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May 25,1981 Des Moines, Iowa Vol. 10 No. 5 A B A Questions Money Market Funds ( É T HE money market fund quesI tion is only a symptom of a much more fun damental issue — and that is the issue of sèrvice line restrictions in the financial services indus try,” Lee Gun derson, president of the American Bankers Associ ation, told the L.E. GUNDERSON Senate Banking Committee recently. Mr. Gunderson, president of the Bank of Osceola, Wisconsin, made his remarks during the second of two days of oversight hearings convened by Senate Banking Committee Chairman Jake Garn to examine issues surrounding the growth of money market funds. “ Bankers are concerned when they see money market funds being promoted to the public like they were demand deposit accounts, featuring high interest rates coupled with accessibility through checks,” Mr. Gunderson said. “ Traditionally, this type of product has fallen within the exclusive domain of depository institutions. This was the legacy of the Banking Act of 1933, the Glass-Steagall Act, ” he said. “ But money market funds now make it clear that the old Glass-Steagall divisions no longer serve to provide distinctions between the different sectors of the financial services industry,” he said. Credit Needs “ But distinctions do exist. Banks serve the credit needs of their local communities — money market funds do not. Bank Eire required to set aside non-interest-bearing reserves against their transaction accounts—money market funds have no such require ment,” Mr. Gunderson said. “ It is inequitable on its face for federal regulators to require reserves against one type of transaction account and not against another type of transaction account,” he said. “ There are three ways to correct this fundamental inequity. First, reserves could be required against those money market funds which feature checking. Second, if reserves Eire not deemed to be necesssiry, they should not be required against any trEinsaction account, including those at depository institutions. A third solution could be for the Federal Reserve to apy interest on required reserves,” he ssud. The current situation is inequit able. Investment compsmies Eire offering transaction accounts that compete with banks for the same savings dollars but Eire not subject to reserve requirements or other regula tions imposed on banks,” Gunderson said. Survey He pointed to the preliminary findings of a survey recently commissioned by the A B A which revealed that 70 per cent of the respondents who indicated they have money in a money market fund ssud this money would otherwise be in a savings or Certificate of Deposit type account. Further, 50 percent of those respondents with money market funds said they believe that the funds are insured, he said. Money market funds Eire not insured. “ It was originally thought that Glass-Steagall kept commercial bsmks out of underwriting and desiling in securities and kept securities underwriters smd dealers out of tEiking deposits. But market place developments are showing that Glass-Steagall is not a bsirrier, but a one-way street,” Gunderson said. “ It is a one-way street because market developments Emd Em aberra tion in the law make it clear that only prohibitions on commercial banks Eire w orking,” he said. “ There is something profoundly disturbing when I see the securities industry wrap themselves in the flag of free enterprise on the one hand, then on the other hsind shield themselves behind the Glass-Steagall Act in protecting their own service line monopolies,” he ssud. “ I point specifically to the prohibition against banks managing their own money market mutual funds Emd against banks underwrit ing revenue bonds,” Gunderson ssud. Mr. Gunderson pointed out that CALL ON THE “PERFORMANCE TEA M ” where com m on transactions are handled uncom m only well. ■ M ill FIRST NATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 D on't g a m b le w h e n choosing a correspondent bonk. C o m e to the professionals. UNITED CENTRAL RAN K OF DES MOINES, N A ■ MEMBER FD1C ■ (51S) 245-7111 AFFILIATED WITH UNITED CENTRAL BANCSHARES, INC. TO LL FR E E N U M B E R (800) 362-16 15 the Investment Company Institute, the trade association representing mutual funds, recently renewed its opposition to legislation authorizing banks to manage and sell mutual funds. Likewise, the Securities Industries Association renewed its opposition to legislation authorizing banks to underwrite revenue bonds, he said. Mr. Gunderson also told the Senate Banking Committee that the A B A has urged the Depository Institutions Deregulatory Commit tee (DIDC) to step up its phase-out of Regulation Q, which sets interest rate ceilings and minimum deposit requirements for savings deposits. “ We have specifically requested that Regulation Q be removed immediately from gill deposits of more than three years maturity. Regula tion Q should be further removed in annual increments,” he said. “ We cannot bear continued inaction by the D ID C ,” Mr. Gunderson said. begin at 9:00 a.m. The meeting will adjourn at 3:00 p.m. CLARION: An application by First Clarion Bgmcorporation to acquire the First Nationgd Bank has been approved. CONRAD: James J. Molloy has been elected president of the First State Bank, succeeding L.M . Brindle. Mr. Brindle retired after serving as a director for 34 years and as president since Januguy of 1980. Mr. Molloy has been with the First State Bank for 14 yegu*s and most recently served gis executive vice president. IO W A . n e sjvioin e s https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Bank of Opportunity Town Clock Plaza. Dubuque. Io w a CALL 319-582-1841. COLLECT the First Nationgd Bank has been sold to Lowell G. Wgtkefield of Waconia and Winton Jones of Wayzata. The pgdr, principals in the First National Bank of Wayzata, also recently purchased controlling interest in the Exchange State Bank in St. Paul. Mr. Wakefield was elected president and board chgurmgm and Mr. Jones was elected a vice president and board member. DES MOINES: S.F. 300 - the Omnibus bginking bill was tied up in the Iowa legislature as this issue went to press. LUVERNE: A t First Bank Luverne, Norman R. Blount has been elected chairmgm of the bogird gmd T. Dongdd Cashin has been elected president and managing officer. Mr. Cashin was also elected a director. DES MOINES: Dave McNichols, v.p. and staff officer of the Iowa Bankers Association, resigned to accept position as secretary of the New Hampshire Bankers Assn. GARNER: John R. Hensley will join the Hancock County National Bank June 1 as vice president and cashier. Also, Steve Templeton gmd Gloria Halverson were promoted to assis tant cashiers. ow did we get to be first in Iowa? putting Iowa first. M em ber FDIC L e o K a n e , Correspondent Banker American Trust & Savings Dank DES MOINES: United Central Bancshgires, Inc. has activated a wholly-owned data processing subsidigiry to be know as UCB Systems, Inc., which, subject to federgil approval, will assume the functions presently being provided by the data processing depgirtment of United Centrgd Bank, N .A. William F. Dawdy, formerly with Peat, Mgtrwick, Mitchell & Co. in Kansas City, is president of UCB systems. KESLEY: Iowa State Bank of Clarksville has announced the Iowa News completion of their new Kesley office. A joint seminar for gill incoming A public open house will be held B .A .I. chapter officers will be held Saturday, June 4. June 4 at the Fort Des Moines Hotel. Minnesota News A continental breakfast will be served at 8:30 a.m. and the program will GLENCOE: Controlling interest in Dorothea Wolfe "Opportunity Colls../' A n Affiliate o f N orthw est B an corporation Banco Call (515) 245-3131 or toll-free (800) 36 2-25 14 M INNEAPOLIS: Arlen Nissen was promoted to senior vice president and Steve Johnson to assistant vice president of Midland National Bank. Mr. Nissen joined the bgink in 1966, Mr. Johnson in 1974. Bankers Service LOAN ACTIVITY BULLETIN Who: names of all debtors in the county recorded during the period What: name of secured party When: the date the loan was filed with the Secretary of State Where: location where loan made f a s t s e r v ,c E «E C Ò H D S Supplement to Northwestern Banker Newsletter 5-25-81 , New! Blood Pressure and Pulse Readings Taken Electronically by Computer-Controlled “Life Care Chair” The “In House Promotional Tool” that increases traffic and promotes your image through community service. BLOOD PRESSURE TEST CENTER LOW-COST si SAFE CONVENIENT AUTOMATIC El RELIABLE El ACCURATE Now you can get your blood pressure checked at low cost in less than 2 minutes. The computercontrolled Life Care Chair checks systolic/ diastolic blood pressure and pulse rate and reports the readings on a lighted display panel. If you have high blood pressure and you need to check it frequently, you’ll appreciate the convenience and low cost of this tlme-and-money-saving facility. Visit the Blood Pressure Test Center soon and “ take your heart to heart” I Minnesota, North and South Dakota Address Inquiries to: Erickson Enterprises, Inc. 821 2nd St. S.W . Wadena, Minn. 56482 Phone: 218-631-3464 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Who makes it? The “Life Care Chair” was developed by Bison Instruments, Inc., an experienced volume manufacturer of sophisticated electronic geophysical instruments. Life Care Systems, Inc., is two-thirds owned by Bison, which has been a publicly-owned corporation since 1969. Bison products, sold worldwide, enjoy the highest ratings for reliability. Bison seismographs for measuring and recording subsurface sound waves are the standard of the industry. They have now applied their technology of monitoring subsurface sounds to the monitoring of blood pressure sounds. Blood pressure readings using the conventional spygmomanometer depend on listening for sounds through a stethoscope. The “Life Care” unit interprets blood pressure (Korotkoff) sounds electronically through a special listening device manufactured under NASA patent and license. Special circuitry ignores irrelevant external noises. However, the user should remain silent and completely still while the reading is being taken. A mini-computer analyzes the data and gives the user an accurate, reliable blood pressure reading (and pulse rate reading) on the digital display panel. “Life Care Chairs” are manufactured under optimum conditions in Minneapolis, Minnesota, where the technical experts of Bison Instruments, experienced in working with micro-miniature components, have the expertise to produce precisely the right kind of microprocessor for blood pressure and pulse readings. Iowa and Nebraska Address Inquiries to: Erickson Enterprises P.O. Box 65114 Des Moines, Iowa 50265 “Life Care Chair” —Technical Specifications CALIBRATION: ACCURACY: Each “Life Care” unit is calibrated at the factory according to stan dards established by medical authorities for blood pressure and pulse rate readings. This calibra tion is permanent; but for verifica tion on-site the unit isequipped to confirm the calibration locally. CUFF RELEASE: Instantaneous cuff release upon push of “Cuff Release” button; or upon power interruption; and at completion of reading cycle. POWER: 120 volts, 60 cycles. Fused to 3 amperes maximum. ULapproved. Accurate to + 2 millimeters of mercury (+ 2 mm Hg). POWER USAGE: 15 watts on “standby” mode. PHYSICAL DIMENSIONS: Floor space occupied: 1.1 square yard Height at console: 40 inches Width: 40 inches Depth overall: 34 inches Net Weight: 75 pounds DISPLAY CONSOLE: High visibility LED (light-emitting diodes) display. Digitheight:7.62 mm ( 1/3 inch). CYCLE TIME: Less than 60 seconds. CONFIDENTIALITY TO USER: The display cancels 50 seconds after readout. This is a list of some of the banks in your area that have computerized Blood Pressure Machines: First National Bank Wadena, Minn. 56482 Clinton State Bank Clinton, Minn. 56225 Staples State Bank Staples, Minn. 56479 First National Bank Mahnomen, Minn. 56557 Argyle State Bank Argyle, Minn. 56713 Morris State Bank Morris, Minn. 56267 Bank of Elbow Lake Elbow Lake, Minn. 56451 Owatonna State Bank Owatonna, Minn. 55060 Liberty State Bank St. Paul, Minn. 55164 Merchants State Bank North Branch, Minn. 55056 Shelly State Bank Shelly, Minn. 56581 Sterling State Bank Austin, Minn. 55912 Roberts County National Sisseton, South Dakota 57262 First State Bank Casselton, North Dakota 58012 West Fargo State Bank West Fargo, North Dakota 58078 Midwest Federal Savings & Loan Minot, North Dakota 58701 State Bank of Delano Delano, Minn. 55328 The American National Bank Nashwauk, Minn. 55769 First Federal Savings & Loan Jamestown, North Dakota 58401 Merchants & Miners State Bank Hibbing, Minn. 55746 Security State Bank Aitkin, Minn. 56431 Pope County State Bank Glenwood, Minn. 56334 Peoples State Bank Warren, Minn. 56762 The Pioneer Nat’l Bank Duluth, Minn. 55807 Bank of Willmar & Trust Willmar, Minn. 56201 Valley State Bank Oslo, Minn. 56744 Belview State Bank Belview, Minn. 56214 The First National Bank Deerwood, Minn. 56444 Citizens National Bank Park Rapids, Minn. 56470 Americana Bank Albert Lea, Minn. 56007 Manly State Bank Manly, Iowa 50456 Farmers State Bank Clarissa, Minn. 56440 The First National Bank Bertha, Minn. 56437 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MINNEAPOLIS: Diane L. Thormodsgard has been elected senior vice president and treasurer of the corporate support group of FBS Financial, Inc. She joined FBS Financial in 1978 as assistant treasurer and controller. OM AHA: The Mid Plains Group of the National Association of Bank Women will hold a dinner meeting May 26 at the Kiewit Conference Center beginning at 6:30 p.m. Dr. Geil Browning will be the featured speaker. MINNEAPOLIS: The board of First Bank System, Inc. has elected John R. Baker vice president and cost accounting and operations analysis. Mr. Baker joined First Bank Austin in 1965. OMAHA: Funeral services were held last week for G.R. “ B ob” Brown, v.p. of First Nat’l. Bk. He was veteran correspondent man, and included in survivors is his wife, Babe. M INNEAPOLIS: Northwestern Na tional Bank has elected Peter Poolos senior vice president-commercial loan operations and Gerald A. Vande Garde vice president-systems. South Dakota News ST. PAUL: Northwestern National Bank has announced the promotion of Paul H. Mertensotto from operations officer to assistant vice president. ST. PAUL: American Bancorporation, Inc. recently elected James W. Reagan president and chief executive officer. He has been vice president since 1976, and succeeds Stanier E. Mason, who is retiring. Mr. Mason has been president and c.e.o. of American Bancorporation since 1976. W ASECA: Robert A . Nystuen has been elected vice president and senior lending officer of First Bank Waseca. He began his banking career in 1975 at First Bank Wahpeton, N.D. Nebraska News LB 376, the multi-bank holding company bill, was scheduled for second reading last Thursday, May 21, after having been delayed from the day before. An attempt to amend it to allow out-of-state holding companies to enter Nebraska under the bill was defeated 31-14. With other bills also being heard, it was not known when LB 376 would be considered. It needs a third reading for passage and as of today, May 25, there are four legislative days left. Call our Bond Department For up-to-the-minute, accurate information VOLGA: Larry Ness has joined the First National Bank as executive vice president. Mr. Ness was previously with First Mitchell National and prior to that was with the Comptroller of the Currency. Senate calendar and all bills for third reading are supposed to be heard by May 29 or will be dead. Wyoming News GLENROCK: A state charter for a second bank in Glenrock has been approved by the state banking commission, but still must be approved by FDIC. Ed Cleary will head the planned bank, which will offer all commercial banking services. Mr. Cleary is presently a vice president of the Bank of Casper. TORRINGTON: First National Bank has announced the addition of Larry Franklin, Dennis Greenwald and Charles Youtz to the board. North Dakota News Newly-elected officers of the North Dakota Bankers Association are: President-Tom A . Roney, pres., Foster County Bank & Trust; Executive Director-Harry J. Argue, Bismarck; President-elect-John M. McGinley, pres., American State Bank & Trust, Williston, and Vice President-Treasurer-Darold Peter sen, pres., Lakeside State Bank, New Town. Full coverage of the 1981 NDBA convention will be in the July Northwestern Banker. STAN FARMER Illinois News For the first time in the four years since Multi Bank Holding Company legislation has been proposed in the state legislature, an MBHC bill is slated to be heard on the Senate Floor. SB 578 was amended on May 20 by a 29-19 vote to adopt the same language as HB 666, the MBHC bill passed 93-59 a day earlier by the House. Previously, SB 375 had been tabled. This new vote means that SB 578 will go directly to the Senate floor for third reading. As of May 21, there were 129 bills ahead of SB 578 on the to make MNB work for you. Toll free 1- 800- 332-5991 Merchants A National Bank 151 Member F.DJ.C. Jim McLaughlin Tom Steffens John Henderson Tony Paugoulatos V ice P re sid e n t 234-2462 V ic e P re sid e n t 234-2463 Asst. V ic e P re sid e n t A sst.V ice P re sid e n t B on d O ffic e r 234-2647 234-2673 234-2674 Ϋ» Commerce Bank o f Kansas a ty m u, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA' BANK Member FDIC 1 Rusty Reese Dave Witten born B o n d R e p re se n ta tive 234-2691 (8 1 6 ) 2 3 4 - 2 0 0 0 Illinois News PARTIAL LIST OF AVAILABLE APPLICANTS POSITION AVAILABLE LINCOLNWOOD: An application by First Lincolnwood Corp. to become a bank holding company by acquiring First National Bank has been approved. AG LOAN OFFICER - East Central Nebraska area. Two to five years experience desired. Ag college graduate, and prefer applicant being born and raised on a farm in East Central Nebraska area. W rite file NBH, c /o Northwestern Banker._________________________ (PA) POSITIONS AVAILABLE Manager for new Eastern Iowa office. Must have ag SERVING PROFESSIONALLY Banking, Financial & Business Personnel Iowa and Nationwide CAPITAL PERSONNEL SERVICE 714 Central National Bldg. 515-283-2545 Des Moines, Iowa 50309 BANKERS PARTICIPATING I 545 - 31st Street Des Moines. Iowa 50312 R. L. “DICK” SELLON processing systems exp in large bank environment. Could function as DP Mgr or Cashier. $32,000. V.P. INSTALLMENT LENDING - Varied responsibili Ag Rep with two or three years experience wanted by V.P. OF LENDING - Well rounded lending experience $25,000 eastern Iowa b a n k ...........................................$20,000 up Operations Person for bank in Iowa college to w n .........................................................................$ 1 5,000 CEO for$10 million western Illinois bank.........$26,000 with emphasis in commercial, Including extensions In the six figure range. Other lending exposure includes SBA, installment and Real Estate loans. High image. $28,000. ALL FEES COMPANY PAID. FOR FURTHER INFORMATION RESPOND IN CONFIDENCE TO: Ag Loan officer for Indiana bank. Fine opportunity ............................................................................. $23,000 up W rite or phone Malcolm Freeland, Freeland Financial Service, Inc., 306 - 15th Street, Des Moines, Iowa 50309. Phone (515) 244-8163. Employer pays fee. Bank Division ROBERT HALF of Iowa, ine. 317 6th Ave. Des Moines, IA 50309 (515) 244-4414 FOR SALE Burroughs S-100012 pocket proof machine. Like new.' Towner County State Bank, phone (701) 968-4421 .(FS) ALL FEES COMPANY PAID NCR 775-2000 16 pocket proof machine. Five years old. Torn down by NCR field man. Im mediate delivery available. NCR maintenance agreement the entire time it was in service. $7,200 F.O .B . Baudette, Mn. 56623 Phone 218/634-1252.____________________ (FS) NCR 7750-2211 12 pocket proof machine. Used V /2 years excellent condition. State Savings Cantril, Io w a52542. Phone(319) 397-2401. Bank, (FS) 13 Burroughs Model No. 1010361 teller machines, 2 Model No. 1010381 teller machines, and 13 narrow carriage Burroughs Adding Machines (serial numbers P3003905-P6063215). Contact Diane Hanna at First National Bank, Fort Dodge, Iowa 50501. Phone (515) 576-6811.____________________________________ (FS) 2 Diebold Model No. 6600 rotary check files and trays. $375 each. Contact Diane Hanna at First National Bank, Fort Dodge, Iowa50501 (515) 576-6811. (FS) WANT TO BUY I LeasePlan, Inc. V.P. CASHIER - Heavy bank operations and data ties in Ag and consumer lending as well as operations and Investments. Stable background. Has insurance licenses. $20,000. FOR SALE OR LEASE PERMANENT OR TEMPORARY - Sale or lease financial facilities. Available immediately: 12’x40’ w /2 DUW’s in Nebraska, 14’x60’ in Missouri, 24’x60’ in Illinois, and 12’x50’ in Minnesota. SON CORPORA TION, Box 684, Wichita, KS, 67201, (316) 942-8167, call collect.______________________________ (FSorLS) 50 mm rural bank. Has the energy that makes exceptional business development skills. $28,000. Second Person fo rN .W . Iowa bank.................... $25,000 background........................................... — WANT ADS — Rates are $5.00 per line per insertion. Add $3.00 for file letters per insertion. Identity of file letter advertisers cannot be revealed. Northwestern Banker 306 - 15th Street Des Moines, Iowa 50309 V.P. LENDING - 5 yrs ag and commercial lending for Ten feet teller counter and cage. Thomas & Peebles attorneys, Center, NE 68724. Phone 402/288-4284. ___________________________________________ (WTB) Used night depository. Contact First-Baltic, Baltic, SD 57003. Phone 605/ 529-5444.______________ (WTB) □ My majority bank stock is for sale. Ag Banking S p ecialists^ Whan it comas to agriculture, banking and p erso nnel. . . go to the specialists — go to AGRIcaroors, Inc. Progressive bankers pay as to find the people they need. I AG LOAN O FFICER/INS. M G R .........IA .$15-20,000 2ND MAN IN SMALL B A N K ................. NE . $15-22,000 I ASST. V .P ./BR AN CH M G T .................IA .$16-22,500 INSURANCE M ANAG ER..................... N E . $16-19,000 SALES & MKTG. REP.-FINAN CE. . . . N Y .$20-25,000 COMMERCIAL LENDING OFFICER.. IA .$15-16,000 Ask our banking specialist, Linda, what's available without cost or obligation. (515) 394-3145 ■ NEW HAMPTON, IA 50659 I0I1CAREERS, IN C . » THE ORIGINAL AGRICULTURAL RECRUITER □ I want to purchase majority stock in a bank. Please contact Ellis Jones, Broker POSITIONS AVAILABLE JONES REALTY AGRILOAN - primary duties involve financing for 205 South Eaton St. Lakewood, Colorado 80226 Phone: (303) 232-1189 cattle, crop and agribusiness opportunity to advance. firms. Excellent $25,000 SECOND OFFICER - new charter in suburban area of UPDATE YOUR ALARMS Special on 35mm auto cameras. POSITIONS WANTED large midwest city. Prefer comm’l loan and business development background. $30,000 Commercial Loan Officers with 3 to 20 years experience seek new opportun ¡tie s ............. $20,000 up COMMERCIAL LENDER - major mldwestem bank Ag Loan Officer wants greater c halleng e.........$23,000 Check with us first BEFORE making a purchase. Office Manager with well rounded operations experience seeks new opportunity in Iow a___ $23,000 Operations Officer with solid experience seeks new op portunity............................................................ $24,000 SECURITY SYSTEMS, INC. 3920 Delaware Des Moines, IA 50316 [515]265-1161 If your bank needs a qualified officer, we have many more applicants in a wide range of experience. Call: Malcolm Freeland, Freeland Financial Service, Inc., 306 - 15th Street, Des Moines, Iowa 50309. Phone (515) 244-8163. Employer pays fee.________________ with assets in excess of $1 billion desires experienced commercial lender. Work primarily with national accounts. $40,000 OPERATIONS/AUDIT - prefer degree and 2-4 yrs. bank experience. Opportunity to understudy for second position in $40MM bank. $20,000 EXEC. VICE PRES. - successful candidate will be well experienced commercial lender (7 figure credits) with proven record of new business development. Suburban $50MM bank. $40,000 CREDIT ANALYST - step into a junior commercial loan position with a large metro area bank; 2-3 yrs. formal credit analysis experience required. $22,000 Packages 1. Blanket Bond, Director & Officer, Trust E & O flUTDmflTEO SVSTECTIS 2. Automobiles OF lDLLJfl,inC. 3. Single Interest 301 N Ankeny Blvd., Suite 220 4. Fire & Liability Ankeny, la 50021 515-964-1358 5. Crime (safe deposit, cash letter, etc.) INSTALMENT LENDER - bank or finance company experience desired. Bank is located in a quickly growing energy area in a Rocky Mountain state. $$Open All inquiries confidential. Please forward resume’ and salary history to: TOM HAGAN & ASSOCIATES of Kansas City P.O. Box 12346,2024 Swift North Kansas City, MO 64116 816/474-6874 “Serving the Banking Industry S in c e l970." Vol. 10 No. 5 Northwestern Banker Newsletter [USPS 873-300] is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309. Subscriptions $1.00 per copy, $15.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address [Form 3579], manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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