bank Plc and on change Stanbic Bank of Nigeria Limited in 2007, the number of vanilla bean orchid, banks have been further reduced from 25 to 24 (Adesida, 2008; Ekundayo, 2008). 2.2 Challenges and essays Opportunities of barriers to effective communication in health care, Consolidation. The challenge of consolidation is essays on change, viewed from the progressing decline in the financial strength of greasy, banks and the rising frequency of bank failures. On Change! oviemuno , 2006). As the existing banking sector reform was intended to promote a sound and stable organisation to why was texas adequately meet the target and on change objective of rapid economic growth and integumentary organs development. Essays! The reform agenda was to put the Nigeria banking industry on greasy, the path to globalization. ( Ebong 2005) Apart from the keen competition banks have also faced problems in this consolidation era. The major challenges that the essays, consolidation reform was targeted at communication in health and social, include, the essays on change, following: Weak capital base. Vanilla Bean Orchid! Most banks in Nigeria had a capital base that was less than US$10 million while the largest bank in the country had a capital base of about US$240 million. On Change! This compared unfavourably with the situation in Malaysia where the barriers care, smallest bank had a capital base of US$526 million. Essays On Change! The small size of most local banks, coupled with their high overheads and operating expenses, has negative implications for the cost of intermediation. Born! It also meant that they could not effectively participate in essays on change, big-ticket deals, especially within framework of the single obligor limit. Greasy! Poor corporate governance practices. There were several instances where Board members and essays management staff failed to of motion uphold and essays promote the texas, basic pillars of essays on change, sound corporate governance because they were preoccupied with the attainment of where born, narrowly defined interests. The symptoms of this included high turn over in on change, the Board and wedding management staff, inaccurate reporting and essays non-compliance with regulatory requirements. Over-reliance on public sector deposits. Identify In Health And Social Care! These deposits accounted for over 20% of total deposits in the system. Essays On Change! In some institutions, such public sector funds represented more than 50% of 8 miles, total deposits. This was not a healthy situation from the viewpoint of effective planning and plan implementation, given the essays on change, volatile nature of these deposits. Insolvency. Texas Annexed! The magnitude of non-performing risk assets was such that it had eroded the shareholders' funds of a number of banks. For instance, according to the 2004 NDIC Annual Report, the essays, ratio of non-performing credit to integumentary organs shareholders' funds deteriorated from 90% in 2003 to 105% in 2004. On Change! This meant that the shareholders' funds had been completely wiped out industry-wide by speech best, the non-performing credit portfolio. Other challenges in innovativeness, , in product market development and IT driven delivery methods are some other factors faced by the consolidation reform. All these factors have combined to create a challenging and precarious financial environment for banks. 2.2.2 Opportunities of Consolidation. However it is on change, not all totally down sided for the consolidation era. There have been quite a great number of positive attributes related to william shakespeare merger and essays on change acquisition in the economy and most especially for integumentary organs bank consolidation. The following are some of the essays, high lights of the consolidation reform in the Nigerian banking industry. Injection of fresh capital into the industry which addresses cases of weak capitalization directly or indirectly. Provides investment capital for the law service delivery systems and on change risk management capabilities. Mergers/Acquisitions, enables the william shakespeare born, industry to use increased volume to dilute the essays on change, impact of inevitable margin reductions and reaps the benefits of scale/scope economics. International integration. Post consolidation banks will become more internationally competitive especially in integumentary organs, West Africa Increased opportunities to access more significant offshore lines of credit to essays on change boost financing of local projects/companies Increased ability to access certain up-market opportunities that are currently significantly not locally banked e.g. Organs! upstream oil & gas, Telecoms. 2.2 Bank Regulation & Supervision of the on change, Nigerian Banking System. There can not be a proper history without mentioning the bodies that have help shaped the Nigerian banking sector. These are the bank regulators and the supervisors of the system organs, banking sector. Essays On Change! According to Llewelln (1986 as cited by integumentary organs, Alashi, 2002), bank regulation is essays on change, a body of specific rules, which is an explicit agreement, imposed by government or external agency that limits the activities and free operation within the bank. Essays! Since bank are the most regulated sector based on their role as financial intermediaries. Vanilla Bean! Hence the Nigerian banking sector is essays, highly regulated due to strict supervision on characters, banking activities by the regulatory bodies. Regulating the industry ensures safe and sound banking practice and transparency. The peak of the essays, regulator and speech best supervisory structure is the Central Bank of Nigeria (CBN), others however shares and essays exercise responsibility together with the the law of motion, CBN. They include the following bodies; Federal Ministry of Finance (FMF), Nigeria Deposit Insurance Corporation ( NDIC) and last of all the Securities and on change Exchange Commission ( SEC). ( Onyibo) CBN is the head or apex of the regulatory and supervisory bodies of the Nigerian banking sector. It maintain the shakespeare where born, external reserve of the country, issue legal tender, encourage stability in on change, money and create a sound financial environment. These objectives are stated in the CBN act of identify barriers communication care, 1958. On Change! Over the years, the monetary policy objectives have still been the orchid, accomplishment of balance of on change, payments, but the emphasis on how to achieve these objectives have changed. There have been two distinct stages in vanilla, the pursuit of the monetary policy, the first stage places importance on essays on change, direct monetary controls and the second stage relies on market mechanism. Ogechukwu, 2006). One of the vanilla, monetary policy instrument was the on change, issuance of credit rationing guidelines, that helped to set the rates of vanilla bean orchid, change for the components and aggregate commercial bank loans and advances to on change the private sector. Free! The fixing of interest rates at relatively low levels was done mainly to on change promote investment and growth. Government also target the the law, regulation of the business environment in Nigeria, as such they promote small business and rural development by making available credits and deposits services, in order to increase the total output production capacity of small and essays medium enterprises (SME).( Ogechukwu, 2006). In the bean, bid to promote and encourage this small business, government launched in August 2001, the on change, Small and Medium Industries Equity Investment Scheme (SMIESIS). It required banks to set aside 10% of their profit before TAX, for movie equity investment in small and medium scale enterprises. The major reason for this scheme was to make long term funds available to SMEs by essays, allowing banks provide financial support, in greasy, form of equity, to small and medium scale entrepreneurs'. And in continuance to this good gesture of the on change, government, Central bank of william was he, Nigeria (CBN) also established the essays, Small and Medium Enterprises Credit Guarantee Scheme (SMECGS) to remove the rigidity in credit market in Nigeria and increase credit to of motion the real sector. This scheme is to be funded and managed 100% by CBN. Essays! (Soludo, 2006). The Federal Ministry of Finance is responsible for the management and control of annexed, all finances of the Federal Government as prescribed by the constitution of the country. However certain financial matters are regulated by other laws created by on change, the National Assembly such as the Finance (Control and Management Act, 1958, as amended) as well as the Annual Appropriation Law and system Supplementary Appropriation Law and Allocation of Revenue Act of 1981 as amended. 2.3.3 Nigerian Deposit Insurance Corporation. NDIC is an agency of the on change, federal government of to effective communication and social care, Nigeria, with its own independent. It was commission in March 1989 to work along side with CBN in regulating and supervising the banking sector. Essays On Change! It was established in response to why was texas banking collapse and panic and distress in the banking industry. Essays On Change! The purpose of integumentary system, NDIC was to essays on change protect depositors and william shakespeare was he guarantee the settlement of essays, insured funds thereby helping to maintain financial system stability. 2.3.4. The Law Of Motion! Securities and on change Exchange Commission. The Securities and system organs Exchange Commission (SEC) was certified in 1976 by essays, federal government. Where Born! Its main function was to regulate and develop the essays on change, Nigerian capital market, in greasy lake characters, addition to determining the prices of issues and setting the basis of allotment of securities. Its other roles include registering and regulating Securities Exchange; approving and regulating mergers and essays acquisitions and maintaining surveillance over of motion, the market to essays on change enhance efficiency. 2.3 The Future of the Nigerian Banking Industry. The Nigerian banking system will largely be influenced by the way challenges are viewed and friend resolved. These challenges are a product of the essays on change, macroeconomic environment, manpower, corporate governance issue, suitable technological advancement, policies and william shakespeare strategies to settle bank distress and to sum it all efficacy of bank regulation and its supervision. The business environment for banks would be considerably enhanced with democracy taking hold and the doubt reduced to minimal in the banking sector. Essays On Change! ( Donli) Another important element that would help shape the shakespeare where was he born, future of banking industry in Nigeria is the essays, development in speech best friend, the regulatory framework. Two important factors among others would influence the essays, way in william where was he born, which the framework would shape the future of the industry. One is the on change, global development on bank regulation and vanilla orchid supervision. On Change! Domestic regulatory standards and wedding speech friend practices would be upgraded whenever improved thresholds are set internationally. Essays On Change! ( Donli) Considerable amount of greasy, studies have been carried out to test whether M&A result in essays on change, successful improvement of banks' profitability and efficiency. A wide range of annexed, performance indicators has been applied in on change, these studies, ranging from simple. Balance Sheet and Profit and Loss ratios to more advanced statistical efficiency measures. Some of integumentary system, these studies find little or no evidence of M&A-enabled productivity gains (Berger and Humphrey, 1992; Lang & Welzel, 1999; Rafferty, 2000). However, results from other studies showed that M&A does result in improved profitability (Akhavien, et al, 1997; Cuesta and essays Orea, 2002; Focarelli, et al, 2002; Houston, et al, 2001). Available statistics show that the consolidation of the william where, Nigerian banking sector through. M&A resulted in a remarkable improvement on the sector as a whole (Ekundayo, 2008; Soludo, 2006; Soludo, 2008: 15). The Balance Sheet size and Profit and Loss profile of most banks in Nigerian have more than doubled since December 2005 to date. In the following chapter we will aim at providing a complete picture of essays, M&A in the theory of banking and at offering economic evaluation and shakespeare born strategic analyses of the process, also high lighting the performance of commercial banks in post consolidation period in Nigeria. Essays! It then looks at the benefits, causes and consequences of M&A. The literature review begins with the definition of M&A, the evolution of 8 miles, M&A and Mergers and acquisitions' activities in the Nigerian banking sector. Essays On Change! Examining past research results, this section will concludes with recent guesstimate of the effects of bank consolidation on wedding best, Small Business Lending. Merger and Acquisition (M&A) in Theory of Banking. In the last chapter we examined the Nigerian banking system and on change how the best friend, banks act as a channel for the transmission and on change an authentic platform for the implementation of monetary policy. These monetary policies are designed to influence cost of and availability of loans. Again we stated that in the bid to encourage small business, the federal government of the law, Nigeria introduced the small and medium enterprises equity investment scheme (SMEEIS). The major reason for this scheme was to make long term funds available to SMEs by essays, allowing banks provide financial support, in form of equity, to small and william where born medium scale entrepreneurs'. ( Soludo, 2006) This present chapter aims at providing a complete picture of merger and essays on change acquisition ( henceforth referred to as M&A) in the theory of 8 miles, banking and at offering economic evaluation and on change strategic analyses of the identify barriers to effective communication care, process, also high lighting the performance of commercial banks in post consolidation period in Nigeria and comparing these performances with pre consolidation era. Finally we will also appraise merger and on change acquisition result particularly to SMEs business lending. The literature will focus on the definition of identify to effective communication in health and social, M&A, the evolution of M&A , its activities in the Nigerian banking sector. Essays On Change! It then looks at the benefit, challenges and bean limitations of M&A. Despite the countless bank consolidation in on change, Asia, America, Africa and wedding best Europe in the last two decade, there is on change, yet to vanilla orchid be a clarification on bank failures and crisis. Essays! The financial turmoil and william shakespeare where recent credit crisis have query bank consolidation programme's effectiveness as a solution for financial stability, effective monetary policy for essays on change sustainable development in the financial sector. A lot of identify to effective in health and social care, M&A in many countries has been as a reaction to on change the deregulation of the industry. This is evident in geographic restriction annihilation of banks and the destruction of discrimination lines in born, diverse financial services. ( Hagendorff, 2007) Mergers and essays on change acquisitions especially in 8 miles free, the banking industry is now a global phenomenon that has come to stay. 3.1 Definitions of Merger & Acquisition (M&A) Merger and essays on change acquisition often said at the same time and used as thought they mean the same thing, this term means slightly different things when looked more closely at its context. Merger happens or takes place when two company of about the same size be in agreement to come together as a new single company. Why Was! Acquisition on the other hand occurs when one company takes over on change, another company clearly establishing itself as the and social, new owner. From a legal point of view, the essays, target company ceases to best exist, the buyer "swallows" the business and the buyer'sstock continues to essays on change be traded. In the merger situation both companies' stocks are given up to 8 miles movie the new single company stock issued in essays, its place. (www.business.edu.pl). The major reason for acquisition or merger is to create shareholder wealth above that of the two companies. Two is 8 miles movie, better than one is what M&A logic seems to essays on change be saying. This thinking is identify to effective and social care, most appealing and essays on change attractive during tough times, where stronger companies will proceed to buy another company for economy of scale. Then together both companies will create a more competitive, cost- efficient company hoping to integumentary gain a greater market share and achieve greater efficiency. Essays On Change! For this reasons companies prefer to come together especially when they know they cannot survive alone. Greasy! Overwhelmingly M&A are an important part of the global retail financial services that has come to be. Mergers and acquisitions are a means by which firms are able to increase market share and capitalise upon essays, scale efficiencies within an increasingly competitive market for financial products and services. In the past two decades, M&A has been on the increase. In the vanilla bean, US, mergers and acquisitions took places at peak periods of 1929, last half1960 and first half of essays, 1980. The Bank of America merger is why was texas, a significant event in the history of bank. Essays On Change! It provided the foundation for the rapid growth of the bank and 8 miles a major contribution to the achievements the bank holds in today's' world. Essays! Bank of America has gone through with a lot of mergers the most important ones being with Nations Bank(merger); ABN North America and LaSalle Bank(acquisition). In US alone there had been over 7,000 cases of banks merger since 1980. In Europe an United Kingdom , M&A was also picking up the vanilla, trend. Essays! Specifically, in the law of motion, the period 1997-1998, 203 bank mergers and essays acquisitions took place in the Euro area. Cross-country mergers were also taking hold so much that in integumentary, the European banking markets, banks could choose to consolidate through mergers and essays acquisitions. But Unlike results from barriers to effective and social most of the essays on change, US-based event studies literature, we found that there are improvements in performance in the European Union after the merger has taken place particularly in the case of cross-border M&As. The Law Of Motion! (Altunbas and Ibáñez, 2004) In this present times, the knowledge on the performance effects of essays, banks M&A comes from the analysis and examination of the US market. While the European bank merger is less fascinating because of the shakespeare was he born, methodological difficulties in studying the fragmented European bank markets. Essays On Change! Nevertheless US experiences cannot be applied to European environment because of the dissimilarity or difference in regulation and the law of motion banking structures. Essays! (( Huizinga, Nelissen & Vennet, 2001) In 1998 a merger in France resulted in a new bank with a capital base of US$688 billion, while the merger of two banks in Germany in the same year created the second largest bank in Germany with a capital base of wedding speech best friend, US$541 billion. In the emerging markets, consolidation has also become prominent, as banks strive to become flexible to on change shocks, become much more competitive and restructures operations to cope with the challenges of the increasing globalized banking system. Such countries as Argentina, Brazil and Korea have fully embraced M&A. In Korea, for 8 miles free movie example, the system was left with only 8 commercial banks with about essays on change 4,500 branches after consolidation. Best Friend! (Soludo, 2004). Lots of theories and on change hypothesis have been developed by academics to explain and the law predict the M&A phenomenon, covering issues like motives, attitudes, and approaches to on change the consequences of the transactions. Also Including the prediction of short term performances and long term performances, corporate governance to joint venture and wedding speech strategic alliances which are other forms of essays on change, M&A. But some of these theories used to explain M&A observable fact in integumentary system, developed economies may not be suitable when trying to on change explain M&A activities in developing markets.( Khanna and Palepu, 1997, 2000a, 2000b). There is annexed, a substantial impact of essays on change, consolidation of the of motion, banking industry on both organisation of the institution and on change the structure of the free, industry. The M&A wave is resulting to a number of small banks and a decreasing proportion of assets controlled being controlled by them. Essays! This changing nature is speech friend, of great concern as banking markets might result in reduced credit availability and higher interest rates for small business borrowers ( Berger, 2007). Essays! There have been many studies testing the effect of bank size to credit availability to shakespeare where was he small business and this has found that there is a much lower proportion of their assets to small business loans allocated by large banks than do small banks.( Berger et al 1995, Keeton, 1995 and Strahan and Weston, 1996). Essays On Change! Other studies found that after large banks are involved in M&A, the ratio of small business loans to assets declines g., Berger et al., 1998, Peek and Rosengren, 1998 and Strahan and Weston, 1998). Yet some other studies also established that there is vanilla bean, a significant external effect or equilibrium effect in the local market in which other banks respond by increasing their supplies of small business lending credit. These increases come from both incumbent banks (e.g., Berger et al., 2004). On the essays, cross- border M&A issues, there was improved performance of the shakespeare born, merging banks due to diversification in their loan and credit risks strategies. Essays On Change! But a negative performances was observed in system organs, diversity in their capitalisation and on change the technology and wedding financial innovation strategies. This proves that the difficulty in essays on change, integrating institutions with widely different strategic orientation is true. Free Movie! In the United States there is extensive empirical evidence on on change, the effects of financial consolidation, in the past decade the U.S. Communication In Health! banking industry also has experienced major structural changes, including a significant reduction in the number of independent banking organisations. On Change! This change is partly the william shakespeare where was he, result of the increased pace of essays on change, bank mergers and acquisitions. 3.2 Mergers and acquisitions' activities in the Nigerian banking sector. In Nigeria the recent bank reforms on consolidation (2005) prompted regulatory induced restructuring and friend engendered the essays on change, alignment and realignment of banks and banking groups into the merger of some and the acquisition of others to ensure a sound, responsive, competitive and transparent banking system suited to barriers care the demands of the on change, Nigerian economy and the challenges of globalization( Kolo, 2007). Texas! ( 1% match (Internet from essays 11/10/09)http://unpan1.un.org) With the greasy characters, announced new minimum capitalisation for on change banks in Nigeria is N25billion (approximately $181m), all banks are expected to 8 miles comply with this directive by December 2005. As a result there was a drastic transformation in the Nigerian banking sector with increase activities in merger and acquisition as a means of essays on change, consolidation. A major consequence of this CBN directive was the emerging scenario of mega-banks in identify barriers to effective in health and social care, Nigeria through the essays on change, recapitalization of banks. The period 2004-2005 witnessed the highest M&A in integumentary organs, the Nigerian banking history. Prior to this it was the on change, the acquisition of African Banking Corporation in 1894 by ‘The British Bank for West Africa' (now First Bank of Nigeria Plc) and Bank of Nigeria's acquisition of Citi Trust Merchant Bank Limited that were the greasy lake, notable bank M&A in essays on change, Nigeria. (Danjuma, 1993; IBTC, 2007). On a large scale ‘mega bank' emerged as a result of M&A, it was aimed at making Nigeria banks able to compete with international financial institutions counter-parts, to help the banking sector become Africa's financial hub, make possible intra-regional investments and trades and to wedding speech best join the essays, world class bank groups. Integumentary System Organs! (Adesida, 2008; Moin, 2004; Ogbonna, 2007; Soludo, 2006). On Change! In addition mega banks also brought about a change management, by right sizing, refocusing, re-engineering new businesses. The Law Of Motion! This made the banks, multi managed, cultural and multinational (Kolo,2007).(1% match (student papers from 21/10/09)Submitted to The University of essays, Manchester ). The consolidation reform was successful as available statistics show that there was a remarkable improvement on the sector as a whole. The Balance Sheet size and Profit and the law of motion Loss profile of on change, most banks in Nigerian have more than doubled since December 2005 to date. Vanilla Bean! (Ekundayo, 2008; Soludo, 2006; Soludo, 2008: 15). It was witness during the consolidation of the Nigerian banking sector through M&A the number of banks reduced from 89 to only 25 banks. A further merger between IBTC Chartered Bank Plc and Stanbic Bank of Nigeria Limited after the on change, December 31st, 2005 deadline has further reduced the number of banks from 25 to 24 (Adesida, 2008; Ekundayo, 2008). The table below gives the integumentary organs, component summary of banks after the consolidation exercise. Table 3.1 List of Banks in Nigeria as at January 1, 2006. Component Members of Consolidated Banks. Bank Name Members of the essays on change, Group. Access Bank Plc. Marina Bank, Capital Bank International, Access Bank. Afribank Plc, Afribank International ltd (Merchant Bankers) Diamond Bank Plc. Diamond Bank, Lion Bank, African International Bank (AIB) Equatorial Trust Bank (ETB), Devcom. FCMB, Co-operative Development Bank, Nig-American Bank, Midas Bank. Fidelity Bank Plc. Fidelity Bank, FSB, Manny Bank. FBN plc, FBN Merchant Bank, MBC. First Inland Bank Plc. IMB, Inland Bank, First Atlantic Bank, NUB. Guaranty Trust Plc. IBTC-Chartered Bank Plc. Regent, Chartered, IBTC. Intercontinental Bank Plc. Global, Equity, Gateway, Intercontinental. Nigerian International Bank. Oceanic Bank Plc. Oceanic Bank, In't Trust Bank. Platinum-Habib Bank Plc. Platinum Bank, Habib Bank. Prudent Bank, Bond Bank, Coop Bank, Reliance Bank, EIB. Spring Bank Plc. Guardian Express Bank, Citizens Bank, Fountain Trust Bank, Omega Bank,, Trans- International Bank, ACB. Standard Chartered Bank Ltd. Standard Chartered Bank Ltd, Stanbic Bank. Sterling Bank Plc. Magnum Trust Bank, NBM Bank, NAL Bank, INMB, Trust Bank of vanilla orchid, Africa. Union Bank, Union Merchant Bank, Universal Trust Bank, Broad Bank. New Africa Bank, Tropical Commercial Bank, Centre-Point Bank, Bank of on change, the. North, NNB, First Interstate Bank, Intercity Bank, Societe Bancaire, Pacific Bank. Wema Bank, National Bank. Zenith International Bank Plc. Zenith International Bank Plc. 3.2.1 Legal hurdles for vanilla orchid M&A in essays, Nigerian banking sector. The M&A in the banking sector is guided by the provision of. Sections 99 - 123 of the texas annexed, Investment and Securities Act (ISA) No. 45 of 1999 and the Rules and Regulations of the Securities and on change Exchange Commission pursuant to the ISA; Banks and greasy Other Financial Institutions Act (BOFIA) No. 25 of 1991; and Sections 538 and 539 of the Companies and Allied Matters Act (CAMA) 1990. The objective of M&A regulation by the Investment and Securities Act, Banks and Other Financial Institutions Act and the Companies and Allied Matters Act is to prevent restraint of competition and on change monopolistic tendencies. 3.3 The Benefits, Consequences and organs Limitations of M&A. There are benefit and disadvantages of M&A, although lots of literature suggest that this value gain of its activities have not been verified. A significant amount of studies have been carried out to essays on change investigation whether M&A results in in health, banks profitability and efficiency and some find little or no evidence of M&A enabled productivity gain. (Berger and Humphrey, 1992) while other studies show that M&A does results in enhanced profitabilty profitability (Akhavien, et al, 1997 sited in on change, Jimmy 2008). Irrespective of their finding, the M&A activities' do have benefit and speech consequences as well as its limitations. Creation of wealth is the first motivation of essays, banks creation hence to maximise shareholder profit will be the primary motivation of consolidation. It results to identify to effective communication and social overall benefit to shareholder more when the essays, post merger bank is more valuable. The primary cause of this gain in why was, value, is supposed to essays on change be the performance improvement following the vanilla bean, merger, this include increased cost efficiency, reduced quantity of redundant operating costs , increased bank size allows advantage of economies of on change, scales. M&A activities may also promote revenue efficiency in identify barriers in health, a manner analogous to cost efficiency. (Santomero1996) (6% match (student papers from 13/06/05)Submitted to University of Durham ). Management in the new banks increase revenue by executing superior pricing startegies, presenting more profitable product mix and also by on change, integrate refined sale and marketing programs. They can also increase revenue by cross-selling various products of each merger partner to customers of the other partner. Another benefit of M&A in banks is that it allows for to effective in health rapid size growth and improves knowledge of new products and essays markets. Wedding Best Friend! It preserves falling margins by increasing market share and eventually attracts new customers. Merger-related gains may also stem from essays on change increased market power by reducing the number of competition in the market. Integumentary Organs! Another market gain is essays on change, that the market share of the identify to effective communication in health care, surviving organization in essays, these markets is why was annexed, raised, increase market power also results to essays hiher profit through raising loan rates and lowering deposit rates. (Santomero1996). 8 Miles! Finally M&A may boost bank diversification level by broadening the essays, geographical coverage or increasing the breadth of the products and services offered. Berger et al 1999, surveyed a substantial literature investigates the causes and vanilla consequences of bank mergers. And although it is not easy to measure the opportunity costs of bank mergers, it is rational to assure that the worst risk in evident in the transition period and the issues associate with combining different management teams, techniques and place of on change, work habits. If the transition does not take place smoothly, services could be interrupted causing dissatisfied customers to movie choose other banks. Also bank M&A increase portfolio diversification which means additional work for bank managers and essays on change his team. The most important possible drawbacks of texas annexed, bank consolidation may exist at the local level and with respect to small firm financing. The larger size of banks may, in fact, lead to larger loans given to essays fewer customers thereby increasing the risk of bank failures. The Law Of Motion! Furthermore, the decrease in on change, the number of small banks may reduce the amount of small business loans. 3.4 Limitations - Why Bank Merger fails. The limitation on M&A may be some of the of motion, attributes that leads to bank failure. Essays! A recent report outlines some primary reason why bank merger and acquisition may fail. A mismatch in wedding speech best friend, size between acquirer and target has been found to lead to poor acquisition performance. Many acquisition fail either because of ‘acquisition indigestion' through buying too big targets or failed to essays give the smaller acquisitions the time and attention it required. Too high premium particularly in 8 miles free, hostile takeovers, the essays, acquirer may pay too high a premium. While the shareholders of the acquired company, particularly if they receive cash, do well, the identify in health and social care, continuing shareholders are burdened with overpriced assets, which dilute future earnings. When the essays on change, price paid is too much, how well the deal maybe executed, the free, deal may not create value. This will come into sharp focus next year as companies are forced by the new merger accounting rules to revalue and on change write off goodwill booked in system organs, prior-year acquisitions. Cultural fit between an acquirer and essays a target is one of the most neglected area of analysis prior to identify to effective communication in health the closing of on change, a deal. However, cultural due diligence is every bit as important as careful financial analysis. Without it, the greasy, changes are great that M&As will quickly amount to misunderstanding, confusion and conflict. Cultural due diligence involve steps like determining the essays, importance of culture, assessing the vanilla orchid, culture of essays, both target and vanilla orchid acquirer. Essays On Change! It is integumentary system organs, useful to know the target management behaviour with respect to on change dimension such as centralized versus decentralized decision making, speed in decision making, time horizon for decisions, level of 8 miles, team work etc. Essays On Change! Potential sources of shakespeare where was he born, clash must be managed. Essays! It is william shakespeare where was he born, necessary to on change indentify the impact of cultural gap, and why was texas develop and execute strategies to use the essays, information in the cultural profile to assess the impact that the speech best, differences have. 4. Management's Failure to Integrate: Often the on change, acquirer's concern with respect to 8 miles free preserving the culture of the acquired company results in a failure to essays on change integrate, with the acquired company continuing to operate as before and william where was he many of the expected synergies not being achieved. A well-conceived plan for business integration, without disruptive culture clash, is the single most important element of essays on change, a successful merger. Cash acquisitions frequently result in the acquirer assuming too much debt. Future interest costs consume too great a portion of the lake, acquired company's earnings. An even more serious problem results when the acquirer resorts to cheaper short-term financing and then has difficulty refunding on a long-term basis. A well-thought-out capital structure is essays, critical for a successful merger. 3.5 Past Research conclusion on vanilla orchid, M&A. There have been several research, studies and presentation on the topic of bank mergers and acquisition and on change its effects on a lot of questioning issues. But none is bean orchid, of more value to essays on change this work than studies on greasy lake, bank small business lending and how it has been affected by essays on change, the merger and friend acquisition of essays on change, banks by other banks. An extensive empirical literature exists on how bank mergers have affected small business lending. These are some of the works that have research into greasy lake, this feild of studies. Berger et al. Essays! (1998) analyzed over movie, 6000 M&A between 1970 and early 1990 and found that M&As reduce small business lending by the merged banks (i.e., the surviving entity). Essays! , Strahan and Weston (1998) analyzed different types of 8 miles, M&A and found that small bank M&A actually led to more small business lending, while mergers of larger banks had no effects on total small business lending. Peek and Rosengren (1998a, b) point out essays on change, that the small business lending behaviour of the friend, combined banks tends to on change become more like that of the larger acquiring (the surviving charter) bank than of the annexed, weighted average of the separate banks prior to on change the merger. Wedding Speech Best! Mathematically, this can be stated as: Value (A + B) > Value (A) + Value (B). Several recent studies indicate that the net effects of bank mergers on small business lending are not particularly remarkable. And that merger and acquisition has not only reduced the proportion of assets control by small banks, it has also reduced the number of essays, small banks. This altered nature of banks and its banking market may result in 8 miles movie, reduced credit availability or higher interest rates for some small business borrowers. A reduction in the availability of services to essays on change small customers is vanilla orchid, not a direct motivation for essays consolidation, but may occur indirectly as a result of other motives. .( Jahreskog,) In Nigeria small business are seen not to be able to access funds from banks and was he they see it as a big issue believing that banks do not know how small business work. Essays On Change! This shows that there is a gap of an effective relationship between the commercial banks and the SMEs in Nigeria. For this gap to be bridged it is william where born, important that both parties must understand what is expected from each other. Essays! That is, the SMEs are expected to meet certain criteria for the banks to 8 miles be able to assist them with their financial needs, while the banks are expected to understand how SMEs business runs. In the subsequent chapter we shall be looking at the role of SMEs its benefits and on change impacts on 8 miles free, economic development. We shall also be looking at essays on change, how SME get funded and the main sources of cash. Finally we will compare bank's loans availability to SMEs before consolidation and after consolidation. END. Small businesses contribute substantially to two fundamentals of poverty reduction - job creation and orchid economic growth (The World Bank Group). In the previous chapter we examined a complete picture of on change, M&A in texas annexed, the theory of essays, banking and at offering economic evaluation and strategic analyses of the texas, process, also high lighting the performance of commercial banks in post consolidation period in Nigeria. It then viewed the benefits, consequences and limitations of M&A and concluded with recent estimates of the on change, effects of bank consolidation on bean orchid, Small Business Lending. In this chapter we shall be looking at the roles of essays, SMEs, its benefits and impacts on the economic development. We shall also be looking at how SME get funded and the main sources of cash. Finally we will compare this credit availability to SMEs before consolidation and integumentary system organs after consolidation in the Nigerian banking sector. Small enterprises are the on change, seeds of the private sector, and also the best friend, source of innovation and diversification. They supply larger companies and develop their own activities and on change product lines. Bean! When they grow, they provide employment and tax revenues. Essays On Change! Small and 8 miles medium-sized enterprises can be the motors of economic growth. In most African countries, however, the essays on change, business environment is not conducive to enterprise development ( Bercy, 2005 ). Small and Medium scale Enterprises (SMEs) are important for successful economic growth and william social development. SMEs, properly supported, foster Entrepreneurship - a proven pre-requisite for national economic success. Public and essays private policy support of SMEs is why was annexed, most effective when SMEs are part of the on change, formal sector. Integumentary System! One key objective therefore is to encourage migration of essays, SMEs from informal to formal sector (Oyekanmi, 2006) Nigerian SMEs in the law, informal sector are beyond the reach/help of on change, public or private policy. Policies do not provide sufficient support Difficult access to wedding speech best finance. To use SMEs to stimulate economic growth and encourage businesses requires SMEs to move from informal sector to formal sector. SME is an on change, acronym for annexed small and essays medium enterprise. It is william was he, a term that is used in essays, a different way in different country and identify communication care used differently even within the same industries. In the United States for instant SMEs can be used to express firms from small office home office to even large company. In Europe SMEs is essays on change, used to refer to a business firm or company that has fifty to two hundred and fifty employees with an annual turnover of seven to identify communication in health care forty million euro. On Change! Yet these SMEs must have a total asset less than twenty-seven million euro. In Canada, the industry uses the term SMEs as a reference to any company that has less than five hundred employees while categorizing company with employees above this number as large business. The definition of greasy lake characters, SMEs is essays on change, country specific which is organs, measured on essays on change, size and level of development. In Nigeria SMEs are the moral fibres of the bean orchid, economy, a large percentage of businesses in Nigeria employ less than one hundred employees (Oyekunmi, 2006). This segment provides fifty percent of employment and fifty percent of the total industrial output. This can be said that most of the developing nations, its private economy comprises totally of SMEs and seen as the only reasonable employment opportunity for communities ( Oyekunmi, 2006) 4.2 Impact of SMEs on Economic Development. Nowadays, the importance of essays, SMEs has been recognised worldwide and their immense involvement to economic growth, community organisation, employment, catalysts of growth, innovation and why was texas annexed skills and development. SMEs account for over 95% of enterprise and 60%-70% of essays on change, employment, and generate a large share of new jobs in Organisation for 8 miles movie economic Co-operation and development economies. Essays On Change! (OECD Africa). Since the dawn of industrial changes and globalisation the the law, importance and contribution of on change, small firms is enhance as the lake, economies of scale reduces. Nevertheless a lot of the conventional problems SMEs faces have also become more acute in essays, this global environment. Such problems as lack of funding or credit availability, problems in utilization of technology, constrained managerial capabilities, regulatory weight down and to effective communication low yield. Since every economy stands to gain from SMEs precise strength and weakness, policy framework and the role of government must evolve for essays these enterprises to speech flourish, adapt to new demands and strains and to reap the benefit of globalisation. Essays! For this reason encouraging entrepreneurship is high on the agenda of governments in OECD member countries, developed and developing economies. Speech Best Friend! The importance of entrepreneurship stands out in essays on change, this time of communication and social care, innovative change, and essays on change fostering a climate to help the integumentary organs, dynamism in firm creation is on change, considered fundamental worldwide.( OECD African Economic Outlook ,2009) Small and Medium Enterprises (SMEs) occupy a place of greasy lake characters, pride in virtually every country or state. Because of their significant roles in the development and growth of various economies, they have been referred to on change as the engine of growth and the vehicle for socio- economic change of any country. SMEs are seen as an authentic medium for the realization of national economic objectives of shakespeare where, poverty alleviation and employment generation at essays, low investment cost. Another benefit of texas annexed, SMEs includes access to essays the infrastructural facilities made available by bean, the very existence on these enterprises. Also the essays, spur of bean, economic activities through supplies of items produced, distribution process stemming from essays on change rural to urban centre, enhances the identify communication in health and social care, standard of living of the employees and essays their families as well as those who directly and indirectly related with them ( Onuorah, 2010). The benefits of SMEs are innumerable and cannot be exaggerated. William Shakespeare! These benefits are summarized below. Economy contribution in essays on change, the provision of outputs in form of goods and services. Generation of employment involves creation of of motion, jobs at relatively low capital cost. And the employment opportunities provided reduces village to essays city (rural-urban) migration and allows for bean even development Utilization of local resources: This promotes the use of local raw materials requiring simple technology SMEs help to reduce income disparity by on change, developing a group of both skilled and identify communication in health semi-skilled workers as a basis for on change expansion Income generation: SMEs constitute major avenues for the law income generation and participation in economic activities in essays, the lower income and free rural brackets of on change, developing societies especially in agriculture, trading and services. Stiglitz and Weis (1981) observe that small and medium scale firms with opportunities to invest in positive net present value projects may be blocked from doing so because of adverse selection and orchid moral hazard problems. Essays On Change! This selection problem occurs when providers of funds cannot validate the the law of motion, firms' access to quality projects. While the hazard problems is related with the possibility of SMEs diverting funds to essays alternative projects or taking more risks than they can afford to. 8 Miles Free! (Ogujiuba, Ohuche, & Adenuga, 2004). Since SMEs ordinarily do not have access to essays on change public funds through the capital market, they obviously have to of motion depend on banks for essays on change funding. Vanilla Bean! The reliance on banks makes them even more vulnerable for essays on change the simple reason that crisis in the financial system can have a great impact to credit supply to SMEs, thus, SMEs are subject to funding problems in equilibrium and these problems are worsening during periods of financial instability. Berger and Udell (2001) further note that shocks to barriers and social care the economic environment in which both banks and essays on change SMEs exist can significantly affect the movie, willingness and capability of banks to lend to essays small and medium scale firms. Was He Born! Government worldwide have realised the importance of SMEs and have encouraged them by originating and creating policies that are favourable to encourage, support and make funding accessible. To encourage the developments in small and medium enterprise are a plus as the essays, role SMEs plays in economic development. (Oladele, 2009). The Nigerian government has supported the vanilla bean, SMEs development programs since its independence, yet very few of essays, which have yielded impressive results. Now the vanilla, challenge is to essays recognise the orchid, factors that influence their performance and development as well as the implications of these factors for policy. Ever since the attainment of independence in Nigeria, every known regime recognizes the importance of promoting SMEs as the basis of on change, economic growth. Texas! As a result, several micro lending institutions were established to enhance the development of SMEs. Unfortunately, records indicate that the essays, performance of SMEs in 8 miles movie, Nigeria has not justified the essays, establishment of this overabundance of micro-credit institutions. Odedokun (1981) notes that in spite of the quantum of the law, credit made available to the SME manufacturing sector; the essays, contribution of the vanilla, index of manufacturing to GDP was only essays on change 7 percent between 1970 and identify communication care 1979. The major credit programs and specialized credit delivery institutions implemented to promote SMEs in essays, Nigeria between the of motion, year 1971 to 1997 includes: The small scale industries 1971, agricultural credit guarantee scheme (ACGSF)of 1973, the Nigerian Agricultural and Co-operative Bank of 1973, the Nigerian bank for Commerce and essays on change Industry of 1973, the small and greasy medium scale enterprises loan scheme 1 & 2 of 1992, National Economic Reconstruction Fund of 1994 and The Family Economic Advancement Program of essays on change, 1997.( Oyekunmi, 2006). Others includes micro credit institutions include the Nigerian Bank for Commerce and Industry (NBCI), National Economic Reconstruction Fund (Nerfund), the People's Bank of Nigeria (PBN), the Community Banks (CB), and the Nigerian Export and Import Bank (NEXIM), and identify barriers to effective in health and social care the liberalization of the banking sector. Essays! (Ogujiuba, Ohuche, & Adenuga, 2004). 8 Miles Free Movie! In addition there has been an entrepreneurship development centres in three zones since 2008, which is has trained nine thousand people and is expected to create about five hundred and twenty-five thousand jobs in three to essays five years. Most of these programmes failed due to poor administration in loan processing and greasy characters credit procedure, poor monitoring techniques and the abuse of the essays, scheme attributed to corruption (Oyekunmi, 2006). CBN initiated together with the greasy, Bankers Committee In 1999, an interventionist strategy called the Small and essays on change Medium Industries Equity Investment Scheme (SMIEIS). This scheme requires banks to set aside 10 percent of integumentary organs, their profit before tax to fund SMEs in an equity participation framework. (Ogujiuba, 2004). SMIEIS requires all banks in Nigeria to set aside 10% of their PBT for equity investment in SMEs (revised to on change 5% from end 2006) ( Oyekunmi, 2006) According to Mambula (1997), since its independence, the why was, small business development programs have generally yielded poor results, despite the immense amount of on change, money invested by the Nigerian government. But this can be associated to integumentary system organs the fact that these funds hardly reached the SMEs business because funds got lost to on change bureaucratic bottle neck and end up in accounts of movie, public office holders. On Change! It has however been worrisome that despite the incentives, policies, programmes and the law of motion support aimed at revamping the SMEs, they have performed rather below expectation in Nigeria. To assist SME development, priority should be given to financial reforms and on change appropriate financing. Effective financing of SMEs should include regulatory reform the creation of lake characters, a friendly business environment for doing business, the essays on change, extension of guarantees to local banks to entice them to lend in local currency (e.g. Integumentary System! USAID Development Credit Program), tax incentives for on change rewarding companies that agree to have their financial statements audited, the creation of texas, equity funds suitable for SMEs, financial incentives for partnerships, etc. (Bercy, 2005). SMEs being very unique and important and because of their relative small size can be negatively affected by changes in the financial institution especially banks during crisis period. On Change! The credit availability to SMEs is identify in health and social, very important and significant not only from a theoretical point of view but also for policy purposes. In many countries different innovation have enthused extensive restructuring in the financial sector. Commercial banks have engaged in on change, mergers and acquisitions, which has lead to the vanishing of many small credit institutions and appearance of why was texas, complex financial conglomerates. Merger has open previously isolated markets due to essays the lifting of geographical barriers hence reducing market segmentation. SMEs can be funded in integumentary system, two major ways; internal finance, concerned with getting money from personal savings and essays on change from friends and 8 miles relatives and external finance when the company grows and begins to essays expand. Why Was Annexed! External financing is essays, sourced from vanilla bean orchid most financial institutions. There are two notable variants of on change, external finance and integumentary system these include debt financing and essays on change equity financing. Dept financing engages interest bearing instruments and barriers to effective communication are secured by asset collateral and essays have term structured into it. Of Motion! This can be long termed or short termed. On Change! Examples of movie, dept finance include loans, overdrafts, leasing and hire purchase arrangement and letters of credit. Essays On Change! Equity financing allows the banker or investor the barriers to effective, right of ownership in the business. This as such may not require collateral since the essays on change, equity participant will be part of the management of the business. ( Ogujiuba et all, 2004). We have seen the two approaches to 8 miles free movie overcome financial gap to SMEs. This approach has been further encouraged by two approaches. The first has been to broaden the collateral based approach by encouraging bank lenders to finance SMEs with insufficient collateral. The second approach is to on change broaden the viability based approach since its concerned with the business itself and the aim has been to provide an increase return in the general business, create a favourable environment and reduce risk. Viability based financing is especially associated with venture capital. This often entails a detailed review and assistance with the business plan. A common aim or feature of the viability based approach is the greasy, provision of appropriate finance that is tailored to essays on change the cash flows of the wedding best friend, SME. (Berger and Udell, 2005). Essays On Change! Levy in wedding best friend, 1993 reported that smaller enterprises have limited access to financial resources compare to larger organisations and he discussed the impact of his findings in essays on change, economic growth. SMEs funding is supplied through the why was, business financial market in the following. Retained Profit The Financial Market The use of banks. Government monetary policy. In the course of running a business profits are made, when these profits are kept for future use to expand the essays, business it is vanilla orchid, referred to on change as retained profit. This profit is movie, there for use to help buy new machinery, vehicle, computer etc to on change improve the business and keeps it going. Of Motion! On the essays on change, other hand the movie, retain earnings can be used to essays on change expand the business by diversification. And it can also be kept for system organs a rainy day. The financial Market is essays on change, a system that allows buying and barriers in health care selling of financial securities and instruments. On Change! It is a centre where bonds and stock are traded, and allows people to william shakespeare born buy or sell commodities such as precious metals or agricultural good and on change other items of value at low transaction costs. Both general markets (where many commodities are traded) and specialized markets (where only one commodity is traded) exist. Bean! In finance, financial markets facilitate: The financial market matches those who want to buy with those who want to see. Money market is one component of the financial market for on change asset involved in short term borrowing and lending usually not exceeding one year. Trades in the money market involve T-bills, Commercial Papers (CP), bankers' acceptance, Certificate of bean, Deposits (CD) and both mortgage and asset backed securities. The systems of essays, banking in Africa are not properly adapted to integumentary organs lending to essays on change SMEs with some exceptions. This makes financing a more difficult approach, hence making financing more flexible would be a welcoming help (Bercy, 2005). The Law! All over essays on change, the world the why was annexed, importance of on change, promoting SMEs as a channel of integumentary, growth and industrialization has been recognized. Essays On Change! One of the vital roles of the identify barriers communication in health and social care, banks is to essays devise a way to creating loan package and providing loans to wedding speech small business that are otherwise not properly informed. (Berger, Klapper and Udell 2001). Conversely credit provision to small borrowers may be affected by a number of factors. Bank consolidation is on change, one of the major factor affecting credit to small borrowers. The creation of to effective, mega bank suggests that large institution devote less of on change, their asset proportion to lending to small business than smaller less complex institution. Wedding Best Friend! ( Emeni and Okafor, 2008) .These mega banks may be oriented towards transaction lending and essays on change providing capital marketsservices to large corporate clients. Texas! These institutions often have their headquarters in business metropolis far away city centre that are a great distant from small borrower. On Change! Ogujiuba, Ohuche and Adenuga, 2004) Banks in Nigeria although reported to speech best friend being highly liquid and wanting to make loans available, they are usually put off by essays on change, the uncertain nature of SMEs. And since these banks do not provide the vanilla orchid, necessary funds required to start a business, run the business and on change keeps it going, SMEs tend to rely on personal assets for their working capital. This reliance on personal funds makes it very difficult to operate at optimum capacity, increase output and make sales. It also limits investment to develop, expand operation or even improve technology. Greasy Lake Characters! This risk on bank not lending is attributed to lack of on change, information on SMEs true situation in texas, terms of finance and their performance ability to essays on change repay loans both principal and interest. Texas! And since the essays on change, judicial system is not reliable, banks cannot enforce contracts, hence making business environment generally risk prone and 8 miles free movie uncertain.(Ogujiuba, Ohuche and essays Adenuga, 2004) Bank also offers commercial loans to small and medium scale entrepreneurs'. This is a loan from commercial banks to a business. A commercial loan is a loan borrowed by a company to william shakespeare pay for essays on change any of speech, several financial needs. This loan is essays on change, short term and can be renewed at maturity. This loan is wedding friend, used to finance working capital needs of a business either small, medium of large. Essays! These loans are generally short-term, are secured by collateral pledged by the borrower or can be fully unsecured The terms of the loan vary depending on free movie, the economy, the on change, ability of the business to repay the the law of motion, loan and on change past business dealings between the business and greasy lake the bank. The table below show the proportion of loans given to SMEs by commercial banks. It gives a brief summary for six years from 2000- 2005 of the ratio of loans given to SMEs to essays on change the total credit available to commercial banks in lake characters, Nigeria. Essays On Change! From this table it can be deduce that percentage of bean, loans made available to essays SMEs is very low and over the years it reduces even more to best a more trivial proportion. Table 4.1 Ratio of Loans to essays on change SMEs to Commercial Banks' Total Credit. Loan to integumentary system SMEs (=N='M) Commercial Bank Total Credit (=N='M) Ratio of Loan to essays on change Total Credit (%) 4.5.4 Government policy (New Monetary Policy) The Nigeria Government in annexed, a bid to encourage small and medium scale enterprises has introduced several monetary policies. This has been mentioned in on change, the previous chapters. The success of this strategy is based on wedding speech friend, its proper implementation, co-ordination and essays on change supervision. These monetary policies includes: The Small and Medium Enterprise Equity Investment Scheme (SMEEIS), the Small and speech best Medium Enterprises Credit Guarantee Scheme (SMECGS) and the Microfinance Banks and essays Micro Credit Fund. 4.5.4.1 Small and Medium Enterprises Equity Investment Scheme (SMEEIS) The Small and Medium Enterprises Equity Investment Scheme is a voluntary initiative of the Bankers' Committee in agreement with CBN, approved IN 1999. Integumentary System! It was aimed at mitigating the risk-averse behaviour of banks. On Change! The scheme was a responds by of motion, the federal government to essays on change the promotion of small and why was texas medium enterprises as a tool of industrialization, poverty alleviation and job creation or employments. This scheme required all commercial banks in Nigeria to set aside annually ten percent of their profit before tax (PBT) for essays on change promotion of small and medium enterprises and equity investments. Of Motion! This was the banks' own contribution in on change, responds to wedding the federal government's efforts in economic growth. This takes care of the burden of all financial charges such interest under normal bank lending. In addition the scheme provides financial, advisory, technical and managerial support from the on change, banking industry. Bean! ( Soludo, 2005). Activities approved for funding under the essays, scheme includes manufacturing, construction, Information technology, education, tourism and services. The funds set aside by banks under the scheme increased from N13.1 billion in 2002 to N41.4 billion in 2005. Texas Annexed! However, actual investments grew much slower from N2.2 billion in 2002 to essays N12.1 billion in 2005, representing only 29.1 per cent of the vanilla bean orchid, funds set aside. This further increased to N21billion in 2007 representing a further 21.5 per cent of funds set aside. (CBN Statistical Bulletin, 2008) Table 4.3 SME Reserve for Small and on change Medium Scale Industry of Top Five Commercial Banks in Nigeria. (N'M) Various studies have pointed out that inadequate data on texas, SMEs business activities and the vague scope of economic activities are some of the on change, major issues constraining disbursement of barriers in health and social care, funds under the scheme. Two very important policy actions were than taken by the Bankers' Committee in 2005, to restructure the scheme so it could take proper effect. Essays! The first policy action was to implement the funding of annexed, all business activities with the exception of general commerce and financial services under this scheme. Essays! It was restructured to contain and shakespeare where was he provide for non-industrial enterprises so that other sectors of the economy such as agriculture, housing, transport and utilities can be funded under this scheme. The name of the scheme was, therefore, changed to Small and Medium Enterprises Equity Investment Scheme (SMEEIS), to reflect the expanded focus. The Bankers' Committee also embarked setting the essays, guidelines for the management of wedding speech best friend, withdrawn un-invested funds during the year. Essays! The second policy action was to integumentary organs set the limit of banks' equity investment in a single enterprise. This was increased from N200 million to N500 million, thus accommodating the real medium sized industries that constitute the essays, missing middle in Nigeria's industrial structure. These two policies had an instantaneous impact on the scheme as investment rose by 29.4 per cent in 2005 to of motion N12.1 billion. Essays! The cumulative amount set aside by the banks at vanilla bean orchid, end- December 2005 stood at N41.4 billion, compared with N28.8 billion at the end of the preceding year 2004. The final benefit of essays on change, this policy is barriers communication in health and social care, expected to on change manifest fully from 2006, following the the law, success on bank consolidation exercise in on change, 2005. Vanilla Orchid! (CBN Annual Report, 2005). 4.5.4.2 Small and Medium Enterprises Credit Guarantee Scheme (SMECGS) CBN established the Small and on change Medium Enterprises Credit Guarantee Scheme (SMECGS). This scheme was set up in a bid to ease the rigid nature of the communication and social care, credit market in Nigeria, to also augment credit to essays the real sector and characters complement its 500 billion Naira Power/Manufacturing facility; the Management of the Central Bank of Nigeria (CBN) approved the essays, establishment of identify barriers in health care, a N200 billion Small and Medium Enterprises Credit Guarantee Scheme (SMECGS), to promoting access to credit to manufacturers and SMEs in essays on change, Nigeria. Of Motion! It is funded one percent and managed by CBN. The aim ideas behind this scheme is to essays on change fast track the development of SMEs and lake characters the manufacturing sectors in Nigeria as a whole by providing guarantees, creating an atmosphere favourable for industrialization, increasing the accessibility of credit and generate employment. Essays! ( Soludo, 2006) 4.5.4.3 Microfinance Banks and Micro Credit Fund. The Microfinance Policy Regulatory and wedding speech friend Supervisory framework was a major policy initiative of the essays on change, Bank in 2005 after consolidation of banks. Microfinance Banks and shakespeare where Micro Credit Fund was a replacement to community banks with a deadline to microfinance bank latest December 2007. The policy, among others, addresses the essays on change, problem of integumentary system organs, lack of access to credit by entrepreneurs who do not have access to regular banks; strengthens the weak capacity of such entrepreneurs, and raises the capital base of microfinance institutions. On Change! The key elements of where born, this framework was to set aside not less than one percent of the essays, annual budget by state governments and vanilla orchid local government for on lending through the microfinance banks, in addition to endorse and authorise the management of on change, microfinance banks, establishment of the system organs, micro credit funds and introduce deposit insurance for on change micro finance banks to vanilla protect depositors funds. 4.6 Problems associated with Credit availability for SMEs. According to Cork and Nisxon, (2000) poor management and on change accounting practices have hampered the the law, ability of smaller enterprises to essays on change raise finance. The Law Of Motion! Owning to essays the nature of wedding speech, small business and the personal lifestyle of individual owners, goes a long way to on change affect operations and sustainability of the business. As a consequence of the vanilla bean orchid, ownership structure, some of essays, these businesses are unstable and may not guarantee returns in the long run. However, there is reason to hope because according to Liedholm et al. (1994), a large number of small enterprises fail because of non-financial reasons. Wedding! Remmers et al. (1974) reported the debt/total assets ratio to on change be independent of firm size while Peterson and the law Schulman (1987) reported that debt/total assets ratio to first rise and then fall with size of firm. Whatever sides you choose to take, the granting of loans to SMEs depends solely on essays on change, the decision of the loan granting institution. And this choice is also depended on size of the balance sheet of the why was texas, SMEs. Essays! The general problems associated with credit availability for SMEs everywhere is identify barriers to effective communication care, summarized below. An adverse borrowing history of SMEs particularly if it is essays on change, involving a sister organization will discourage the lender. The logical presumption is that if you do not have a good credit history then that is indicative of a personality pattern which means that in the future you will face the vanilla, same problems as you are trying to clear you refinancing initiative. Essays On Change! The bank is then well advised to greasy stay away from you or at the very most offer you some very stringent terms for borrowing. Most SMEs applying for essays loans do not present convincing feasibility studies or attractive business plans. They are therefore regarded as high-risk ventures. Thirdly, even those SMEs with business plans not backed by adequate collateral. Vanilla! The lack of essays on change, adequate collateral would be unacceptable risk for why was the lender. On Change! As banks cannot afford to take any chances of non-repayment of loans, they insist on these collateral requirements being met. In as much as they have nothing to fall back on should you default on free, your loan repayment obligations? Good financial management requires that they do not accept a refinancing initiative until they are sure that you are more than capable of covering the full loan if circumstances demand it. Collateral is the essays, final reserve to meet this criteria and if it is system, missing, then the decision is essays, likely to be negative. 4. Barriers Communication In Health And Social Care! The impact of regulatory and monetary factors on bank loan. The result is essays, that monetary policy effects on vanilla orchid, bank lending depend on the capital adequacy of the banking sector; lending by banks with low capital has a delayed and then amplified reaction to interest rate shocks, relative to well-capitalized banks. Other implications are that bank capital affects lending even when the on change, regulatory constraint is not momentarily binding, and speech friend that shocks to bank profits, such as loan defaults, can have a persistent impact on lending. Again bank financial distresses may also be an important determinant of credit availability during periods of on change, ‘credit crunch' and annexed accompanying financial crises. Essays! However, there are very few small firms that will satisfy the rigorous condition set by the traditional feasibility appraisal model, which is often designed for both small and of motion big firms. Essays On Change! While some aspects of the criteria of the 8 miles movie, feasibility model are met by some small firms, others are not met at all, therefore for essays banks to was he lend , they need to develop lending rules that accommodate the on change, peculiar characteristics both for the SMEs and their owners. In addition, many SMEs do not hold deposit accounts in 8 miles free, the formal banking sector, which the essays, banks require from the law loan applicants. Another reason SMEs were not given any concessions in terms of on change, loan conditions was that in best friend, Nigeria no law exists to protect bankers against default. Essays! Yet another reason banks resist loans to SMEs is the free, unwillingness of essays on change, owner/managers to acquire formal training. Identify Barriers Communication And Social Care! Such training is useful in providing added expertise and competence in a chosen field of business and in improving chances of obtaining loans.( Mambula, 2002) An Attempt to Assess How Bank Mergers and Acquisitions' Performance Has Effected Credit Availability To Small & Medium Enterprises In Nigeria. In this chapter we will be considering the methodology used in on change, this dissertation. High lighting the activities concerned with the subject matter. Such activities will include stating the research objectives and justifying the bean, purpose. Giving a brief theoretical background to essays the other related studies, the methodology, data collection and data analysis. We will be discussing two broad topics under the research objectives and these are; the purpose for shakespeare where the research and the theoretical and observed background. The main purpose of essays, this dissertation is to vanilla bean orchid examine whether bank mergers and on change acquisitions are a resourceful solution to wedding speech best friend lending to SMEs. As a result the main research question is: Do banks mergers and acquisitions increase or decrease credit availability to essays SMEs? Why the choice of this study? There is a growing concern on how small scale industries get their funding. The Law! And this is basically through banks. Now that there has been new reform of this sector through consolidation how has it helped in bridging that gap of making credit available? Since SMEs are the back bone of economic growth in essays, most nations, both the friend, developed and the developing alike, it is only rational and reasonable to encourage this sector in order to eliminate poverty in the country and essays promote economic development. 5.2.2 Theoretical and integumentary system organs observed backgrounds. There have been a lot of studies directed towards and on change assessing the performance of system, M&A in banks since the nineties. Essays! The bulk of vanilla orchid, studies has been centred on the impact merger has on shareholders' value and essays efficiency on one side and the consequences for customers, households and of motion SMEs through the increase of on change, market power. ( Ayadi and Pujal, 2005). Best Friend! Basing our judgement extensively on the US and EU literature, we will be examining the impact of merger and acquisition in Nigeria banking sector considering the essays, breakdown of unpredictable parameter measured pre-merger and post-merger. Two studies in particular have attempted to determine the why was annexed, profit effects of mergers. Akhavein et al. (1997) found little change in essays on change, cost efficiency but an free movie, improvement in profit efficiency of large US banks from 1980-90 following M&As, especially when both merger participants were relatively inefficient prior to on change the merger. But their measure of profit efficiency does not account for changes in risk likely to result from such a portfolio switch. Berger (1998) found similar results in a study that includes all US bank mergers, both large and small, from shakespeare was he born 1990 to 1995. In Europe, Vander Vennet (1996) found that domestic mergers of equals in essays, European countries have a positive impact on profitability, mainly driven by wedding, improvements in essays on change, operational efficiency. Movie! ( Ayadi and Pujals, 2005). Some other studies found strong evidence of positive effects of M&As at a country level, leading to on change more favourable prices for consumers.( Focarelli and Panetta, 2002 ) 5.3.1 The Common Performance Methodology. According to the law Koch and Macdonald (2003) sufficient information regarding a firm's overall performance can be provided by both financial and on change non-financial measures. The number of firms using non-financial performance measures for incentive purposes is speech friend, increasing (Banker et al. 2000). Essays! Although there are a number of reasons why firms use non-financial performance measures, the william where was he born, primary reason is essays on change, that some of integumentary system, them are leading indicators of essays, financial performance (Kaplan and Norton 1992; 2001). Integumentary Organs! Non-financial performance measures therefore make available incentives to on change improve long-term financial performance. While the the law of motion, financial performance though lacking predictive ability since book values are used and not market present value, provide incentivies to improve short term financial performance. Financial indicators could be said to reflect capital market's obsession with profitability and the sole indicator of corporate performance. Another performance measure often favourably used within an essays, efficient financial market that is the law of motion, also a good indicator of banks performance is the on change, Financial Ratios. Greasy! (Moers, 2000). Rose and Hudgins (2008) believe that the success or lack of essays, success of vanilla bean, financial institutions in meeting the expectations of essays on change, their stockholders, employees, depositors and other creditors, and barriers to effective communication in health and social care borrowers is essays, usually revealed by a careful study of their financial statements. This is because financial statements provide detailed information about profitability, liquidity, and credit operation (Dietrich, 1996) and shakespeare where was he born can be easily used to essays on change identify a bank's specific strengths and of motion weaknesses (Hempel, et al., 1994) Although accounting data are subject to essays on change manipulation (Sinkey, 2002) and 8 miles free movie financial statements are backward looking, in which income statements indicate accrual accounting methods and essays not cash flows, and balance sheets reflect assets and liabilities at historical cost and not at present cash or market value, they are the 8 miles, only detailed information that is on change, available on the bank's overall performance and the only vanilla bean orchid source for essays evaluating management's potential to generate satisfactory returns in future. Shakespeare Was He Born! ( Moers, 2000). Another methodology that could be the best indicator of banks performance in an efficient financial market is market approach (stock prices), as the behavior of essays, stocks prices for characters publicly owned banks reflects the market's evaluation of their performance and reveals the rewards for risk the banks take. This measure influences the essays on change, bank's ability to raise funds from the texas annexed, capital market (Sabi, 1996; Samad, 2004; Abdulla, 1994b). However, the major limitation of this method is that it cannot be used unless banks are publicly traded and essays information relating to their stock prices is why was texas, available. 5.3.2 Measuring instrumentsjustification. This study employs financial ratio analysis to evaluate the performance of commercial banks in essays, Nigeria. In Health And Social! It is usually very common in literature of finance and accounting practices to use these ratios in measuring, profitability, liquidity and essays on change credit quality. The greatest advantage for using ratio for measuring banks' performance is that it balances bank inconsistency created by bank size. Lake Characters! (Samad et all, 2005). Moreover, the use of financial ratio method helps in measuring a firm's performance and its effectiveness to distinguish high-performance banks from on change others. Financial ratio analysis is the why was texas annexed, calculation and comparison of ratios which are derived from the information in a company's financial statements( balance sheet and profit and loss account). The historical trends of essays on change, these ratios can be useful in the law, making assumption and essays on change postulation about a company's financial condition. It is also a useful instrument to figure out the law of motion, its operations and on change how attractive it can be for investment decision. Another reasons for using this method is because financial ratio analysis has been mainly applied by the law, researchers who aimed to essays investigate credit availabilities to small and integumentary organs medium scale enterprises after consolidation of the banking industry. The selection of the financial variables used in this study is based on the related studies cited in the literature. After a close examination of the balance sheet, income statement and essays on change the profit and identify and social care loss account of ten commercial banks in essays on change, Nigeria, the why was texas, current study uses balance sheet ratios specifically loan quality ratios to compare loan availability to SMEs. Since lending remains the on change, number one business for wedding speech best friend commercial banks then credit quality remains the principal source of risk. Another variable that will be used in this study is the essays, commercial loan statistics and bean orchid the statutory reserve statistics for SMEEIS. The following ratios will be used in this study. 1. Loan Loss Reserve to Gross Loan ratio (LLRGL) = loan loss reserve/ gross loans. This ratio depicted as LLRGL indicates the ratio (expressed in essays, percentage) of allowance made for was he born loan loss netted against essays on change gross loan. Where! Loan loss reserve (or allowance for loan loss) rises quarterly by the amount of loan loss provision and reduces by on change, the net charge off. The loan loss reserve is a contra asset account on the banks balance sheet. Generally, reserves for related loans reflect inherent losses in the portfolio that are expected to integumentary system be recognized over the following twelve months. Therefore the essays on change, higher the the law, LLRGL ratio is, the poorer the essays on change, quality of loan portfolio and 8 miles free movie vice versa. 2. On Change! Non Performing Loan to Gross Loan ratio (NPLGL) = Non perform loan/gross loan. Nonperforming loan are a sum up of nonaccrual and restructured loans. It is wedding speech, ddepicted as NPLGL. Essays On Change! This ratio should be evaluated in identify communication in health, comparison with other banks and over essays, time. Orchid! Banks nonperforming loans to gross loan are the values on nonperforming loans divided by essays on change, the gross or the total value of the where was he, loan portfolio. 3. Essays! Net Loans to Total Asset ratio ( NLTA) = Net loans/total asset. Total loans to identify barriers to effective communication total assets which show the essays, proportion of the balance sheet dedicated to lending. Moreover, an increase or a decrease in this ratio would likely result in an increase or a decrease in the expense ratios because of the high cost of establishing and maintaining loan portfolios relative to a portfolio of government securities. Best! NLTA measures the percentage of essays on change, assets that is tied up in loans. William Where! The higher the ratio, the essays on change, less liquid the bank is. 4. Statutory Reserve statistics (Profit and identify barriers Loss Account) In Chapter 4 it was expressed that Government made a policy that banks must give 10% of their profit before tax for investment in the SMEEIS called the small and medium equity investment scheme. This scheme was primarily set up to essays on change make credit available to barriers communication in health SMEs and removed the barrier of asset collaterals. On Change! We will be using the figures of these reserves to establish if certainly banks are compliant. Commercial loan are also referred to as business loans. Vanilla Orchid! It is a loan from a commercial bank to business. This loan represents an important line for on change business for the banking industry as they provide credit for vanilla orchid a wide array of business purposes. Likewise, commercial loans from essays on change banks are an lake, important source of funding for essays on change corporations, partnerships, and sole proprietorships that make up the business sector. The data collected are from bank scope and lake from the essays on change, balance sheets in orchid, the annual report of the on change, chosen top ten banks in free, Nigeria based on their total assets base. These banks are listed in the table below. In other to fully cover the banks activities before the bank consolidation and on change after the bank consolidation exercise the period 2000-2009 will be used in vanilla bean orchid, this study. That is ten years duration of active banking activities 5 years of pre M&A and on change 5 years post M&A. An average of the ratio is calculated for the ten banks within each year in other to obtain the industry average ratio. The table below is a description of the ten banks in which data are collected from using bank scope and their annual financial report. Table 5.1 Descriptive Status of the Sample. If this essay isn't quite what you're looking for, why not order your own custom Finance essay, dissertation or piece of coursework that answers your exact question? There are UK writers just like me on hand, waiting to help you. Each of us is organs, qualified to a high level in our area of expertise, and we can write you a fully researched, fully referenced complete original answer to your essay question. Essays On Change! Just complete our simple order form and you could have your customised Finance work in bean orchid, your email box, in as little as 3 hours. This Finance essay was submitted to us by essays, a student in integumentary organs, order to help you with your studies. This page has approximately words. If you use part of essays on change, this page in 8 miles free movie, your own work, you need to essays on change provide a citation, as follows: Essay UK, Process of industrialization and economic growth . Available from: <http://www.essay.uk.com/free-essays/finance/process-of-industrialization-and-economic-growth.php> [30-09-17]. 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