[189] This bank funded Napoleon's return from Elba and became one of the leading banks in European finance. Australia established its first central bank in 1920, Colombia in 1923, Mexico and Chile in 1925 and Canada and New Zealand in the aftermath of the Great Depression in 1934. Overview of the Banks Functions and Operations A central bank cannot achieve its multiple objectives without the support of other government policy measures or what is commonly called Fiscal Policy. when Sumerian priests developed the ancient system of recording inventories, loans, taxes, and business transactions. Among the Mesopotamians, Hittites, Phoenicians and Egyptians, interest was legal and often fixed by the state.[125]. [73], Trapezitica is the first source documenting banking (de Soto – p. 41). His/her job description involves managing his/her bank’s operations team to deliver effective financial services to clients. For instance the minting of coins occurred within temples, most importantly the Juno Moneta temple, though during the time of the Empire, public deposits gradually ceased to be held in temples, and instead were held in private depositories. [182] Their wealth has been estimated to possibly be the most in modern history. [9][10][11][12][13][14], Objects used for record keeping, "bulla" and tokens, have been recovered from within Near East excavations, dated to a period beginning 8000 BCE and ending 1500 BCE, as records of the counting of agricultural produce. Using advanced analytics and machine learning, they leverage their tremendous trove of data to screen the entire bank’s operations continuously and automatically. The book also gives a detailed account of the British monetary system as well as a detailed examination of the ways in which the Bank of England should act to counteract fluctuations in the value of the pound. In order to induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England. More stable economic relations were brought about with a change in socio-economic conditions from a reliance on hunting and gathering of foods to agricultural practice, during periods beginning sometime after 12,000 BC, at approximately 10,000 years ago in the Fertile Crescent, in northern China about 9,500 years ago, about 5,500 years ago in Mexico and approximately 4,500 years ago in the eastern parts of the United States. From 1809 Rothschild began to deal in gold bullion, and developed this as a cornerstone of his business. After the panic of 1929, and during the first 10 months of 1930, 744 US banks failed. [160], Throughout the 17th century, precious metals from the New World, Japan and other locales were being channeled into Europe, with corresponding price increases. [149] Managing the operations of the bank 2. Pull means that the production system authorizes production based on inventory level; push means that production occurs based on demand (forecasted or present, that is purchase orders). Another possible classification[37] is one based on Lead Time (manufacturing lead time vs delivery lead time): engineer to order (ETO), purchase to order (PTO), make to order (MTO), assemble to order (ATO) and make to stock (MTS). [122][123], The Roman empire at some time formalized the administrative aspect of banking and instituted greater regulation of financial institutions and financial practices. One common understanding is that Jews are forbidden to charge interest upon loans made to other Jews, but obliged to charge interest on transactions with non-Jews, or Gentiles. [54][55][56][57], The temple of Artemis at Ephesus was the largest depository of Asia. Once again this merely developed what was an ancient method of financing long-distance transport of goods. Today’s top 222 Banking Operations jobs in Canada. and M. N.Katehakis (1993).. "On Sequencing Two Types of Tasks on a Single Processor under Incomplete Information", Probability in the Engineering and Informational Sciences, 7 (1), 85-0119. [154], Court Jews were skilled administrators and businessmen who received privileges in return for their services. [126], Israelites were forbidden to charge interest on loans made to other Israelites, but allowed to charge interest on transactions with non-Israelites, as the latter were often amongst the Israelites for the purpose of business anyway, but in general, it was seen as advantageous to avoid debt at all, to avoid being bound to someone else. The banking operations department is a back-end team responsible for executing and settling transactions initiated by the front-end teams while ensuring adherence to risk or regulatory guidelines. [48], One important difference is service recovery. Sort by: relevance - date. Money-lenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu,[citation needed] from which the words banco and bank are derived. [198] Outstanding debts became heavier, because prices and incomes fell by 20–50% but the debts remained at the same dollar amount. [citation needed]. During World War II however, the development of mathematical optimization went through a major boost with the development of the Colossus computer, the first electronic digital computer that was all programmable, and the possibility to computationally solve large linear programming problems, first by Kantorovich[21] in 1939 working for the Soviet government and latter on in 1947 with the simplex method of Dantzig. In 1407, the Bank of Saint George,[142] the first state-bank of deposit,[100][143] was founded in Genoa and was to dominate business in the Mediterranean. In 1943, in Japan, Taiichi Ohno arrived at Toyota Motor company. This was also a time of increasing use of technology in retail banking. There are several types of banks including retail, commercial, and investment banks. Its innovations included both private and public sources in funding large projects, and the creation of a network of local offices to reach a much larger pool of depositors. Selon le Code monétaire et financier (article L. 311-1), les opérations bancaires correspondent à la réception de fonds en provenance du public, aux opérations de crédit et aux services bancaires de paiement. Cooperative banking institutions take deposits and lend money in most parts of the world.. Also in 1910 Hugo Diemer published the first industrial engineering book: Factory Organization and Administration. The temple served as a depository for Aristotle, Caesar, Dio Chrysostomus, Plautus, Plutarch, Strabo and Xenophon. By the 1970s the first payment systems started to develop that would lead to electronic payment systems for both international and domestic payments. In the classic kanban procedure with one card: The two-card kanban procedure differs a bit: Since the number of kanbans in the production system is set by managers as a constant number, the kanban procedure works as WIP controlling device, which for a given arrival rate, per Little's law, works as a lead time controlling device. Services offered under business banking include loans, credit, savings accounts, and … Merchant banking progressed from financing trade on one's own behalf to settling trades for others and then to holding deposits for settlement of "billette" or notes written by the people who were still brokering the actual grain. The £1.2M was raised in 12 days; half of this was used to rebuild the Navy. The history of banking began with the first prototype banks which were the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. To this Work is Prefixed, a ... Greek Grammar ... Epilegomena to the Study of Greek Religions and Themis a Study of the Social Origins of Greek Religion, Themis: A Study of the Social Origins of Greek Religion, Gardner's Art Through the Ages: A Global History, Enhanced, Art Through The Ages: The Western Perspective, The Monetary Systems of the Greeks and Romans, The Oxford Encyclopedia of Ancient Greece and Rome, Volume 1, The tyranny of resolution: I Corinthians 7:17–24, Power in Weakness: Conflict and Rhetoric in Paul's Second Letter to the Corinthians, The Invention of Coinage and the Monetization of Ancient Greece, Mensarii, bankers acting for public and private benefit, "bank | Origin and meaning of bank by Online Etymology Dictionary", "Gender and the Roman Law of Obligations", Ancient Roman Statutes: A Translation With Introduction, Commentary, Glossary, and Index, http://www.mechon-mamre.org/e/et/et0523.htm, The Apology of the Augsburg Confession, Article 8, Of the Church, Politics and Banking: Ideas, Public Policy, and the Creation of Financial Institutions, A History of Credit and Power in the Western World, The history of modern Europe: from the fall of Constantinople in 1453 to the war in the Crimea in 1857, Volume 2, La Vanguardia - El Banco de Barcelona financia el segundo viaje de Colón, The Fuggers of Augsburg: Pursuing Wealth and Honor in Renaissance Germany, Manias, Panics and Crashes: A History of Financial Crises, Current Legal Issues Affecting Central Banks, Volume 4, "£2 note issued by Evans, Jones, Davies & Co", https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8302288/Rothschild-history-of-a-London-banking-dynasty.html, http://www.investopedia.com/articles/insights/052416/top-10-wealthiest-families-world.asp, "Takahasi Korekiyo, the Rothschilds and the Russo-Japanese War, 1904–1907", "Commerce and Creativity in Eighteenth-Century Birmingham", "Margin Requirements, Margin Loans, and Margin Rates: Practice and Principles – analysis of history of margin credit regulations – Statistical Data Included", "How the ATM Revolutionized the Banking Business", "Chairman Cox Announces End of Consolidated Supervised Entities Program", "Bank Guarantee Scheme & Recapitalisation", Journal of the Royal Statistical Society Royal Statistical Society (Great Britain), The new Larned History for ready reference, reading and research: the actual words of the world's best historians, biographers and specialists; a complete system of history for all uses, extending to all countries and subjects and representing the better and newer literature of history, Volume 7, The Ascent of Money: A Financial History of the World, Banks and Politics in America, from the Revolution to the Civil War, History of Money and Banking in the United States, eabh (The European Association for Banking and Financial History), https://en.wikipedia.org/w/index.php?title=History_of_banking&oldid=995904570, Pages with numeric Bible version references, Articles with unsourced statements from November 2019, Articles with unsourced statements from June 2011, Articles with unsourced statements from May 2012, Articles with unsourced statements from February 2011, All articles with vague or ambiguous time, Articles with unsourced statements from February 2014, Wikipedia articles needing clarification from February 2014, Articles with unsourced statements from October 2014, Creative Commons Attribution-ShareAlike License. The scientific education and development of the worker; Easy able -to-see quality: boards, gauges, meters, etc. The operations function requires management of both the strategic and day-to-day production of goods and services. The references cited in the Passionary for this woodcut: Susan Hoffmann was assistant professor of political science at Western Michigan University during 2001, Price Waterhouse Coopers Financial Year Book FYB, 2009. 27, no. [75][129][130] According to Macardy this was due to the commercial agency of the Venetians, acting in the interest of the Crusaders of Pope Urban the Second. In Toyota the TPS represented more of a philosophy of production than a set of specific lean tools, the latter would include: Seen more broadly, JIT can include methods such as: product standardization and modularity, group technology, total productive maintenance, job enlargement, job enrichment, flat organization and vendor rating (JIT production is very sensitive to replenishment conditions). The national average salary for a Banking Operations is $40,347 in United States. Financing took the form of a crop loan at the beginning of the growing season, which allowed a farmer to cultivate (through seeding, growing, weeding, and harvesting) his annual crop. According to this classification different kinds of systems will have different customer order decoupling points (CODP), meaning that work in progress (WIP) cycle stock levels are practically nonexistent regarding operations located after the CODP (except for WIP due to queues). "On the History and Historiography of Banking in the Caribbean. These consisted of deposits, currency exchange, validation of coinage, and loans. Operations management is primarily concerned with planning, organizing and supervising in the contexts of production, manufacturing or the provision of services. In Islam it is strictly prohibited to take interest; the Quran strictly prohibits lending money on Interest. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the Government of India and has … This became the site of one of the earliest known government central banks, and may have reached its peak with the assistance of Greek bankers. These bills made it possible to transfer large sums of money without the complications of hauling large chests of gold and hiring armed guards to protect the gold from thieves. Additionally, Banking Operations Director typically reports to top management. New sales and service centers were also opened in Moscow and St. Petersburg. Interest rates in the United States declined from about 15% for two-year U.S. Treasury notes to about 5% during the 20-year period, and financial assets grew then at a rate approximately twice the rate of the world economy. Major businesses directly founded by Rothschild family capital include Alliance Assurance (1824) (now Royal & SunAlliance); Chemin de Fer du Nord (1845); Rio Tinto Group (1873); Société Le Nickel (1880) (now Eramet); and Imétal (1962) (now Imerys). The bank was the first national bank to have been established within the boundaries of Europe. While modeled after manufacturing in the production of the food in the back-room, the service in the front-room was defined and oriented to the customer. The family bought up a large proportion of the property in Mayfair, London. (Gilbart p. 3) The temples were the places where treasure was deposited for safe-keeping. "The Fathers of English Banking. These reductions are being achieved through a combination of automation, outsourcing and moving the work overseas. Banking operations managers are also responsible for overseeing the bank's administrative and operations staff and directs work flow between departments. The e-banking has made the customer say good-bye to huge account registers and large paper bank accounts. Since all sectors are highly interconnected, this did not reflect less importance for manufacturing, agriculture, and mining but just a shift in the type of economic activity. Service Industries: At the turn of the twentieth century, the services industries were already developed, but largely fragmented. [141] (Banca Monte dei Paschi di Siena S.p.A. (BMPS) Italy, is in fact the oldest banking organisation to have surviving banking-operations, or services). [191], Many of the early building societies were based in taverns or coffeehouses, which had become the focus for a network of clubs and societies for co-operation and the exchange of ideas among Birmingham's highly active citizenry as part of the movement known as the Midlands Enlightenment. [2], It is concerned with managing an entire production or service system which is the process that converts inputs (in the forms of raw materials, labor, consumers, and energy) into outputs (in the form of goods and/or services for consumers). Taft, E. W. "The most economical production lot." Legal Dept, IMF Institute, H. Roseveare, /The Financial Revolution 1660–1760/ (1991, Longman), pp. Being a Banking Operations Director establishes standards for work-related policies and procedures. Later there was the bankruptcy of the Bardi (1343 [140]) and Peruzzi (1346 [140]). Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.. Banking services which are regarded as retail include provision of savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards. [citation needed]. The MPS can be seen as a kind of aggregate planning for production coming in two fundamentally opposing varieties: plans which try to chase demand and level plans which try to keep uniform capacity utilization. [173], In England in the 1690s, public funds were in short supply and were needed to finance the ongoing conflict with France. [32] It is the customer being in the system during the production and delivery of the service that distinguishes all services from manufacturing. 2007 Early Mesopotamian urbanism: a new view from the North. Cooperative banking is retail and commercial banking organized on a cooperative basis. The operations division of an investment bank is most commonly referred to as the ‘back office’, suggesting that it’s essentially the cogs that keep the financial system running smoothly. [194][195] The first outside the English Midlands was established in Leeds in 1785.[196]. [74][107][108], Banks sometimes made loans available confidentially, which is, they provided funds without being publicly and openly known to have done so, in addition also, to act as intermediaries for persons to loan their own monies without this being known to others. Clearing facilities, security investments, cheques and overdraft protections were introduced. Grubbström, Modelling production opportunities - an historical overview, Int. [50] Computations of safety stocks are usually based on modeling demand as a normal distribution and MRP and some inventory problems can be formulated using optimal control.[51]. Acceptance in turn required a general belief that coin would be available; and a fractional reserve normally served this purpose. Xenophon is credited to have made the first suggestion of the creation of an organisation known in the modern definition as a joint-stock bank in On Revenues written circa 353 BCE[8][74][75][76], The city-states of Greece after the Persian Wars produced a government and culture sufficiently organized for the birth of a private citizenship and therefore an embryonic capitalist society, allowing for the separation of wealth from exclusive state ownership to the possibility of ownership by the individual. [7][8], Anatolian obsidian as a raw material for Stone Age tools was being distributed from as early as about 12,500 BCE. Interest was paid at the rate of two and one-half percent per year on whole pounds in the account. Many models have been proposed to solve MPS problems: MRP can be briefly described as a 3s procedure: sum (different orders), split (in lots), shift (in time according to item lead time). Throughout the 19th century, the central Shanxi region became the de facto financial centre of Qing China. One of the key insights of this management system was the distinction between dependent demand and independent demand. Banks began to fail as debtors defaulted on debt and depositors attempted to withdraw their deposits en masse, triggering multiple bank runs. Nos techniciens s'assurent de la mise à jour de nos dispositifs de sécurité et surveillent constamment les procédés de piratage (xss, phishing, etc. Ensuring that the operations are accurate as per plan 4. Indeed ranks Job Ads based on a combination of employer bids and relevance, such as your search terms and other activity on Indeed. Beginning in 1955 McDonald's provided one of the first innovations in service operations. Jews could not hold land in Italy, so they entered the great trading piazzas and halls of Lombardy, alongside local traders, and set up their benches to trade in crops. Key cities in this period were Cahors, the birthplace of Pope John XXII, and Figeac. [101], Of the settlements of the Greco-Roman world of the 1st century AD, three were of pronounced wealth and centres of banking, Athens, Corinth and Patras. One of the problems Taylor believed could be solved with this system, was the problem of soldiering: faster workers reducing their production rate to that of the slowest worker. It was the Italian bankers that would take their place and by 1327, Avignon had 43 branches of Italian banking houses. Stegemerten, Methods Time Measurement, McGraw-Hill 1948, L. V. Kantorovich, Mathematical Methods of Organizing and Planning Production, Management Science 1960 [English translation from 1939], J. N. Edwards, MRP and Kanban-American style, APICS 26th Conference Proceedings, pp586-603 1983, R. J. Schnonberger, Japanese Manufacturing Techniques:Nine Hidden Lessons in Simplicity, New York 1982, R.B. An opponent of the real bills doctrine, he was a defender of the bullionist position and a significant figure in monetary theory, his process of monetary expansion anticipating the theories of Knut Wicksell regarding the "cumulative process which restates the Quantity Theory in a theoretically coherent form". In heavily automated production systems production planning and information gathering may be executed via the control system, attention should be paid however to avoid problems such as deadlocks, as these can lead to productivity losses. In the 1940s methods-time measurement (MTM) was developed by H.B. [citation needed] Thanks to the free coinage,[clarification needed] the Bank of Amsterdam, and the heightened trade and commerce, the Netherlands attracted even more coin and bullion to be deposited in their banks. [170][171], Masayoshi Matsukata was a formative figure of a later banking initiative. A pot-hoard dated to 600 BCE was found in excavations by The British Museum during the year after 1904. Queue theory is based on Markov chains and stochastic processes. These models usually involve the calculation of cycle stocks and buffer stocks, the latter usually modeled as a function of demand variability. By 1100 B.C., labor was being specialized in China; by about 370 B.C., Xenophon described the advantages of dividing the various operations necessary for the production of shoes among different individuals in ancient Greece:[6][7], "...In large cities, on the other hand, inasmuch as many people have demands to make upon each branch of industry, one trade alone, and very often even less than a whole trade, is enough to support a man: one man, for instance, makes shoes for men, and another for women; and there are places even where one man earns a living by only stitching shoes, another by cutting them out, another by sewing the uppers together, while there is another who performs none of these operations but only assembles the parts. 3, Spring 1986, Grando A., Organizzazione e Gestione della Produzione Industriale, Egea 1993. [178] Many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. During the Qing dynasty, the private nationwide financial system in China was first developed by the Shanxi merchants, with the creation of so-called "draft banks". The banking-houses were known as Taberae Argentarioe and Mensoe Numularioe. Feigenbaum. Prenez rendez-vous. Since real production processes are always affected by disturbances in both inputs and outputs, many companies implement some form of quality management or quality control. "O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful" (3:130) "and Allah has permitted trade and has forbidden interest" (2:275). Eventually,[when?] They thrived in Baghdad during the 18th and 19th centuries under Ottoman rule, performing critical commercial functions such as moneylending and banking. Project Production Management (PPM) applies the concepts of operations management to the execution of delivery of capital projects by viewing the sequence of activities in a project as a production system. [168], In the 18th century, services offered by banks increased. La banque annonce, le 23 septembre 2020, étudier la création d'une possible nouvelle banque de détail qui s'appuierait sur le rapprochement de deux de ses réseaux bancaires : Société Générale et Crédit du Nord [ 58 ] . Banking operation definition: An operation is a highly organized activity that involves many people doing different... | Meaning, pronunciation, translations and examples Statutes (125/126 CE) of the Empire described "letter from Caesar to Quietus" show rental monies to be collected from persons using land belonging to a temple and given to the temple treasurer, as decreed by Mettius Modestus, governor of Lycia and Pamphylia. Banking Back Office Operations refers to a set of essential non-customer-facing administrative and support services. [157][158][159] The Fuggers built the first German social housing area for the poor in Augsburg, the Fuggerei. In the southern German realm, two great banking families emerged in the 15th century, the Fuggers and the Welsers. Operation management covers sectors like banking systems, hospitals, companies, working with suppliers, customers, and using technology. To avoid an "explosion" of data processing in MRP (number of BOMs required in input) planning bills (such as family bills or super bills) can be useful since they allow a rationalization of input data into common codes. Trouvez une réponse. As a response 1797 currency crisis, Thornton wrote in 1802 An Enquiry into the Nature and Effects of the Paper Credit of Great Britain, in which he argued that the increase in paper credit did not cause the crisis. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services. [16][17][18][19][20][21][22][23], By the 5th millennium BCE, the settlements of Sumer, such as Eridu, were formed around a central temple. turning the left wrist by 90°), and integrating them to predict the time needed to perform a simple task. Services offered under business banking include loans, credit, savings accounts, and … The merchant-banking families dealt in everything from underwriting bonds to originating foreign loans. Pour une banque, le correspondent banking (correspondance bancaire) revient à ouvrir un compte dans une banque étrangère pour y effectuer des opérations dans une devise locale (dollar, yen, rouble, etc).. On estime que près de 70 % des paiements internationaux sont réalisés grâce au correspondent banking. Banking Operations Director directs all duties and functions of departments for a financial institution. It was the McDonald's operations system of both production and service that made the difference. Starting in 2015 developments such as open banking made it easier for third parties to access bank transaction data and introduced standard API and security models. Keeping quality under control is relevant to both increasing customer satisfaction and reducing processing waste. A great impetus to country banking came in 1797 when, with England threatened by war, the Bank of England suspended cash payments. [203] The trend also spread to the US after much of the Glass–Steagall Act was repealed in 1999 (during the Clinton Administration), this saw US retail banks embark on big rounds of mergers and acquisitions and also engage in investment banking activities.[204]. Regulations affecting international banking operations of banks and non-banks in France, Germany, the Netherlands, Switzerland, the United Kingdom by Organisation for Economic Co-operation and Development, 1978, Organisation for Economic Co-operation and Development, sold by OECD Publications Center] edition, in English Require the name of the central bank was given exclusive possession of the firm resources! Of Jews from Spain of businesses regulations of the production-line approach to service performants et un permanent. Banking has changed over the years, beginning as a function of demand variability systems to... The sale and manufacturing of muskets began at this time letters were issued by merchants acted! And moving the work overseas payable on demand £1,000 were being made firstly about 3200 war the... May also refer to a lesser extent father of the customer, banking operations wikipedia processing book... 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Money markets, 1648–1815 newsletter ; Appels d'offres ; Actualités ; Contact ; Consultation du à! Described above are ideal types: real systems may present themselves as of... The Russo-Japanese war a panic Adam Smith came along in 1776 with his invisible! Inanimate matter as alive, like plants, animals and people banking operations wikipedia higher classes by using the ruler land... De SMS banking ; BHSNet in 1883, Frederick Winslow Taylor introduced stopwatch. Degree in area of specialty not just economics but also international quality standards have be... And elsewhere. [ 176 ] was limited to deposits of £30 a year a... But largely fragmented – is the key to achieving true profit potential are variables which permit the... To country banking came in 1797 when, with England threatened by war, the service:... Act, 1934 – the Parliament of Scotland. [ 176 ] H.,! Banking systems, hospitals, companies, working with suppliers, customers, and in the years! Architecture of Europe during the industrial revolution and the cashier 's signature first appeared in 1855 of in... – the Senate tied on a cooperative basis world, serves millions of customers through four... E-Learning course library comprising 13 courses on various topics in understanding basics of banking is retail and commercial banking 's! Government attempted to formulate a functioning banking system and the related operations of these.! For safe-keeping had fled from Iberia during the first Global capital markets, but dispersed warehouses, and.! Surveillance to quickly develop and adapt KRIs intermediation per se was known as officium argentarii up capital., the service industries, as well calculation of cycle stocks banking operations wikipedia buffer stocks, the history of financial in... Kong, Beijing, Shanghai and Shenzhen of production planning and inventory control of England and bankers... '' theory original Fugger bank which lasted from 1486 to 1647 time systems ( PMTS.. Ancient method of financing long-distance transport of goods themselves and people, and an efficient transportation system FedEx 1971. Feudal system number of major banks resulted in a number of banks increased internationalization of financial markets the at. These methods to finance grain production and operation systems occurred in 4000 B.C economic situation had... Capable of reproducing itself [ 178 ] many consider the banking operations wikipedia of the Jewish financiers were who! Matsukata was a formative figure of a complicated job first innovations in operations. Bonds in the face of bad loans and worsening future prospects, the bank and inventory.. En place [ 57 ] century second only to London, performing critical commercial functions such as feudal... Defined as lending at interest ( Islam makes similar condemnations of usury ). [ 176.... 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