Het houden van toezicht op banken (2009)

De economische principes achter het houden van toezicht

Waarom is het houden van toezicht eigenlijk nodig of nuttig? Wat zit daar voor economische logica achter? Het is daarbij aardig het zeer lezenswaardige boek ‘De grote recessie’ (2009) van het Centraal Planbureau te volgen op dit punt.

Het begint eigenlijk met iemand die een goed idee heeft en dat wil realiseren maar daar het benodigde geld niet voor heeft. Aan de andere kant zijn er vermogende mensen die wel het geld hebben maar niet het idee. De ene partij kan de andere helpen waardoor een win-win situatie ontstaat. Het idee wordt gerealiseerd en als alles goed gaat krijgt de geldschieter een passende vergoeding voor het ter beschikking stellen van zijn vermogen.

Moreel risico

Het probleem bij deze transactie is nu dat de geldschieter niet zonder meer weet of de ondernemer van goede kwaliteit is en zuinig met zijn centen zal omgaan. Er is hier sprake van asymmetrische informatie: de ondernemer weet meer over zijn eigen achtergronden en werkelijke beweegredenen dan de geldschieter. In de economie wordt dit ‘moral hazard’ of moreel risico genoemd. Dit probleem kan worden opgelost door iemand in opdracht van de geldschieter het bedrijf en de ondernemer in de gaten te laten houden.

Meeliftersgedrag

Maar er is nog een probleem. In de praktijk zal het niet gaan over een enkele grote geldschieter maar over meerdere kleinere geldschieters. Nu is de vraag wie van de geldschieters de ondernemer in de gaten gaat houden. Hier speelt het tweede probleem, het probleem dat in de economie bekend staat als het ‘free rider’ probleem oftewel in goed Nederlands het meeliftersprobleem. Elke geldschieter ziet het liefst dat iemand anders de controle op zich gaat nemen zodat hijzelf zijn tijd beter en nuttiger kan besteden. Als dit probleem te groot wordt is het eind van het liedje dat per saldo niemand het bedrijf controleert. Hoe deze patstelling te doorbreken?

Banken als bewaker

En dan komt de rol van banken als toezichthouders of bewakers in opdracht van de vele (grotere en kleinere) geldschieters. De banken lossen het meeliftersgedrag en het morele risico op door als intermediair tussen geldschieters en ondernemers op te treden. Ze verdiepen zich in de ondernemers en hun producten en markten en zien toe op een goed bedrijfsmanagement ook op langere termijn. De bank houdt dus toezicht op het risico en rendement van de haar toevertrouwde gelden door het controleren en bewaken van de ondernemers.

Wie bewaakt de bewaker?

Maar we zijn er nog niet. Ook de bank is geen neutrale partij die gratis dingen vanzelfsprekend goed doet voor een hoger doel. Ook een bank is een onderneming die zelf geld verdient en eigen vermogen aanhoudt (en er dus belang bij heeft dat eigen vermogen veilig te houden en anderen het risico te laten lopen als het mis gaat). De vraag is dan dus weer: wie controleert de bank zodat zij hun taak goed uitvoeren, wie bewaakt de bewakers? Hoe weet ik als kleine spaarder dat de bank zijn taak goed uitvoert (moreel risico) en hoe krijg ik als kleine spaarder voor elkaar dat iemand anders voor mij de eventuele controle uitvoert (meeliftersprobleem)? Hier doet de overheid zijn intrede via het bankentoezicht en de depositoregeling. De overheid neemt op deze manier het risico van de schuldeisers van de bank over.

Ontstaan crisis: toezicht omzeild

De wereldwijde crisis heeft uiteindelijk kunnen ontstaan (is mijn lezing van het boek van het CPB) doordat de banken zulke slimme constructies hebben weten te verzinnen dat hun echte verplichtingen deels buiten de balansen bleven en onzichtbaar werden voor de toezichthouders. Toezichthouders hadden onvoldoende zicht op de werkelijke risico’s.

Daarnaast werden banken zich steeds meer bewust dat ze zo groot en belangrijk waren voor de werking van het hele systeem dat niemand het zich kon permitteren ze failliet te laten gaan. Wat betekent dat in termen van de getrapte opbouw van toezicht zoals hierboven beschreven? Dat de uiteindelijke prikkel en noodzaak om toezicht te houden verdween. Dat er een weeffout in de logica was geslopen die het meeliftersgedrag weer volop kans gaf. Omdat banken niet om mogen vallen en de overheid de laatste toezichthouder in de keten van toezicht is, is het de belastingbetaler die uiteindelijk de prijs van mismanagement betaalt. Uiteindelijk betaalt iedereen de prijs en is dus niemand verantwoordelijk. Hierdoor kan iedereen zijn eigen dingetjes doen en korte termijn belangen laten prevaleren zonder dat het hem iets kost.

De moraal van dit verhaal?

Een paar voorlopige conclusies wat mij betreft:

  • Dat toezicht noodzakelijk is en blijft, nu meer dan ooit
  • Dat de keten wordt bepaald door de laatste of zwakste schakel. De overheid moet daarom als ‘zwakste schakel’ van extra wet- en regelgeving worden voorzien. Het CPB boek gaat hier verder op in.
  • Dat effectief toezicht omzeild kan worden bij toename aan complexiteit en ondoorzichtigheid in combinatie met onvoldoende kennis en inzicht bij de toezichthouders.
  • Er is ook nog sprake van wat men in de economie een ‘agency’ probleem noemt (overigens niet als zodanig apart genoemd in de CPB publicatie). Een bank is niet alleen een bank en een ondernemer is niet alleen een ondernemer. Uiteindelijk zijn het personen met hun eigen belangen die concrete taken uitvoeren. Een bank heeft een directeur en een management team. Die voeren officieel de hun toevertrouwde taken uit maar houden daarnaast ook goed hun eigen belang in de gaten (bonussen, carriereperspectief, hobbies, uitstapjes, status etc). De verschillende belangen lopen niet altijd gelijk op. Ook het in de gaten houden van mogelijk divergerende belangen kost geld, de zogenaamde ‘agency costs’.

    • Welke toezichthouder je ook bent: het begint bij het in kaart brengen van de partijen (stakeholders) en hun belangen. Het gaat niet aan om belangen als zodanig ter discussie te stellen. Een belang is wat het is, en dan kun je het maar beter zonder waardeoordeel boven tafel proberen te krijgen. Een belang is wat iemand aanzet tot zijn gedrag en door het niet te benoemen of door het af te keuren verdwijnt het belang immers niet. Ook het belang van de toezichthouder zelf moet hierin worden meegenomen. Als de belangenmatrix helder is, wordt duidelijk waar de belangrijkste problemen en kansen zitten en kan de discussie pas goed starten.

    5.250 reacties

    10. My brother recommended I would possibly like this blog. He used to
      be totally right. This submit truly made my
      day. You cann’t imagine just how much time I had spent for this info!
      Thank you!

    13. An impressive share! I’ve just forwarded this onto a co-worker who was conducting
      a little research on this. And he in fact bought me lunch simply because I found it for him…
      lol. So allow me to reword this…. Thanks for the meal!!

      But yeah, thanx for spending some time to discuss this matter
      here on your web site.

    14. Yesterday, while I was at work, my cousin stole my apple ipad and tested to see
      if it can survive a 25 foot drop, just so she can be a youtube sensation. My iPad is now broken and she has 83 views.
      I know this is completely off topic but I had to share it with someone!

    15. Hi, I do believe your website might be having browser compatibility problems. Whenever I look at your site in Safari, it looks fine however, when opening in I.E., it has some overlapping issues. I simply wanted to provide you with a quick heads up! Aside from that, excellent site!

    19. Hello thеre! Ɗo you know іf tuey mɑke any plugins to
      safeguard against hackers? Ι’m kinda paranoid about
      losing eveгything I’vе worked hard on. Any recommendations?

      Hɑve a lоok at mｙ page: discuss

    22. Amazing blog! Is yoսr theme custom maԀe ߋr did үoս download іt from
      someԝhere? A design like yoᥙrs with a few simple tweeks ԝould reаlly
      maҝe my blog shine. Pleasе lеt me know where yߋu ggot your theme.

      Τhanks a ⅼot

      Aⅼѕo visit mｙ homeрage – discuss

    23. Sweet blog! I found it while searching on Yahoo News.

      Do you have any suggestions on how to get listed in Yahoo News?
      I’ve been trying for a while but I never seem to get there!

      Thank you

    24. Wakanda123 adalah satu diantaranya website judi slots online gacor terkomplet yang sediakan bermacam ragam sistem deposit, perumpamaannya merupakan judi
      slots deposit lewat dana. Bersama rtp live terunggul di indonesia bersama
      beberapa type permainan terkenal dan bonus banyak di setiap harinya.
      Banyak banyak peserta setia wakanda123 mendapat maxwin di bet recehan ataupun di bet tinggi.
      Kenapa dapat demikian? karena warung 69 terus berikan service dan winrate paling tinggi pada tiap-tiap
      anggota yang tergabung pada website slots online gacor dapat dipercaya ini.

      Tidak cuma hanya itu, wakanda123 pun punyai layanan terunggul bersama layanan konsumen 24jam.

      Arah biar pejudi slots online mendapakan rasa nyaman serta aman ketika bermain. Anda sekalian tak usah takut atau cemas waktu memperoleh
      jekpot paling besar, karena wakanda123 bakal bayar
      berapa saja kemenangan banyak member-nya.

      Bersama tren yang jalan ini penting untuk beberapa peserta sediakan Live RTP untuk beberapa anggota yang pengin bermain. Wakanda123
      sediakan Live RTP langsung digame web sah buat pesertanya biar mengelak rungkat.
      RTP slots online tidaklah penanda slots online
      lagi gacor, melainnya pecahan yang diberi akan jauh makin kerap
      dibandingkan bersama RTP merah yang anda sekalian hindarkan.

    25. I’m very happy to discover this website. I want to to thank you for your time for this fantastic read!! I definitely savored every bit of it and i also have you book-marked to look at new stuff in your site.

    31. Appear for other people using a related situation. Becoming a member
      of a assistance group of people frequently
      helps you to reduce the stress you deal with negative emotions linked to your ringing in ears.There are
      tons of people that are already by means of what you’re going through, and you can aid one another by sharing tricks and tips that assist you in making the problem manageable.

    33. I simply couldn’t depart your site prior to suggesting that I extremely enjoyed the standard info a person supply for your guests? Is going to be again incessantly to investigate cross-check new posts|

    34. Hi, I do believe this is an excellent web site. I stumbledupon it 😉 I am going to come back once again since i have saved as a favorite it. Money and freedom is the greatest way to change, may you be rich and continue to help other people.

    41. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several e-mails with the same comment. Is there any way you can remove me from that service? Bless you!|

    47. 一个 19 岁的纹身荡妇去找一个成熟的男人，脱下牛仔套装，骑在他的软管上的阴户上，然后操了屁股。

    52. I think what you typed was very reasonable. But, think on this, what if you added a little information? I am not suggesting
      your information isn’t good., however suppose you added a
      post title that makes people desire more?
      I mean Het houden van toezicht op banken (2009) –
      Stratum Strategie is kinda plain. You might glance at Yahoo’s home page and watch how they write news titles
      to grab viewers to open the links. You might add a video or a pic or two to get people interested about what you’ve got to
      say. Just my opinion, it might make your posts a
      little bit more interesting.

    66. Book a Corner Room for unrivalled views of the city in addition to a Turkish
      steam bath, Jacuzzi and private sauna or
      sky garden.

      Look at myy webpage … Jorge

    67. Even though there are 23 offfline casino establishments in South
      Korea, only 1 of those casinos enables Koreans to wager legally.

      Also visit my web page Maribel

    84. Stroll up and make your bet att any of our betting kiosks, oor visit
      our private betting windows to location a bet with a sportsbook
      representative.

      Look at my homepage :: Marla

    93. Your style is very unique in comparison to other people I have read stuff from. Many thanks for posting when you have the opportunity, Guess I will just book mark this web site.

    97. In addition, no a single won the secondary, $ten million Double
      Play drawing held right after the mlst important drawing Monday.

      My blog post … Vicki

    104. Iím amazed, I must say. Rarely do I encounter a blog thatís both educative and entertaining, and let me tell you, you have hit the nail on the head. The issue is something too few people are speaking intelligently about. I’m very happy that I came across this in my hunt for something concerning this.

    111. Iím amazed, I have to admit. Rarely do I encounter a blog thatís both educative and engaging, and let me tell you, you have hit the nail on the head. The issue is something that too few people are speaking intelligently about. Now i’m very happy I found this during my search for something relating to this.

    113. Your style is unique compared to other people I’ve read stuff from.
      Many thanks for posting when you’ve got the opportunity, Guess I’ll just bookmark
      this web site.

    117. Greetings, I do think your site may be having internet browser compatibility issues. When I look at your website in Safari, it looks fine however, when opening in Internet Explorer, it has some overlapping issues. I simply wanted to give you a quick heads up! Aside from that, wonderful website!

    125. Hi there to all, how is the whole thing, I think
      every one is getting more from this web site, and your views are pleasant in favor of new viewers.

    126. Hi there, There’s no doubt that your blog could possibly be having internet browser compatibility problems. Whenever I look at your website in Safari, it looks fine however when opening in IE, it has some overlapping issues. I just wanted to give you a quick heads up! Aside from that, fantastic site!

    132. Unibet is the only on the net casino exactly where you can play “Eagles Blackjack” and the “The Eagles On-line Slot.”

      Feel free to surf to my web age … Juana

    141. Hello! I’ve been following your blog for a while now and finally got the bravery to go ahead and give you a shout out from Porter Tx! Just wanted to tell you keep up the good work!|

    144. The Phenomenal will certainly aid you prepare your days, weeks and also months with ease to ensure you’re obtaining one of the most out of life!

    161. These estimates are offered for the nation as a complete, for person states, and for metropolitan and nonmetropolitan locations.

      Feel free to visit my bblog post Scarlett

    176. The Everett Sunoco gas station, located at 1707 Revere Beach Parkway, will receive a $40,000 bonus for its sale oof the “Emeralds 50X” ticket.

      my webpage … Mitzi

    188. Hello fantastic website! Does running a blog like this take a large amount of work?
      I have very little knowledge of coding but I had been hoping
      to start my own blog in the near future. Anyhow, should you have any recommendations or techniques for new blog owners please share.
      I understand this is off topic nevertheless I just wanted to ask.
      Many thanks!

    191. An impressive share! I have just forwarded this onto a colleague who had been conducting a little homework on this. And he actually bought me lunch due to the fact that I stumbled upon it for him… lol. So allow me to reword this…. Thank YOU for the meal!! But yeah, thanks for spending some time to talk about this subject here on your web page.|

    218. On leading of that, you can modify out thee head — it comes with six attachments — so you can customize the massage for
      person muscles.

      Also visit my blog :: Maribel

    220. What’s Going down i am new to this, I stumbled upon this I’ve discovered It absolutely helpful and it
      has aided me out loads. I am hoping to contribute &
      help different users like its aided me. Good job.

    223. For certainty, a Player will drop any access they have to Live
      Streaming upon failing tto meet the foregoing eligibility requirements.

      my web page … Dwight

    242. I was pretty pleased to find this website. I need to to thank you for ones time for this particularly fantastic read!! I definitely liked every little bit of it and i also have you saved to fav to look at new stuff on your web site.

    245. If you are going for best contents like me, only go to see this
      website daily as it presents feature contents, thanks

    249. The Illinois Lottery said the prize for the July 29 drawing, which wass the nation’s third-largest lottery prize, was claimed by
      two men and women who haad agreed to split the prize if they won.

      Feel free to shrf to my web site: Janie

    254. Oh my goodness! Amazing article dude! Thank you so much, However I am going through troubles with your RSS. I donít know the reason why I can’t subscribe to it. Is there anyone else getting the same RSS problems? Anybody who knows the answer will you kindly respond? Thanks!!

    271. An anonymous man in Northern Kentucky has claimed $1 million from last
      Friday’s Mega Millions drawing.

      Feel free to surf to my web page Trent

    272. According to the state lottery, Lozano chose to take the lump sum alternative, which is worth $225.1 million before federal taxes.

      Check out my site :: Antonia

    289. That ticket, based on actual sales, is now worth $1.337 billion, the lottery stated, up from
      $1.28 billion from the evening of the drawing.

      Also visit my page … Jolie

    292. If somebody wins tonight’s Powerball jackpot, it will be the sixth this year and one of
      the prior 5 was in Connecticut.

      Feel free to surf to my web site – Nona

    293. The state of California loses out on hundreds of millions of dollars oof possible revenue every year by not taximg lottery winnings.

      my webpage – Brodie

    318. Hartford inheritedapproximately $90 millionwhen he was
      12.Adjusting for inflationmeans he was givenabout $1.6
      billionas a youngster, immediately after taxes.

      Also visit my blog post Normand

    331. You are so cool! I don’t suppose I’ve read through anything like that before. So nice to find another person with unique thoughts on this topic. Seriously.. many thanks for starting this up. This web site is something that is required on the internet, someone with some originality!

    337. Some people also use gua sha as a beauty tool to enhance circulation in thheir fces in tthe hopes of decreasinng
      inflammation and rewducing the appear of wrinkles.

      Check out my homepage :: Teresa

    352. An outstanding share! I have just forwarded this onto a friend who was conducting a little research on this. And he in fact ordered me dinner simply because I found it for him… lol. So allow me to reword this…. Thank YOU for the meal!! But yeah, thanks for spending time to discuss this matter here on your website.

    354. If your muscles are desperate for relief, a deep
      tissue massage focuses on the deepest layers of your muscle fascia,
      tendons, and tissues.

      Here is my web page :: Junior

    362. In the spring of 2023, a NASA group field-tested a STEReO’s
      suitcase-sized prototype device, called thee UASP-Kit, to
      monitor drones safely in the open airspace about prescribed burns.

      My homepage :: 스웨디시

    365. Having read this I believed it was very informative. I appreciate you spending some time and energy to put this informative article together. I once again find myself spending a significant amount of time both reading and posting comments. But so what, it was still worth it!

    366. Can I just say what a comfort to find somebody who truly understands what they’re talking about on the web. You actually know how to bring an issue to light and make it important. More people have to check this out and understand this side of the story. I was surprised you aren’t more popular given that you surely possess the gift.

    368. Hi, I do believe this is an excellent web site. I stumbledupon it 😉 I may return yet again since i have book marked it. Money and freedom is the best way to change, may you be rich and continue to help others.

    386. I have been surfing on-line more than three hours as of late, but I by no means found any fascinating article like yours.

      It is lovely value sufficient for me. Personally, if all
      website owners and bloggers made just right content material as you did, the web
      shall be much more helpful than ever before.

    392. I seriously love your site.. Very nice colors & theme. Did you build this website yourself? Please reply back as Iím looking to create my very own blog and would like to learn where you got this from or exactly what the theme is named. Thank you!

    395. An intriguing discussion is worth comment. I believe that you need to write more on this issue, it might not be a taboo subject but usually people do not discuss such subjects. To the next! Many thanks!!

    428. Hey there exceptional website! Does running a blog like this take a massive amount work?
      I have no knowledge of programming but I had been hoping to start my own blog soon.
      Anyways, if you have any recommendations
      or techniques for new blog owners please share. I
      understand this is off topic nevertheless I simply needed to ask.
      Many thanks!

      Here is my sit Things to do in Tunisia (http://www.prettyfulpower.com)

    430. Aw, this was a very nice post. Finding thee time and actual effort to make a
      very good article? but what can I say? I procrastinate a whole lot and never manage to get anything done.

      Feel free to surf to my page :: Things to do in Antibes
      France (Indira)

    440. A detailed individual credit evaluation report with exact
      factors for declining loan application.

      Here is my webpage :: Son

    444. Forr seniors whoo could have been one for quite
      a while, or those trying too find someone particular too spend
      time with, Jewish senior citizen dating is a superb
      solution. It gives them the opportunity to find
      probable companions who comprehend their cutoms and values, making it simpler to produce meaningful relationships
      with someone they could probable relate with.
      Today’s well-liked online dating platforms make it feasible for elderly people of every age group to fulfill their perfect fits without ever
      needing to abandon property.

      Look aat mmy web page – dating jewiseh service single, Rubin,

    447. Howdy! This is my first comment here so I just wanted to give a quick shout out and tell you I really enjoy
      reading your blog posts. Can you recommend any other blogs/websites/forums that
      cover the same topics? Thanks a ton!

    470. Hello there, just became alert to your blog through Google,
      and found that it’s truly informative. I am going to watch out
      for brussels. I will appreciate if you continue this in future.

      A lot of people will be benefited from your writing.

      Cheers!

    475. Great beat ! I wish to apprentice even as you amend your web
      site, how could i subscribe for a weblog web site?
      The account aided me a acceptable deal. I have been a little bit acquainted of this your broadcast
      offerewd brilliant transparent idea

      Feel free to surf to my website animal shelters

    479. Does your website have a contact page? I’m having
      a tough time locating it but, I’d like to send you an email.
      I’ve got some creative ideas for your blog you might be interested in hearing.
      Either way, great blog and I look forward to seeing it develop over time.

    487. Thanks for sharing excellent informations. Your web site is so cool.

      I am impressed by the details that you’ve on this blog.
      It reveals how nicely you perceive this subject. Bookmarked
      this web page, will come back for extra articles. You, my pal, ROCK!
      I found simply the info I already searched all over the place and simply could not come across.
      What an ideal website.

      Also visit my page :: places to visit in arlington texas

    489. Hello would you mind stating which blog platform you’re using?
      I’m going to start my own blog soon but I’m having a difficult time selecting between BlogEngine/Wordpress/B2evolution and Drupal.

      The reason I ask is because your layout seems different then most blogs
      and I’m looking for something completely unique.
      P.S Sorry for getting off-topic but I had to ask!

    491. Great goods from you, man. I’ve understand your stuff previous
      to and you are just too excellent. I really like what you’ve acquired here,
      certainly like what you are stating and the way in which
      you say it. You make it entertaining and you
      still take care of to keep it smart. I can’t
      wait to read far more from you. This is actually a tremendous web site.

    498. Hello, Neat post. There’s a problem along with your website
      in internet explorer, might check this? IE still is the market leader and a good element
      of other people will omit your excellent writing because of this
      problem.

    516. Americans were sent into a lottery craze this summer season when a near-record $1.377 billion Mega Millions jackpot
      was on the line in July.

      my blog – Josefa

    523. Hello terrific blog! Does running a blog like this require
      a large amount of work? I have very little knowledge of coding however I was hoping to start my own blog soon. Anyhow, should you have any recommendations or tips for new
      blog owners please share. I understand this is off subject but I simply needed to ask.
      Thanks a lot!

      Here is my blog – Things to do in Moldova

    524. Hi there, for all time i used to check weblog posts here in the early hours in the break of day, because i love to find out
      more and more.

      Also visit my web site: homepage

    538. The winning numbers for Friday night’s drawing have been eight, 35, 40,
      53, 56, and the Mega Ball was 11.

      Also visit my site Ara

    557. Hello there! I could have sworn I’ve been to this website before but after browsing through some of the post I realized it’s new to me.
      Nonetheless, I’m definitely happy I found it and I’ll be bookmarking and checking back often!

    571. Throughout law college, Gamble was a member of the University of Baltimore Law Forum and practiced aas
      a student attorney in the Civil Trial Practice Clinic.

      Feell free to visit my web-site; Jimmy

    584. In January 1953, Richmond city workers painted lane
      lines on Cowardin Avenue employing a new energy-driven machine.

      Here is my blog post; Ebony

    595. Appreciating thhe commitment үou put into yоur site andd detailed
      information you provide. It’s gгeat to come across
      a boog evеry once in ɑ whiⅼe that іsn’t the ѕame
      unwanted rehashed material. Excellent ｒead! I’vе saaved your site and I’m including ʏoᥙr RSS feeds tο my Google account.

      Αlso visit mʏ web-site :: свободный слот

    596. Quality articles is the important to be a focus for the
      people to pay a visit the web site, that’s what this site is providing.

    597. I have read several excellent stuff here. Certainly price bookmarking for
      revisiting. I surprise how a lot effort you place to make
      such a excellent informative web site.

    604. I’ll immediately grasp your rss as I can not to find your e-mail subscription link or newsletter service.

      Do you’ve any? Please permit me realize so that I may just
      subscribe. Thanks.

    607. Counter-Strike: Global Offensive (CS:GO) ggdrop промы является популярным FPS, который захватил миллионы игроков во всем земного шара.

    609. Very good blog you have here but I was curious if you knew of any community forums that cover the same topics discussed here?
      I’d really like to be a part of online community where I can get
      feedback from other knowledgeable individuals that share the same interest.
      If you have any recommendations, please let me know.
      Many thanks!

    611. Thank you, I have just been searching for information approximately this subject for
      a while and yours is the best I have discovered
      so far. But, what concerning the bottom line?
      Are you positive in regards to the source?

    614. Hi to every single one, it’s genuinely a nice for me to pay a quick
      visit this website, it consists of precious Information.

    616. Hmm is anyone else having problems with the pictures on this blog loading?
      I’m trying to determine if its a problem on my end or if
      it’s the blog. Any feedback would be greatly appreciated.

    618. It’s an awesomе piece of writing in favor of all the web viеwers; they will take advаntage
      from it I am sure.

      my web-site; top things to dο in jackson mississippi; Porfirio,

    630. you’re in point of fact a just right webmaster. The web site loading pace is incredible. It sort of feels that you’re doing any distinctive trick. Also, The contents are masterpiece. you have done a great activity in this matter!|

    638. Disputes between insurers and insureds over the validity
      of claims or claims dealing with practices often escalate into litigation .

    640. I’m amazed, I have to admit. Rarely do I come across a blog that’s both educative and amusing, and without a doubt, you have hit the nail on the head. The issue is something that not enough men and women are speaking intelligently about. I am very happy that I stumbled across this in my search for something relating to this.|

    642. Hi to all, because I am truly eager of reading this web site’s post to be updated regularly. It carries pleasant data.|

    652. I’m extremely impressed together with your writing abilities as
      well as with the structure to your blog. Is that
      this a paid subject matter or did you customize it your self?
      Anyway keep up the excellent quality writing, it’s rare to
      peer a nice weblog like this one these days..

    659. I’m not sure еxactlʏ ᴡhy but this weƄlog is loading extremely slow for me.

      Is anyone еlse having this problem or is it a issue օn my ｅnd?
      I’ll check back later on and see if the problem still exists.

      my web-site … gettysburg fun thingѕ to do; Jeanett,

    660. Hello would you mind letting me know which webhost you’re using? I’ve loaded your blog in 3 completely different web browsers and I must say this blog loads a lot quicker then most. Can you recommend a good internet hosting provider at a fair price? Kudos, I appreciate it!|

    662. Yesterday, while I was at work, my sister stole my iphone and tested to see if it can survive a thirty foot drop, just so she can be a youtube sensation. My iPad is now destroyed and she has 83 views. I know this is completely off topic but I had to share it with someone!|

    663. Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.|

      https://greatlakesvapes.com/product/v25-vape-pen-strawberry-cheesecake-for-sale/

    668. Hello there, I do believe your website may be having web browser compatibility problems.
      When I take a look at your website in Safari, it looks fine however when opening in I.E., it’s
      got some overlapping issues. I merely wanted to provide you with a quick heads up!

      Besides that, great website!

    670. May I just say what a comfort to discover a person that really understands what they’re discussing on the web. You definitely realize how to bring an issue to light and make it important. More people really need to read this and understand this side of the story. I was surprised you’re not more popular because you definitely possess the gift.

    692. I used to be recommended this blog by my cousin. I am no
      longer sure whether this submit is written via him as nobody else understand such particular approximately my trouble.
      You are wonderful! Thanks!

    693. Introducing the Amazingness life hack. This set basic change will certainly make your days more effective and also happy .

    706. Thank you a bunch for sharing this with all of us you really recognise what
      you are speaking about! Bookmarked. Kindly additionally
      discuss with my web site =). We will have a hyperlink exchange
      agreement between us

    708. I’ve been surfing online more than three
      hours today, yet I never found any interesting article like yours.

      It is pretty worth enough for me. In my opinion,
      if all site owners and bloggers made good content as you did,
      the web will be much more useful than ever before.

    716. The next time I read a blog, I hope that it doesn’t fail me just as much as this one. After all, I know it was my choice to read through, but I truly thought you would have something interesting to talk about. All I hear is a bunch of crying about something you could possibly fix if you weren’t too busy looking for attention.

    724. Bắt cá Bắt cá Trò chơi sòng bạc trực tuyến bằng tiền thật , Đăng ký người dùng mới tặng 78000, Mỗi ngày đặt cược hoàn trả 2.0 . Hoa hồng đại lý nhận được thấp nhất 50 . Rút tiền nhanh , Phúc lợi tốt , Trò chơi nhiều , Thương hiệu 10 năm , Bảo đảm yu tín

    726. I wanted to thank you for this wonderful read!! I certainly enjoyed every little bit of it.
      I’ve got you bookmarked to look at new stuff you post…

    729. Hello There. I discovered your weblog using msn. That is an extremely neatly written article.

      I’ll be sure to bookmark it and come back to learn extra
      of your useful info. Thanks for the post. I will definitely comeback.

    734. รับสวนหน้าบ้านอันงดงามที่สะท้อนถึงสไตล์ของคุณและโดดเด่นกว่าที่อื่นด้วยคำแนะนำแบบทีละขั้นตอนของเรา เรียนรู้เกี่ยวกับหลักฮวงจุ้ยและวิธีใช้เพื่อสร้างทางเข้าที่น่าดึงดูดใจไม่ว่าฤดูกาลใด ด้วยคำแนะนำของเรา

    735. Fildena 150 charges can therefore be your partner, manual, helper, and technique to your erectile disorder difficulty when you have erectile ailment and first rate unmarried-sex.

    741. A good blog always comes-up with new and exciting information and while reading I have feel that this blog is really have all those quality that qualify a blog to be a one

    742. Sign up for a Swedish massage and request add-ons like hot or cold
      stones,reflexology, body brushing (you get to take the brush wwith you!), and aromatherapy.

      Also visit my web site: Janine

    744. The vaction buying season — for Mega Millions lottery
      ticket purchasers, att least — is ramping up as officials say the estimated jackpot for Tuesday night’s drawing has surpassed half a billion dollars.

      Also visit mmy homepage: 파워볼 베픽

    747. I like the valuable info you provide in your articles.
      I will bookmark your weblog and check again here frequently.
      I am quite sure I will learn many new stuff right here!
      Good luck for the next!

    748. I woᥙld likе to consiⅾer tһe chance ᧐f sаying thankѕ to you
      for thаt professional instruction Ӏ hаve constantⅼy enjoyed browsing your site.
      Ꮤе’гe lоoking forward to tһe particular commencement
      of my college ｒesearch ɑnd the entіre groundwork
      wоuld neѵer have been compⅼete without coming to your
      site. If I mɑү be of аny һelp to otheгs, I mіght be thankful to hеlp νia whаt
      I have learned fгom here.

      Feel free tо surf tо mʏ page … a maths tuition centre (Freddie)

    751. Having read this I thought it was rather informative. I appreciate you spending some time and energy to put this information together. I once again find myself spending a lot of time both reading and commenting. But so what, it was still worth it!

    765. Wonderful blog! I found it while searching on Yahoo News.
      Do you have any tips on how to get listed in Yahoo News?
      I’ve been trying for a while but I never seem to get there!
      Thanks

    767. online kasino- World’s Top Online Casinos, new user welfare register bonus 66₱, daily Betting Rebate 2. fast withdraw, good bonus, variety of games, World brand is trustworthy. Slot games, Card games , Live Casino, Animals(Cockfight games), fishing.

    768. I was extremely pleased to find this web site.
      I need to to thank you for your time for this fantastic read!!
      I definitely liked every little bit of it and i also have you
      book marked to see new information on your site.

    769. Heya! I just wanted to ask if you ever have any
      issues with hackers? My last blog (wordpress)
      was hacked and I ended up losing months of hard work due
      to no data backup. Do you have any solutions to protect against hackers?

    772. I juѕt now ԝanted tօ tһank үou one more timе for tһіѕ amazing website ʏou have built һere.
      It ｒeally is full of idewas for those wһo aге genuinely intｅrested in this specific subject, ѕpecifically this vеry post.
      You really are аll amazingly sweet аlⲟng with thoughtful of others and also
      reading yoսr blog posts is a superb delight in my opinion. Ꭺnd exɑctly ѡhat a generous surprise!
      Bеn and I usᥙally have excitement making use
      of үour suggestions in what wе neｅd to do next ԝeek.
      Our record is a mile long ѡhich meɑns your tips ѡill
      certаinly be put to fine use.

      Feel free tօ visit my site :: math tuition centres clementi secondary school

    780. Undeniably believe that that you stated. Your favorite justification appeared to be at the net the simplest factor to consider of. I say to you, I definitely get annoyed while folks think about issues that they plainly don’t recognize about. You managed to hit the nail upon the highest and also outlined out the entire thing without having side-effects , other people can take a signal. Will probably be again to get more. Thank you|

    784. 1 ticket bought in Washinbgton matched all 5 numbers
      except foor the Powerbaall wit the Power Play worth $2 million.

      Here is my web-site: France

    785. LANSING, MI – The Powerball jackpot continues to grow
      as there was no winner of the $201 million Powerball jackpot for the drawing held on Monday,
      Dec. 26.

      Visit my web page – Rocco

    789. As part of this balancing act, fraudulent insurance practices are a significant business danger that must be managed and
      overcome.

    794. After looking at a few of the blog articles on your website, I really
      like your way of blogging. I book marked it to my bookmark site list and will be checking back in the near future.
      Take a look at my website too and let me know
      what you think.

    795. ph online casino- World’s Top Online Casinos, new user welfare register bonus 66₱, daily Betting Rebate 2. fast withdraw, good bonus, variety of games, World brand is trustworthy. Slot games, Card games , Live Casino, Animals(Cockfight games), fishing.

    796. The financial stability and power of an insurance company must be a major consideration when shopping for an insurance contract.

    797. I absolutely love your website.. Excellent colors & theme. Did you develop this website yourself? Please reply back as Iím hoping to create my own blog and want to know where you got this from or exactly what the theme is called. Cheers!

    800. taya slot- World’s Top Online Casinos, new user welfare register bonus 66₱, daily Betting Rebate 2. fast withdraw, good bonus, variety of games, World brand is trustworthy. Slot games, Card games , Live Casino, Animals(Cockfight games), fishing.

    801. Spot on with this write-up, I absolutely believe that this web site needs far more attention. Iíll probably be back again to read through more, thanks for the advice!

    802. һellߋ therｅ and thank yoս for your іnformation ?
      I hаve dеfinitely picked uр anything neᴡ from rіght here.
      I dіd howeνer expertise a feѡ technical issues using thіs web site,
      аs I experienced tο reload tһe website many tіmes prevіous t᧐ I couⅼd gеt іt to
      load properly. Ι had been wondering іf yօur hosting is OK?
      Not thɑt I am complaining, ƅut slow loading instances tіmeѕ will
      often affect yоur placement іn google and cаn damage youг high quality score іf advertising ɑnd marketing ᴡith Adwords.
      Ꭺnyway I’m adding thiѕ RSS to my e-mail ɑnd cɑn looк out
      fоr much more of your respective interеsting сontent. Maке sᥙrе
      you update thіѕ agаin vеry soon.

      Μy page math science tuition (Lanora)

    808. slot machine online- World’s Top Online Casinos, new user welfare register bonus 66₱, daily Betting Rebate 2. fast withdraw, good bonus, variety of games, World brand is trustworthy. Slot games, Card games , Live Casino, Animals(Cockfight games), fishing.

    809. I’m not sure where you’re getting your information, but great topic.

      I needs to spend some time learning more or understanding
      more. Thanks for excellent information I was looking for this info for my mission.

      Here is my blog post … whatsapp mod

    810. Pingback: Linkedin count

    811. 928817 56716Wholesale Cheap Handbags Will you be ok merely repost this on my site? Ive to allow credit where it can be due. Have got a great day! 543485

    812. I know this if off topic but I’m looking into starting my own weblog and was curious what all is needed
      to get set up? I’m assuming having a blog like yours would cost a pretty penny?

      I’m not very internet savvy so I’m not 100% certain. Any recommendations or advice would be greatly appreciated.

      Cheers

    813. Attractive section of content. I just stumbled upon your website and in accession capital to assert that I get in fact enjoyed account your blog posts. Anyway I’ll be subscribing to your feeds and even I achievement you access consistently rapidly.|

    817. I really love your website.. Very nice colors & theme. Did you create this site yourself? Please reply back as Iím looking to create my very own site and would like to learn where you got this from or exactly what the theme is named. Many thanks!

    825. slot online- World’s Top Online Casinos, new user welfare register bonus 66₱, daily Betting Rebate 2. fast withdraw, good bonus, variety of games, World brand is trustworthy. Slot games, Card games , Live Casino, Animals(Cockfight games), fishing.

    828. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a
      comment is added I get three e-mails with the same comment.
      Is there any way you can remove people from that
      service? Bless you!

    835. I am extremely impressed with your writing abilities and also with the format on your blog.
      Is that this a paid subject or did you modify it your self?
      Anyway keep up the excellent quality writing, it is rare to see a great weblog like this one today..