Hello everyone, I am Deeksha Jain and I cleared civil services 2018 exam with 22nd rank and my optional was English Literature. In this video, I will be talking about in detail about how I prepared for the optional and what all one has to do to clear this exam with English Literature. Okay, so the first thing that I want to go to is the sources and the books to refer for this optional. Before doing any books, what I feel is important is to read previous your question papers related to the cortex. Now, once you read the previous your question papers, you will have an idea about what kind of questions UPSC tends to ask in English Literature. For this, after reading the question paper, these are the sources that I referred to and which you I feel also one should refer. The first and the most, most important source is the cortex. In English Literature, we have dramas, poetry and novels and background topics. For the dramas, you have to read the original play. If you have any difficulty in reading Shakespeare because the language is a little archaic, you can also go for online sources like No Fear Shakespeare to see the exact translation so that it is better for you to understand the play. Apart from that poetry, novels, you have to read the core text and that is very, very important. While you are reading the text, please make sure that the previous your question papers that you read about that text, you keep those in mind because then when you read the text, you will know what are the important parts of the text which you should keep in mind. What is your own analysis of the text based on the questions that UPSC tends to ask? Okay, after the core text are done and 70 percent of the preparation is just the core text, I would even say 80 percent. Anything else is, I mean, addition to this. For the background topics, what I did was just Google. So we have background topics like the Elizabethan age or the Jacobian drama. So for this, what you can do is you can just Google these words and you will find multiple sources like your spark notes and you will also find some more literary sources. Just note down 5-10 points about that particular topic and you are good to go. It will be a 10 marker question and if you are able to put in all those paragraphs and with evidence from the text related to that background topic, then you are good to go, you will get good marks in that answer. Okay, now the second source that I personally found helpful was introductions to the text. Whenever you buy these texts, there will be different editions. For however many texts, you can find a worldview edition, it is very good. The introduction is usually very well written. So what happens, but other introductions are also fine. When you read an introduction, it is usually a person who has done some research on the text and they write about all the aspects of the text in that introduction. So it will give you a good overview. You can also collect critical comments from that introduction. So it is not necessary that you will find an introduction for every text, but for many you will find and for those texts it will be very useful. Okay, now after the introduction, in introduction one example that I would like to give. Now the foreword to Kantha Pura written by Raja Rao, it is brilliant for that text because it has all the themes of the text and it has very beautiful quotations also that you can use in the answer and it is very short, it is just one and a half pages. So it is not a proper introduction, but then it is very useful. So introduction, foreword by the author, all these things you should pay attention to. Okay, after that you can go for online sources. In online sources what you can do is you do not have to go too much in detail. So what happens is that when we read a text, there will be certain analysis and understanding that we will have and that will be the core of our answer. But many times we sort of feel that in a particular area our understanding is lacking. For example, maybe I might feel that in Pride and Prejudice if I were to get the question that I need to do a feminist analysis of the text, I might feel that I do not have enough number of points or I still am trying to understand the text. In such cases you can just type this feminist reading of Pride and Prejudice. You can go to online sources like Litchards, Sparknotes and even more literary sources like JStore and you might find some scholarly articles. Do not spend too much time on it, just give it 1 day, 4-5 hours, note down whatever you can from these articles if it is useful, build your understanding and then leave it. Whatever notes of like 1-1.5 pages that you have made is all you are going to require from that. Okay, after the online sources one more thing I would like to say is that in going to the introduction there are not in addition of text also and the introduction is very very heavy, it is the introduction itself is 50-80 pages. So please do not go that much in depth, what UPSC requires is your understanding first and after that if you give a little bit of you know critical comments it is alright and secondly you would not have the time in UPSC preparation to go into so much depth of every text. So I would say that if you find that something is too lengthy then avoid it but if the text is too lengthy you cannot avoid it, the core text has to be right, it is a compulsory thing. One more source is Ignomaterial. So what I found was that Indra Gandhi Open Institute of Learning for ME it has many texts which are there in the English literature optional. So for some in which I was looking for some content for Pride and Prejudice for example I was looking for some content. So I went to their website, I downloaded the PDF, I went through it, I made little notes from it and that was it, it helped me in sort of enhancing my answers. So I found that material to be decent, it is not very good but then decent will get you decent marks in UPSC also. Now all our sources are done, now we are talking about the preparation strategy how to go about the preparation of this paper. Now how I went was first was to read the previous your questions. Then read the core text, the core text is very very important. So when you are reading the text I would always do this whichever quotation I think is useful and important, I used to note it down to be used in answers. For example, so in Milton's Pride and Prejudice if there is a question that do a psychoanalytical reading of Pride and Prejudice. If you start your answer or if you use this quotation in the answer from Paradise Lost itself that the mind is its own place and in itself can make a heaven of hell or a hell of heaven. This is the core way in which you can understand hell and heaven as the states of mind. So this quotation will be very impactful. So look out for such quotations which are relevant to the answers and which personally you feel that these are beautiful quotations and when you use them it will put a smile on the examiner's face and it will indeed it will fetch you extra marks. Second thing is so whenever you google around please don't go too much in detail. What I used to do was after reading the text I would just do a general I would go to lit charts I would see if there is somewhere where I am lacking depth. I would go and google those things. I did not you know compulsively google everything about every text because that is not required. Wherever you feel that preparation is required there you use online sources more. If you feel that the introduction that you have read or the understanding that you have is enough then it is perfectly fine. Okay now third thing is answer writing. Answer writing is the most important thing generally for UPSC means but also for UPSC optional paper. In English literature how do you practice answer writing? Firstly please use previous your questions to practice answer writing because the major themes that are asked in UPSC are the same they are being repeated because there are four or five themes for each text and only they keep getting asked in a cyclical manner. So the more you practice the more you will be prepared for the questions which will come in the exam. Okay now I wanted to discuss a little bit in detail about answer writing. So okay firstly in answer writing what is important? A good introduction and a good conclusion is always important. In introduction what you can do is you can begin by a quotation or you can begin by your own understanding which is well framed and apt to the question that is being asked because the introduction has to be bang on on the question. Please do not do this that you in the answer you have just summarized the entire text that this happened and then this happened then she said this to this person because that is not what they are asking they are asking for your analysis. So the answer has to be analytical and not a summary based answer. Another thing in answer writing is use of quotations as I mentioned earlier the more quotations at least use three four quotations in one answer it will fetch you at least four or five extra marks I can tell you that much. In answer writing whenever you make a point whether it is for example if you are making a point that Alexander Pope in the rape of the lock satirizes the conventions of the society of that time then please give evidence of it also and evidence is what evidence is one is quotations from the text two it is incidents from the text also if you do not remember the exact quote you can say that for example you can say that cutting the lock of Belinda was also a satire on the on the way women on women and their vanity of during that period of time. So that evidence will act as good as a quotation you can use a quotation elsewhere where you remember the exact quote. So use evidence to back up your point because if you just make a point without evidence then then you will get no marks for it it will be very vague and very generalized okay. Third thing about the answer is that paragraphs should be well connected it is not a GS paper answer that you can just write in point form and just way you know you can't the literature answer has to be a cohesive whole you the a person must feel that you know from beginning to end it is one piece and if there is a good answer one does not feel it feels so effortless because you start reading and you end reading and it seems like everything has been said without any effort at all. So that is the way you should judge your answer if you feel that your answer is becoming abrupt then try to correct those things try to make it more jointed and more wholesome okay. The next thing is that language based in UPSC the time allotted for a question is very less I am from an English literature background and we used to write eight sheets like eight sides of a sheet for the same answer in which UPSC you will get only four sheets three sheets or even two sheets. So the idea is that you have to say all of that but you have to say then much fewer words so how do we do that first thing is language based you need to use shorter and more direct sentences you can't be talking about in a you know if you can reach a place directly please don't take the zigzag route even though the zigzag route might be more beautiful and more artistic the more direct and the more to the point you are in the answer it will be more impactful and you will be able to say much more in your answer. In this regard also what you can do is that in university what we used to do that for one making one point we would give multiple evidences from the text that if I am saying that that this that Elizabeth is a very strong character and then I will give one evidence then two evidence then three evidence just making one point so that increases the length of the answer it also shows that you've read the text well but in UPSC that is not required you give one good evidence for one point with this what will happen is that you will be able to include more points you will be able to include diverse kind of quotations diverse kind of evidences and it will enrich your answer what you were saying in eight sides is it is possible to actually say it in only four sides but it has to be done very meticulously and the only way to get there is to practice the more answer writing you practice the better your answers will become and for this there is a word of caution please practice with a timer you because UPSC will give you seven minutes for a 10 marker I think around 14 minutes for a 20 marker so if you are taking 20 minutes to write a 20 marker answer then you will not be able to complete the paper then it will be pointless because other answers which you knew you will not be able to contribute anything to them the idea is that whenever you practice answers practice with a timer even if the quality goes back you practice again and slowly the quality will improve another way of doing it is also that you improve the quality first and then try to crunch it in time but I found the former way to be more useful because then once you get used to writing in a particular amount of time then your mind starts working like that so practicing in a timer is very very important the last thing which I found was important for my preparation was making consolidated notes as I have mentioned earlier also whenever I read a text I used to note down the quotations if I felt that I had a different perspective a way of looking at that text then I would also write down my point of view in that paper apart from that I would also mention if I have read some quotations somewhere some critics comments which I feel could be relevant to the answer something from the introduction or online sources then I would note all these things down in a piece of paper now what this will lead to is a four five sheet stapled sort of eyes to staple them so four five sheets of notes for one text two sides for a background topic and these can be easily revised this time we had a seven day break between before the optional paper and I could go through all my notes for all the text before the exam and I can tell you that really helps because then you feel very refreshed and you feel in control of the exam and it is easier to remember quotations if you revise them recently so do me consolidated notes it is very useful and it really helped me a lot and I think that is it from my side I personally I did not take any classes there are hardly any classes available for English literature I did all of this on my own I also got guidance from my mentor Mr. Gaurav Gurd he is an IRS officer who also cleared on his own with English literature as a background so it would be good if you can find somebody who can check your answers because then you can get feedback on that you can talk to college professors you can talk to previous year people like me or other people who cleared with English literature there are many people so it would be good if you can find somebody to correct your answers and that would be all it is a great option to have because the beautiful thing about literature is number one it does not feel like studying at all so if you get bored after four days of studying GS you can just pick up a novel you can pick up a poet and you can enjoy yourself and study at the same time and it is a very beautiful thing even to this day even I don't remember my GS papers that well but I do remember my literature paper very well because a lot of love and affection has got into it so I hope you enjoy it as much as I have enjoyed giving this paper thank you so much don't forget to subscribe with us and press the bell icon to never miss the video on Chanakya IES Academy


So, welcome back everyone. I hope you had a good lunch time and made lots of connections and got to know your fellow researchers. So, let's continue with session number two. We have three more papers actually that are mortgage market related. So, I'm really happy that we have so much interest in so many research papers on that topic because it's really important for central banks because, yeah, well, the mortgage market is hugely important from a financial stability perspective. So, let me briefly introduce the three speakers that we have in our lightning session. So, lightning session, it's the first time I hear this term. So, lightning session means it's relatively short presentations, 15 minutes, and then we don't have a discussant and the Q&A, but we just move on. So, it's really the possibility to get in a number of papers still and I hope you can all appreciate that. And then please use again the coffee break to follow up with questions. So, the speakers are in this order. First of all, Stelios Giannolaques from Athens University and he is doing research and firm dynamics and macroeconomics and he has already been at the ECB actually a couple of years back as a trainee. And the second speaker will be Jaunios Carmelavichos from the IMF where he is financial sector expert and his research interests are around banking, financial stability and macro potential policies. And then last but not least, Claes Backmann who is working at the Department of Economics and Business Economics at Arhus University and will very soon join the SAFE here at Frankfurt University. So, you have actually both affiliations almost and he has a strong research portfolio related to mortgage markets. So, I will give the floor to you Stelios. You can go over there. Hello everyone. Thank you for being here. I know that it's difficult to present after the lunch but I will do my best. Let me say that this is a joint work with Eugene Tereanu and Marco Forleta from the ECB and with Marco Gross from the National Monetary Fund. The main theme we are addressing in this paper is how borrower based macro potential policy measures can improve the resilience of both households and banks. Let me start with a few words about the motivation of the study. During the last decade, borrow based measures have been increasingly implemented across the European Union. Of course, the eruption of the pandemic crisis has slowed down the implementation both within and across the European countries. However, in the light of the recovery from the recession, borrow based measures have been called again upon to address the buildup of vulnerabilities in real estate markets. And indeed many European countries started to tighten their borrow based measures in 2022. Moreover, in the context of the review of the European macro macro potential framework by the European Commission, both ECB and the European systemic risk board has underlined the need for a harmonized definition of lending standards. The risk board took further by suggesting the direct inclusion of borrow based measures in the Polish toolkit of the European Union. So what we do in this study is to contribute into the literature by developing a quantitative tool for assessing the role of borrow based measures. First, in enhancing the households resilience and with the term resilience, we mean lower probabilities of defaults and losses given default. A key advantage of our paper is that it takes into account the side effects of borrow based measures, which is nothing else than a reduction in the mortgage loans volumes. Second, our model can evaluate the role of borrow based borrow based measures in improving banks capital ratios through the improvement of their mortgage portfolios. Finally, we can use our model to analyze the policy heterogeneity of borrow based measures across the income and wealth distributions of households. Okay, I can skip this to save some time. Now, which are the key messages of our study? We find that the implementation of borrow based measures and specifically their joint implementation can not only improve their resilience of households. Second, we find that borrow based measures can improve capital ratios of banks through the improvement of their mortgage portfolios. The lower probabilities of defaults and losses given defaults of households improve the mortgage portfolios of banks and through them their capital ratios. Finally, we found that the resilience benefits of borrow based measures for households is more profound for low income and low wealth households. Let me move to the mechanics of our model. Our model has three modules, a micro economic module that help us to describe the micro economic condition of each country, a micro module that help us to quantify the improvement of household risk metrics after the implementation of borrow based measures and a bank e-back module that help us to see how borrow the implementation of borrow based measures can improve the capital ratios of banks. Let me start with the micro economic module is a six variable structural bar. You can see the six variables here. The most important of them is unemployment, house prices and credit to the private sector. The micro economic module, the structural bar model serves two goals. First, it helps us to stimulate a bunch of forward paths for these six micro economic variables. And second, by using sign restrictions, we can obtain the responses of these six variable to a credit shock. We will use this e-back responses of these variables to quantify the adverse effect of borrow based measures, which is nothing else than a reduction in mortgage loans. Let's move now to the micro economic module. It has two parts. The first part is an employment status simulator that give us a bunch of forward paths for the employment status of household members. We obtain these forward paths in a way to match the aggregate unemployment rate from the structural bar. The second part of the micro economic module is a household balancing simulator. This simulator takes as an input the outputs of the previous modules and quantify the probabilities of defaults and loss given defaults for each household. Also, how we work on it, we try to detect default scenarios and default events for households. The default criterion we use is negative financial assets. Now, the negative financial assets of households depend on macro economic conditions. Recall that we have a bunch of forward paths for micro economic variables and first a bunch of different macro economic scenarios. This means that we have a bunch of different default scenarios for households. Since we have many scenarios default scenarios for households, we can define the probability of default. Given that we can define losses given default. The last module of our model is the bank e-back module. What this module does, it attaches the improved probabilities of default and losses given default or the mortgage portfolios of banks. So, we have lower unexpected loan losses, mortgage loan losses for banks and lower risk weighted assets. This means that we have better capital ratios. Very briefly, let me say a few words about the transmission of borrow based measures in our model. It is a two-step mechanism. First, we both regularity limits on the three borrow based measures we are examining here. The loan to value ratio, the debt service to income ratio and the debt to income ratio. These regularity limits can be either individual or joint, a combination of the three borrow based measures. And we both these regularity limits under the baseline macro scenario as it formed by the structure of our model of the macro economic module. These regularity limits restrict new high-risk lending, reducing the number of default episodes for households and thus leading to lower probabilities of default and losses given default. However, as I said earlier, borrow based measures have an adverse negative effect, which is nothing else than a policy-induced reduction in mortgage loans, in mortgage loan volumes. Our models quantify this policy-induced reduction and scale it using the impulse responses from the macro module as I said in the previous slide. Now, the quantified side effect is fed back into the micro economic module of our model, adapting the macro economic conditions. The deterioration of the macro economic conditions affect the financial assets of households, leading to more to a higher number of default episodes. Since we have a higher number of default episodes, we have a higher probability of default and given that higher losses given default. Of course, as we will see in the next slide, this side effect of borrow based measures is not quantitatively sufficient to cancel out the resilience benefits from borrow based measures. Very briefly, if you've heard about the data, our model combines micro economic data from the household finance consumption survey with macro and bank related data from several sources. You can see some of them here. Okay, I will skip this to save some time. Let's move very fast to the results. This figure here summarized the baseline results of our model. The left figure illustrates the distribution of country specific probability of defaults. Let me say that we simulated our model for 19 European countries. So here you can see this 90, the simulated 19 probability, the distribution of this 19 probabilities of defaults. We run four scenarios. The first scenario, it is the green bar here, is a scenario with a no-police scenario without the implementation of borrow based measures. There are four other scenarios, one with the implementation of each borrow based measure separately and one, the left one, with the joint implementation of these measures. The right figure shows the distribution of the country specific losses given default. Two important points here. First, both income and collateral based macro conditional policies improve the resilience of households in terms of lower probabilities of defaults and losses given default. Second, the resilience benefits for households are much stronger when policy limits are imposed jointly. Let me move to the results from the bank eBank module. So the reduced probabilities of default and losses given default improve the mortgage portfolios of banks, leading to lower expected losses and lower risk weighted assets. And these two positive effects lead to higher capital ratios. The left figure here shows the change in capital ratios of the 19 countries, 19 European countries. It shows the change between the non-police scenario and the scenario with the joint application of borrow based measures. As we can see here, the joint implementation of the measures has led to an increase in one percent and point approximately. The other two figures decompose this positive effect between the eBank of the reduction in lower losses and the impact of the fall in a risk weighted assets. As we can see, the 80 percent of the increase in the capital ratios is due to the fall in a risk weighted assets, while only the 20 percent of this positive effect is due to the reduction in mortgage loan losses. Now let's move to the distributional effect of borrow based measures. The left figure here shows the reduction in probabilities of defaults under the in the scenario with the joint implementation of borrow based measures relative to the non-police scenario. We do this for households with high and low income, namely for households above and below the median of the income distribution of households. As we can see here and in the right figure, we have the distribution of the reductions in losses given default. As we can see here, the resilience benefits from the implementation of borrow based measures is more profound for households with low income and we have the same results even when we examine the wealth distribution. Very briefly, let me summarize the main results of this paper. Again, we find that borrow based measures can not only improve the resilience of households and especially where they are jointly applied. We also find that borrow based measures can support bank solvency ratios through their improvement of their mortgage portfolios. And finally, we find that the resilience benefits are most important for households with low income and low wealth. Thank you. Thanks very much, Celius. Also for superb timekeeping. So, Janius, first yours. Hello everyone. It's a pleasure to be here. Today, I would like to present you a joint paper with my colleague Mantas Dirma. The paper is titled Microassessment of Macro-Predential Borrowed Based Measures in Lithuania, which is basically sharing of our experience and calibrating the BBMs using micro data. The usual disclaimer applies. I'm going to provide you some background. Overview the methodology, which gives an assessment of BBMs and lay ground for conclusions. So Lithuania adopted macro-predential borrow based measures back in 2011 through the enactment of responsible lending regulations, which we call ASN as per Lithuanian acronym. And the package, as a whole, consists of five measures that include the LTV of 85%, DSTI of 40%. Stressed DSTI of 50%. You have a maturity limit of 30 years. And you have a newest piece of regulation, the LTV for secondary mortgages, which was issued back in 2022. And it stands at 70%. Mortgage loan is said to be secondary. If during its inception, the household has at least one other active housing loan. And the package was aimed primarily to boost resilience and then desirably can also act counter-cyclically. However, during the low-rate environment, we were facing a couple of issues. First off, there was a really hot housing market in Lithuania, one of the hottest in the European Union, which kind of culminated in a mortgage credit overflow measured at 15%. We had a house price overvaluation of 20%. So a natural question may arise, how is it that we have had macro-predential policy for a decade? And yet we are still facing these vulnerabilities. So it may be that the BBM framework, as a whole, is not effective in putting a backstop to the successive growth or either the BBM parameterization is not stringent enough. The other issue we were facing was the increasing prevalence of secondary mortgages, which we found out that due default more often, they often have higher DSCI ratios and surprisingly, they have high LTVs, which are concentrated around 80%, just below the 85% headline limit. And as a bonus to that, they had additional fuel to the already hot housing market. What we do in this paper, we try to address three questions about the efficacy of the BBM package in containing credit risk, about the limits, their parameterization, is it adequate, and what is the necessary regulation for secondary mortgages in terms of LTV. And to do so, we develop a complete credit risk framework that models expected credit lifetime losses, which use PD, LGD models that are all based on micro data. So let me turn briefly to the methodology. The data is from the household credit register, which is combined with household income data spanning from 2004 to 2020. And for credit risk assessment, we model loan level default offense and credit risk is defined as the expected credit loss that is equal to the PD times LGD, where the latter two parameters are modeled separately in a one year ahead framework, particularly PD is modeled as a simple logistic regression, where we regress household default dummies on household loan characteristics, macro variables, and importantly, BBM related variables that are measured at loan origination at the point when BBM limits can really control household leverage. And they enter the equation nonlinearly using a cube explain specification. What is more, the LGD is computed using a simple accounting rule that is based on loan parameters and amortization schedule features because we don't really observe loan by loan losses. I'm not going into the detail about the PD model results, but all coefficient signs are as expected. They are highly statistically significant, and the model's discriminatory power in terms of OROC statistic that is measured out of sample stands at 90%, which is pretty high. Instead of merely looking at one year PDs and one year LGDs, we want to evaluate a lifetime's worth of credit risk, credit risk for each loan. And to this end, we compute the expected lifetime credit loss that is based on each loan's amortization schedule and the evaluated PD LGD parameters that also vary throughout its life cycle. We will be using this methodology to assess BBMs. And the first question in hand is the efficacy of the BBM package as a whole. And to shed light on that issue, we are displaying these charts which show the distributional characteristics of factual LTV, DSTI, and maturities throughout 2005, 2020 for loans that originated in the period. So preceding the GFC, we see a little bit of risk-taking that elevated along with elevated LTVs, DSTIs, and maturities. Post-GFC period saw market self-correction, thus the introduction of ASN requirements wasn't really distortionary at the time. However, current BBM framework still ensures that the market mortgage risk parameters are constrained and don't really go over the top. We used our modeling framework to simulate historical lifetime PDs and lifetime expected credit loss rates that are measured at loan origination. And from what you can see, the credit risk now is much smaller compared to the pre-regulatory era. What is more, we did this counterfactual experiment where we saw that during the crisis of 2009, mortgage losses would have been 83 percent smaller had ASN regulation been present in the 2000s preceding the GFC. And lastly, we did this sensitivity test where we introduced a drop in household income and an increase in interest rate. And the test really reveals that households are now much more resilient to stress than in the pre-regulatory era. So let me turn to the adequacy of BBM limits and more particularly the parametrization. Together with my colleague Mantas, we were thinking about the options for tightening had authorities decided to lean against the wind during the low-rate era and a natural starting point to look at that is to look at the distributional characteristics of how binding the measures are. And we concluded that LTV is not really an option for binding tightening because it's already binding for too many people, especially young families who have often have good collateral. And the measure is quite stringent from EU perspective. Therefore, we shifted our attention to DSCI since any binding of a DSCI measure would be less impactful but also less distortionary for the market and more risk targeted. However, it's not clear what is the right DSCI cap from risk perspective. And to shed light on this matter, we computed our model-based marginal effects. That is, what is the marginal impact of the change in DSCI on the probability of default at each different level of DSCI? And we mapped this relationship which resulted in these beautiful bell-shaped curves which have a strong peak maximum, which is basically saying that the probability of default is growing at the maximum possible rate at this point of DSCI. So if you were the regulator, you wouldn't, definitely you wouldn't want to find yourself in such a situation that this fast growing PD would want to be to the left of that curve. However, if you take a look at the ASN requirements in Lithuania, they are already beyond this point to the right, suggesting that during the low-rate environment Lithuania's DSCI limits were on the loose end. Suppose the regulator decided to tighten this measure to correct this. How would households behave? How households would definitely try to lengthen their loan maturities to minimize their loan payments to keep up with the new DSCI requirement. However, the model really showed that longs with long maturities are more likely to default over their long lifespans. Thus, we thought that the DSCI cap should be set in conjunction with the maturity limit. I'm not going to describe into detail of this chart, but suppose there was a situation where the authorities tried to lean against the wind and close the 15% credit gap. They would be exploring multiple options of reducing DSCI and maturity limits. However, the model is basically saying that if you want to close the credit gap and at the same time minimize a lifetime credit risk, the first best option is to do a joint reduction in DSCI and maturity limits to counter the feature that households would try to shift their maturities, prolong their maturities as a result of reduction in DSCI limit. Going back to the issue of secondary mortgages, the model is really showing that secondary mortgages are more likely to default compared to an otherwise identical but single loan. This is an issue, but we can really fix that as a regulator because if the PD of a secondary loan is high, we can counterbalance with strict LTV limits so that the LGD is lower and the expected credit loss is pretty much balanced. However, there is a bigger problem in terms of secondary mortgages because mere issuance of them imposes a negative externality of heightened default risk for existing housing loans that are already out there in the portfolio and you can't really affect them because you can't issue exposed regulation. So to counter that, you would want to tighten the LTV limits even more so to counterbalance the first and the second effects that I have just described. So how to do so? We did this calibration exercise with Mantas where we tried to find a personalized secondary LTV limit for every mortgage that was issued in the history and how did we do it? We were looking for a secondary mortgage limit that would solve this equation and equalize the credit risk of a household having two mortgages with the very same household having one mortgage but with maximal attainable ASN limits. And as a result, we have this chart which basically says that all secondary mortgages should have a LTV limit that is strictly lower than the headline LTV limit of 85%. There is a negative relationship between first mortgages, current LTV and secondary mortgages calibrated LTV limit and the relationship is a bit of a kinked around the 70% first mortgage threshold basically saying that if a household has a first loan that is relatively unamortized or high LTV, then he or she cannot be issued a loan with a relatively high LTV. So that is what actually the Bank of Lithuania implemented back in 2022, imposing the 70% limit on secondary loans and it's also differentiated by the first loan's current LTV limit. So let me jump back to the conclusions and in terms by limiting mortgage DSTI, LTV and maturity parameters which all affect credit risk, the BBM toolkit can be effective in containing credit risk and as we saw from our stress test results borrowers are now more resilient to stress than in the pre-regulatory era. What is more during low rate period according to our non-linear model, the DSTI measures were on the loose end. So if you want to achieve credit reduction targets at the same time minimize lifetime risk the best combination would be the best move would be to combine a joint tightening of DSTI and maturity limits and as per secondary mortgages not only they are riskier but they also impose negative externalities on other loans thus they rightly are and should remain regulated by imposing a more stringent cap. So thank you very much for your attention. Thank you Garnius and then we have Klaas as a final speaker. Hello everyone thank you for for being here. Today we're going to talk about Swedish macro potential policy a policy known as the amortization requirement that basically mandated that mortgages with a LTV ratio about 50% has to be amortized that is repaid. So in practice this this reform banned interest only mortgages for for high LTV loans. So this paper is joined with Patrick Gurand who's at the Fed board and Peter Van Santen who's at the University of Kroningen and the usual disclaimer is applied because the pad is at the Fed board. Okay so to kind of motivate this we're going to note that one of the most important features of the mortgage contract is the repayment schedule so deciding how fast you are going to repay the debt. So the repayment schedule introduces mandatory mortgage repayments mandatory savings that is designed to build home equity over time. This is one of the largest savings plans in the world so there is some data from the United States and that Bernstein and Kudji's paper saying it's about 300 billion dollars a year going into mortgage amortization. If we take a policy perspective on this we can I'm sure you all know that there's an active debate in many countries over whether to prohibit interest only mortgages or to further regulate mortgage design. So financial innovation has meant that there are new products coming up that in a lot of respects tend to target the repayment plan. So in the United States the most famous example is the interest only mortgage that was very popular in the pre-financial crisis that was later removed with the Dodd-Frank de facto ban. In Europe a lot of regulators are looking at banning interest only mortgages or at least regulating this part of the mortgage contract. Now our research question here is going to be what's the impact of these kind of policies on household borrowing and we're going to be specifically looking at borrowing at origination. And what we're going to do in the paper is we're going to exploit this reform that you already saw on the first slide that eliminated interest only mortgages for borrowers with an LTV ratio above 50%. As you saw we're going to document substantial bunching below the threshold meaning that households are voluntarily lowering their loan-to-value ratios in order to achieve you know to get rid of amortization payments. Our results are that this is driven by wealthy households. We don't find any evidence of credit constraint there. In fact only 14% of the households who are placing themselves at this threshold are doing so because of credit constraints. And we don't find any other supply side factors that could explain this. Most probably there's no changes in the interest rate terms. So that's on the empirical side. We want to or we're interested a little bit in the mechanisms behind this. Why are wealthy households so keen on getting an interest only mortgage? And to do that we're going to put up a lifecycle model of well with long-term ratios. And we find that in the baseline model there is no bunching. Households have a number of ways to undo required amortization payments. That means that this kind of policy is just not costly for them. They don't respond in the way that we see in the data. So we put in some some more behavioral features in the contract in the preferences and we're going to argue that the bunching is driven by households experiencing what we call flow this utility amortization payments. Essentially you can think of this as they think that amortization payments are a cost, an interest rate. That's the pattern that's most consistent with our data. And the implication of this is that interest only mortgages may substantially increase aggregate household debt because households are not taking this it's the true cost of the mortgage into account. Okay a little background on the policy and the institutional setting. So you can think of Swedish mortgages as essentially a bank loan with no set maturity where you can pay the interest and amortization. Most mortgages are adjustable rates with no set maturity and that's the kind of bank loan part of it. Pre-reform and majority of contracts were interest only. So Swedish borrowers typically don't tend to pay back their loans. They tend to save in other assets but that's another discussion. Sweden like many countries experienced high debt levels and rising debt levels you know in the aftermath of the financial crisis and you know there was more attention to household debt following this. So the regulator decided that this was a threat to macroeconomic stability and they wanted to do something about it. Their policy was to essentially say that if you have high LTV mortgages you're going to have to pay back on the principle. And the idea was to kind of reduce debt over time force people to amortize their debt. The thing that we're going to be looking at is this 50 threshold where essentially interest only mortgages is appropriate. It's also important to note that after you cross this threshold you can turn off amortization payments again. So if you start at 51 you amortize down to 50, you can call the bank and they'll stop taking money from your account. Now the empirics is nice to present because it's essentially in graph form. The intuition behind this is that the design of the policy where I should say the amortization payment is the amortization requirement is it's 1% of the entire mortgage. So there's a big discontinuous jump right at the threshold. But the design of this requirement creates a tradeoff where if you are close to this threshold you can choose between having a larger down payment or lower amortization payments. And this is going to allow us to identify the response of borrowers to changes in this in payments. For example let's say that you want to borrow against the $500,000 house if you pick a down payment of $250,000 you have an LTV of 50% and you don't have to make any amortization payment. If you pick a down payment of $240,000 your LTV is 52% and you have to amortize $200. It's a very salient choice for households sitting at the bank deciding how much money am I going to put in. There's a lot of stuff on the empirics in the paper as you can imagine. I'll note that the policy had bite as in there are very few interest only mortgages just to the right of the threshold after the reform right. So the upper graphs there are 2013, 14, 15, pre-requirement about 60% of contracts 50, 60% of contracts were interest only. After the reform to the right of the threshold there are no interest only contracts. Empirically we see that we take that graph that we had on the very first slide and we essentially just collapse that down and then we can elicit some behavior by households. So we find that 8% of borrowers within this kind of region they bunch so they place themselves at the point where they minimize amortization payments. They reduced their loan-to-value ratio by 5%, 2.5 percentage points over 50 so 5%. We find a little missing mass which we're going to use later in the model part and we find that 86% of these borrowers do not face any binding credit constraints. So first of all they have 50% equity in their house right so they're fairly wealthy on that side. They also don't face any payment constraints or binding payment constraints. And we don't find any other ends for supply side factors that could explain this so most importantly no changes in the interest rates around this threshold. So we want to explain this or the referees want us to explain this. They're right so we should think a little bit more about this. It is a little bit of a puzzling result. So what we're going to do is we're going to construct a lifecycle model of consumption, housing and mortgages where households are going to get utility from consumption and housing. There's going to be heterogeneity and risk in the model coming from initial assets, initial income and income risk. There's no house price risk in this model. I think we could add that. I don't think it will change but no house price risk. Households are allowed to choose consumption, liquid assets, housing so there's a rental market as well and houses of different sizes and they're allowed to choose, they have long-term mortgage contracts. We're going to model the reform as a world where the mandatory minimum payments are interest only or the Swedish policy where you have to advertise 1% of the mortgage if you have an LTV ratio above 50. And you can also do cash out refinancing. The results in the baseline model is that there is no banishing below the threshold. So this is the LTV distribution from the model and then we just plot the fraction of errors within each bin. The reason this happens in the model is that there's no kink or notch in expected discounted utility. So what that means is or what you can see in the graph is that the baseline model is in blue. The interest only model is in orange, a little bit above. So it's above how those like to live in an interest only world but they have a number of different ways to undo required ambitious payments. They can do refinancing, they can do borrowing more, they can change the other savings. So this doesn't have a discontinuous impact at this threshold in the model. So what's going on? We're going to put in two behavioral wedges and household preferences. This is motivated by us finding nothing in the budget constraint that could explain this and no changes in interest rate. So if it's not in the budget constraint it has to be somewhere in preferences. And we're going to do two types of costs. One that is very local. So one of this utility that applies from borrowers turn off amortization. The easiest way to conceptualize this is a cost calling the bank. The second is this ongoing flow of this utility to amortization. You can think of this as some kind of psychic cost households viewing amortization payments as a cost. And there's some literature that talks about this. What this does is the one off cost is going to generate what's known as a notch in the bunching literature. So being right to the right of the threshold here is going to be have, is going to change, discontinuous change in the slope. So the change in the average rate. Importantly, what happens is that households are going to bunch, households are just to the right of the threshold are going to say, I don't really want to pay this cost. I'm going to move my borrowing a little bit to the left so that I avoid this one time cost. And then there's a region there that it's maybe difficult to see with these colors, but there's dominated region where no one wants to be. So there's an empty space there that's known as missing mass. The second one is going to generate a kink in expected utility. So that's a change in the slope. So everyone above the threshold who have to amortize have to pay this one, this cost. It's an ongoing cost. That changes about the slope of this line. And that's going to generate bunching, but everyone is going to kind of move down. So there's no missing mass. In the data, we find little missing mass above the threshold. So this kind of makes us think that flow this utility is more important. We also try to contact the banks and see what kind of cost there could be to refinancing. And they all kind of said that there's no cost to refinancing. It's enough to do a phone call or in the mobile app. The implication of this is that households, if this is true, households are going to choose a mortgage contract that comes with a higher lifetime cost, essentially because they're confused. And if you go the other way from this policy and you introduce interest-only mortgages, households are going to think that's really cheap. And so they're going to increase their borrowing by a lot, even though it's not actually cheap. So to conclude this very short talk, so maybe I don't need to reiterate these things again, but we find that households reduce borrowing to avoid amortization payments. I'll note that if you're thinking about this from a macro potential perspective, you're saying the amortization requirement reduced debt. Having households with a 50% loan-to-value issue who have a lot of income to support mortgage payments, maybe that's not the group that you were targeting. These are not high-risk borrowers, I think. And then we argue that most of the bunching comes from a king in preferences. And I'll note finally that overall impact on financial stability also depends on what you do with the money. So are you now more liquid because of this, with your savings behavior? So I don't think you can conclude that this improved financial stability, although in one dimension. But that's it. Thank you for listening. So thank you very much. That concludes session number two. We learned a lot about housing markets and how to apply macro potential policies to these markets. And I think we got a lot of evidence mainly based on national data, but that's just in the nature of this matter because we do have very different mortgage markets and also very different behavior, I think, of borrowers or households in general. And I think also data availability varies a lot. But I think we can still all learn from these papers and to see where we have similar problems of overheated housing markets and we see what types of borrowers measures may work and may not work and what are the effects and also the impact, the effect of the importance of different household characteristics. So I think that was very interesting. And I'd like to thank the three presenters again and everyone else in this session.


Hi, this is Dr. Pramod Krishnan. I'm a consultant neurologist at Manipal Hospital Bangalore. I specialize in epilepsy. During a seizure, the immediate priority is safety of the patient. So the patient has to be made to lie horizontal onto one side, either the right or the left. This allows any secretions in the mouth to come out of the mouth rather than going into the throat or lungs causing suffocation. Very often we do find patients jerking violently during a seizure. All we need to do is to support the patient onto one side, either the right or the left and make sure that the jerking doesn't result in striking against any furniture or walls to avoid injury to the patient. No attempt should be made to try and restrain the jerking by applying force involving one or more people because this might lead to injuries to the patient. Tear in the muscles or the ligaments or even joint dislocations. During a seizure, some patients end up biting their tongue causing bleeding from the injury. This may be very alarming to see but no attempt should be made to prevent a tongue bite. Trying to do so by inserting fingers between the teeth, stuffing cloth between the teeth or inserting spoon or other objects into the between the teeth or trying to pry open the mouth can actually lead to injury to the teeth, gums, jaw or may even end up suffocating the patient. A tongue injury during a seizure is a very minor injury and it usually heals completely within a few days. During a seizure nothing should be given to the patient by mouth neither water, juice, sugar or any other eatables. During a seizure or immediately after a seizure the patient will not be able to swallow normally and the food items may actually end up in the throat or the lungs leading to very bad respiratory infections.


Alright guys, welcome to my talk on Xanada Translation Platforms, first bear with me my cough, I got a bad throat this week so I'm coughing, just bear with me. So I'll do a brief introduction of myself, I'm working with Red Hat at the moment from the Globalization Tooling team, I'm a Source Senior Software Engineer, I've been joining Red Hat for five years this year and been working on this project ever since and our team consists of four full-time software engineers, so let us begin. So these are the topics I'll be going through today, what is Xanada, the workflow obviously, translate in Xanada and what's coming up in 4.0 release. So if you've got any questions during the presentation just let me know or interrupt me anytime. So what is Xanada? So Xanada is a translation platform that used by various community projects. It was started as a tooling to help internal Red Hat translators to help with their workflows and translation processes but then it evolved and get into the community of open source. We are currently used by internal Red Hat translators, open stack community and also Fedora and as far as I know there's couple of our private company that's actually using or deployed their own Xanada instance using them by themselves. So Xanada starts off in 2008 and the main focus is how we can help the maintenance and the translators with their workflows in order to get their projects translated. Two of the main components that is I think important which is the server side and the client side. It is written in Java and JavaScript for the front-end and running on my scale databases. And for Fedora we're actually migrating my great all the Fedora packages in 2014. It is fully migrated now in Fedora.Xanada.org. So the server side, so basically that's the back-end of the whole Xanada. It's the brain of the Xanada. It hosted in JVOS EAP in internal Red Hat, handles user interactions with the REST APIs and through the interface interactions, persists data into database and the line there, process of migrating ReactJS from front-end. That's basically if you have noticed our front-end is actually using JSF at the moment. It's been obsolete the technology so we are currently migrating to ReactJS to handle the front-end itself. So there's a couple of instances that Xanada has for the open source community. Fedora.Xanada.org is the one dedicated for all the Fedora packages. We've got Translate.Xanada.org which is for the open source project so anyone can host there if they register themselves. We also got JVOS.Translate. JVOS.Xanada.org which is for JVOS project itself and we've got one more instances in Xanada internal and also OpenStack has their own instances which is OpenStack.Translate.OpenStack.org. So all the four instances for Dora, Translate.Xanada.org, JVOS and internal Red Hat is managed by the Xanada team whereas the OpenStack ones they are ops teams actually handle it. For the client side it's a command line tools that I think mainly used by the maintainers. It handles the command line interactions with Xanada server so we do a push-pull getting some interactions or getting some data from the server itself. And push-and-pull source and translation files obviously so previously I think in two years ago we have a Python client for Xanada itself. The problem with that was we having problems maintaining it in terms of keeping up with the technologies and there's no expertise in terms of Python programmers in the team. So currently it's maintained by community so it's not that up to date compared to the other client that we have. We have Java client which is currently maintained by the Xanada team. It has gone through a couple of migration before. Currently we are using a framework called zero install so what it does it helps the client to be packaged to multiple platforms. So it supports in Mac OS Linux and Windows. That's the main problem that we had previously with the Python client where the users need to install different packages in different platforms itself. With zero install basically it supports multiple platforms so all you need to do is just install zero install for either of the platforms or operating systems then zero install would handle the Xanada client through downloading some feed from the Xanada server itself. So we're talking about workflow. So workflow in Xanada as in general pushing operations mainly on pushing source files. So to me the operation is mainly done by the maintainer itself. It's about pushing the resources that's been ready to Xanada and make it available to all the translators in Xanada to be able to start translating. There's two way of pushing source files using browser and using client. For using browser obviously it's not recommended. The reason I put it there because it's kind of like a one-off operations where if you got an urgent to push a single file without going to configure the configurations for that project itself then using browser is the best way to go. So all you need to do is to log in and you know go through the links and you can push it up straight away or upload it if you call it. And the benefits of that is there's no extra installation which is does another client need it so you can basically a browser login and done. For the client itself it's more recommended because basically with the project hosted in Xanada there's a configuration files attached to it which is called Xanada. And in that file there's a lot of configurations of the directory's name, the downloader's files, the naming convention and everything is been set up by the maintainer. So it's more recommended to use the client to actually push the source file because it's actually reading the Xanada Xanada configurations and push it to the correct directories or the file name itself. So using client is more appropriate and it can be automated because you can set up a con job basically to run the command line itself. For pulling translations so it can be done by maintainers or the translators. For the maintainer obviously they do it when the translation is finished or completed and ready to be packaged and sing it to the repository. For the translators I would imagine it's mainly for previewing their work after the translation has been done and it mainly be done by the QA as well to build up the test instances or the documents and have a preview or QA on that. Again it can be done by browser and client. Browser is easier just click on and download the file straight away. It's the same benefits and same pros and cons as the pushing of source files. So using browser obviously it's a quick preview of translated documents, a quick way to QE or get the resources that's been done in Xanada but it's not recommended for the repeatable operations. Using client again it's the same, it can be automated, it's more controlled because the configuration is there and everything and it's more recommended, it's more stable in a way. So this is diagram for overall diagram for the workflow in Xanada. So you got the G itself is actually quickly possibly I can't find a better icon for that so sorry. So you got a maintainer or the writer that actually push and pull translations from Xanada and you got a translator that actually only handles translations in Xanada so you can only translate the strings and the maintainer actually syncing the after pulling the translation syncing it to the repository and built the documentation or the package itself. So overall this is the well this is the simplified versions of the operations. Obviously there's a lot of backend stuff happening when building a document there's a different process and also when building package as well there's a lot of happening in the backend. So translate in Xanada so in general obviously when I put up the slides I didn't obviously I forgot about the processes in Fedora where you need to forget the processes in Fedora where you need to register in the mailing list and introduce yourself and the processes of a translator to be able to contribute into Fedora translations. So what I put it that is actually the process for for Xanada itself. So from Xanada point of view user just need to have an account in Xanada and you are a member of a language team. So the process would be you register yourself you get an activation email for your account then after that you request to join a language team. So obviously for Fedora's process is a bit different as far as I know you need to join a mailing list and you need to request for joining a membership in the language team and it's up to the team coordinator to approve it and then you can start to contribute into the Fedora translations. So that's the general part for mostly all the projects in Xanada. We also recently introduced a project security so it's more like a more tighter control projects for translations. So for the in the project setting itself you can actually set invite only in the security tabs. So what that means is if it's set it's only a set of users or translators can actually translate in Xanada rather than all the people that are actually registered in Xanada. So it's more control environment. It's actually focused more for like a corporate projects where you don't want anyone to be able to translate in the project itself. You just want to tightly secure it and you only trusted a set of people. That's the whole idea for that feature. Now for translate obviously if you guys have been using it there's an editor that you guys go into. It's an interface that is actually written in Java but it's we have a framework called GWT that actually converts it into JavaScript and it's an interface for translator translate. It supports concurrent editing for multiple users. So if multiple users actually in the same entry when editing you can actually see their name in there and try to avoid the conflict translations in an entry. Now the last point new improved editor is in progress. If you guys have been seeing it there's a small icon on the top of the editor saying alpha editor. So that's the new migration that we moved to React.js which I mentioned earlier. So in that new editor we are still working on it at the moment. It's in alpha state. So we are slowly migrating all the features that's in the current editor into the new editor itself. So keep an eye on that. It also supports with the new editor it supports responsive design. So that means if you try to view it in a smaller screen or in a mobile it will support that. So in the editor itself I call it helper but some people call it different names. There's a couple of features in the editor that helps with the translations. So it's a translation memory and glossary at the bottom if you if you in the existing view in the editor itself. It acts as a reference for translators during translations. You get to see what has been translated in Zanada in the past and has been approved or saved as translated. For glossary at the moment it's uploaded by admin. So it acts as kind of a dictionary for the translated itself. So glossary is not as updated as translation memory because it's by per upload. So it depends on the admin that actually uploading it. For translation memory it can be from any projects in Zanada. So any translation that has been approved or saved it will instantly show up in your next translation when you actually translating a string. It will search for the matching ones and it will display at the bottom there to help you guys to translate. I'm going pretty fast here. Any questions? No? All good? So at the moment in Fedora.Zanada.org the version is 3.9.3. It was 3.92 as of last week but this week is 3.93. The reason was there's a bug fix, urgent bug fix on the login in Fedora. The main problem was the Unicode itself where if you got a Unicode in Fedora on your full name or in your name it would create problems. So it's a problem in Zanada itself. But so the next one we expect to come out is 4.0. That would be in three months time. So we just release 3.9.3. So three months time we try to release it every three months and every six months there's a major release. So in next three months hopefully we can see 4.0 up. So the features that we have in 4.0, there's couple of changes in the UI itself and some extra features in the front end. Docker image for developers and quick start. So from what the feedback that we got from some of the contributors to Zanada, it's very hard to set up Zanada in their machines. So we have provided a Docker image where you can start up a speed up a container and start up straight away easily and you can pretty much start coding itself if you want to. The first release of Zanada Sync. So Zanada Sync is a site projects that we do around Zanada. The focus was the idea was to help out with the workflow that we have. If you look at the workflow just now, so if you look at the push and pull translations and sync to repository, at the moment it's done by the maintainer manually or he can set up a cron jump. So that Zanada Sync projects is to automate that three processes. So basically it's a scheduling system where a maintainer goes in there, put in some settings, point it to the project's URL or project settings. Then in the time or in the schedule that he set up, it would actually push sources from the repository to Zanada and pull translations, sync it back to the repository. So it depends on the configurations. So he can set up every hourly or daily stuff like that. That would done so it will automate the whole process. So it would eliminate the need for installing Zanada client on your local machines, worrying about the source is not updated in Zanada. Translator is not getting the latest source string in Zanada. The effort for translate all the old string is wasted. So that Zanada Sync project would automate all that process and it supports only the same login as Zanada. So you don't need to register a new account. So you use the existing account, although it's a separate service, but it uses the same login as what you had in Zanada. So it's a tool that look what is going on in Zanada platform and look what is going on in the source repository and asking to, and making some new automatic syncopation in one side and both sides. And we have a very long tool to move one side thing, you know. At the moment, yeah so at the moment we don't have that yet, but that's because it's a new project. So we try to take it step by step. So we're trying to do the first release. Then we will provide, I don't know if you guys use Jenkins before, but there's a lot of good features in there where you can see the logs, the history and all the job status. So we try to have that then as well. Obviously it's going to take time, but the main focus right now is to have it working with the basic syncing. So to automate that three processes first, then we can add in more features in the future. The idea was allow maintainer to have an easy life. They don't need to worry about, oh I need to push, I forgot to push the source string when it's updated to Zanada, or pulling the latest translation from Zanada. That's the worry that you don't need to worry about anymore. It's a setup, then he would have done it automatically in the back end. Now the next one is project-based glossary. At the moment the glossary itself is global, meaning that it applies to all the projects in Zanada. One of the feedback that we got was some of the projects prefer to have their own context, and that's a lot of problem for the translators because different projects, same word has different context, and translating it would be a lot difficult. What the request was, we need a project glossary. Again, this was base, the idea was coming from the external parties where they want to have a more control environment, and therefore they want to have their own glossary to be used or referenced by the translators, meaning that that word should be translated in that way, or it shouldn't be translated. That's why the project glossary is introduced. It will be in 4.0, and also the existing glossary, the feature will be improved. I'll show it to you guys later on some of the previews for 4.0. But we have improved the existing glossary where if you assign to a role, you can actually edit glossary itself in Zanada now. Unlike previously, you need to do it outside Zanada, push it to Zanada by admin, but now you can actually edit it in Zanada, but it doesn't keep the history as it doesn't before, so just be careful when you edit in glossary. Is there a plan to bring back the history? There are talks on that. We're still evaluating whether it's worth the effort of doing that or not, because at the end of the day, it's a glossary, it's a dictionary. It's not like a translation memory where we need to keep track of the contributions for individuals or the history of the translation where it goes bad and stuff like that. It's just a glossary, it's just a dictionary, so we're still evaluating on whether we want to put in the effort of having that or not, because that would increase hugely on the database sizes, obviously. Having it completely run on itself, but are you considering storing that to make it triple? Yes, so there are a couple of, actually we are having a side project of how we improve the storage. We have been looking on document-based database. I'm thinking more of something like the current version of the database, unless you are doing now, and GBA3 and B3G, if someone wants to consume GBA3, they can just access it. Then translation memory is the first one that we're going to migrate first, because it would improve hugely on the performance. Then we were looking at the glossary move there as well, so it's going to be step by step. The last point is integration with Fedora. So for the recent few months, we've been concentrating on integrating with the systems, so a couple of systems. So from Fedora point of view, we are trying to integrate with the Fedora batch and Fedora Hubs. As mentioned earlier this morning, Fedora Hubs is the upcoming project for Fedora, where it tracks all the activities in the Fedora community. So one of the early experiments they want to do, or prototypes, is to have another feed information about the translation activities into their systems. So previously we already done some of the implementation on that. This one is just an improve on the previous versions. So there will be extra information feed on the Fed messages, and obviously the batches itself is the same webbook that we call a webbook, because it actually fires up a message to a system. So it's the same message that's going to be used by the batch and the Fedora Hubs to actually have them consume the message. In progress, again, it's the editor itself. It's a big thing because we have been trying to push it for over a year, but almost a year now, since it comes up. The reason being was there's a lot of changes in the backend where we have used the old technologies where it's already obsolete, so we try to migrate to new technologies. So it's taken us a lot of time to actually migrate that, but we have got to the point where we will start migrating some of the features from the old editor into the new ones. So hopefully it will be ready to be used soon. And new plugins in Zanara Sync. So as I mentioned just now, Zanara Sync is a project to automate the process. It's actually designed in the plugin-based systems, so you can write as many plugins as you want. So the idea was not only you can sync to a Git repository, but you can write plugins to SVN repository or CVS repository if someone is using it still, or even to other systems. So its main purpose is to sync or pull source files into Zanara and get transition files into somewhere else. So that somewhere else can be a Git repository or any repository or any system. So as long as the plugin is there, it will be able to automate that whole process itself. So the idea is to, obviously we first start off as Git because that's the most commonly used repository. But in the future we're probably looking at some of the systems, probably some of the subversion is one of them because some of them are still using that. And one of the systems, Drupals, which is having their own translation management, but we were hoping Zanara can do some sort of syncing with them to actually have the resources available in Drupals. But that's the whole idea. That's the whole idea for the plugin-based system. You can write as many as you want. And as long as it can be, it has a REST API that supports it, we will be able to sync it with Zanara. Actually that's the last slide. It's pretty fast. So again, any contribution is welcome in Zanara. I know there's a lot of Python programmers in Fedora, but if you know a bit of Java or you've got any feature requests that you want to try out with Java, please do. It's easy. With the dockers right now, you can spin it up straight away. But yeah, that's about it. Questions? What's the requirement for Zanara? So that's a question. It involves a couple of processes. So if you understand the whole process, the project needs to start off with internationalizations where you externalize the string. So the most common one is pull and pop files. But the recent one you can see in JSON files, or XML files, or Xleave projects, or property files for Java. So there's a couple of formats. So Zanara supports all of them. Well, not all of them, but the majority of them. So if you look at the Zanara XML, or when you create a project in Zanara, it would ask you what project type you are. Then when you push it, it would actually scan for a certain extension of the files. So if you set it like you are a Java project, it will scan for dot property files. If you set it for Xleave, it would look for XML files. So there are a couple of them. So if I set it up for POP, then it scans for... POP files as the source files. Then pull files is the transition file. So can it also work if it looks like IEP2 or no IPS2, which is used by no, for example, regenerators? At the moment Zanara doesn't support it. But if you set up your projects, I believe if it's a Python project, you can set up easily to externalize the string or internationalize it, as you said. So I believe, well, I'm not entirely sure, but most of the programmers, if you actually develop a package, you would have a fair bit of idea what you should do to have your package prepared to be translated. So to have that files ready. So that's why there's a lot of confusion where a programmer write a program, it's not internationalized, and please translate my package. It doesn't work that way. But having said that, in 4.0, we are trying to centralize everything. So the idea was you no longer have to select the project type. You just create a project, then Zanara itself would be smart enough to figure out what type of project is that. So that's the whole idea. We are still working on that, so hopefully you'll see that very soon. Now with the new endpoint, it actually supports ODT files as well. So the open office or LibreOffice file format. So the slides, the LibreOfficeWriters format. So ODT, ODP, HTML, even .srt, which is subtitled files, if I'm not mistaken, for videos. So it's all supported by Zanara. The upcoming one is JSON files. So it's largely used now by a lot of the JavaScript projects. So we're trying to support that as well. So that's the whole idea for the file projects type. So at the moment, if you are doing it through browser, yes you can. But if you try to upload it using client, then it doesn't support it. Because in client, we have some rules where it only scans for one specific file type. But if you're using browser, you can actually upload multiple file types. ODT, ODP, multiple file types in a single project. So if I want to do it with the common line, I should create a different type of document. It should be a different type of project. Because obviously, yeah, yeah. So the idea was to give you a bit of background. The client was created on port and pro get text format as the first format. So the intelligence or the rules that we put in there is to have only one single type. But as the project grows and more and more different types of projects, there's a lot of requirements to coming up saying that, oh, we want to support multiple file types in a single project. For instance, there's a markdown with dot properties actually request from internal Red Hat. So at the moment, yes, we are using browser to actually upload all those files into Sonata. But hopefully we can improve the client to support that in the future. With the file project type that I mentioned earlier, the new improve project type, the client does support it. We're still working on it. But if you use file project type, so you don't need to specify any projects that you want. You just need to put what extension you want to include during the scanning process. It would actually support it. So I believe it's in 4.0. So hopefully we can see that. But yeah, it's there to support multiple file types. It's our contribution. If someone wants to contribute to translating, it needs to be invited. But how it works is happening. It's invited as in the project security checks? Yeah. Again, the extra security check, it's a decision from the maintainer. It's from the package maintainer. So if there is a package maintainer that says, okay, I only trusted this set of people. I only want this set of people to translate my projects so big. So obviously the project would be limited to that set of people for all the translation effort. But if you set it that way, that means all the translator that has been approved by Fedora that goes in and translates will not be able to translate your projects. So what the project maintainer does is actually limiting the possible translation that he can have from all the contributors in the project itself. But it's up to him because it's his decision to actually say that I only trusted this set of people. Yeah, we value that opinion. No, but my question was, let's say I want to contribute in docs. Where are the steps I have to follow? Where I have to move to? To be honest, I don't have the exact answer. I believe Noriko has, which is that. So I believe that that's a wiki page that has all the steps. Yes, but in the case of docs, he doesn't send my name to the main list. I actually live and I'm not there. I'm not a pro in the team. Okay, so it's actually the coordinators that's not approving that then. So you should contact the coordinators. Or I can look it up for you, I can approve it if you want. So as I mentioned earlier, the four instances that I mentioned, the Fedora, Translate, Jboss and the internal ones are handled, it's all managed by the Zanada team. So the Zanada team is an admin in all the four instances. But having said that, for the Fedora instance, it's a bit different. We don't interfere with the request for the Fedora instance. It's all done by Noriko and one of the guys... So Noriko and Peter is actually handling the administration for Fedora.Zanada.org. Well, does the Zanada team only interfere if there's a bug that we need to go in or we need to debug the systems? So for the Fedora instance, it's a bit different. So if you've got any problems with approving your language team, approved by a language team or you have problems with logging in or stuff like that, you should contact Noriko. She should be able to help you to actually push the coordinator to approve it for you. Can you show me the feature I required with looking at how much each person has? Yeah, I'll demo some of the stuff in here. Let me... Just need to see it that way. So this is just a quick preview of what 4.0 will look like. So this is running on my local instance. So I need to find my link. Actually, I should show you... Let me show the personal statistics first in the current versions. So as soon as you log in... Sorry? If you're not logged in, you'll be able to see the profile but not the statistics. So if you do a search here, let's say Noriko. So you can see the statistic here and you can select the time frame. And we actually got an API to have that. Sorry? That was in 3.8, if I'm not mistaken. Sorry? Oh, it's a bit sensitive now, so... So for Noriko, it's a bit different, right? She's not a full-time translator anymore. She's managing the team, so she's not doing any translation. So not to make her look so bad, so let's not continue on that. But yeah, that's basically the page to see the statistics. It's a statistic page. It works well, but it's well hidden in the past. In 4.0, it will be more easily accessible. Like for example, when you're in the project page, you can have document view. And you know who was the last editor, and there's a name, but there's no link to that. Yes. Will it be some improvement? Yes. If I click on Japanese because she's not... Whatever she's Japanese or not, Japanese may hear that she's part of the Japanese team. And if I click on the Japanese team, will it be possible to have this? To have an idea of the activity of the Japanese team? Yes. Because it's possible. To be honest, Zenata has a lot of information of this. We keep every data on every translation that all the individuals have made. So there's a lot of valuable data in there. It's just how we actually present them in Zenata. What sort of information that we need to show in Zenata. So we are currently working to improve our project page. Project slash version page. At the moment, it's separated two pages. So you've got a project page with a list of versions. Then in the version page, you've got the document list, or the language list, and the documents. So we try to combine all this into one single page, where you can actually only see... Well, it's only highlight the language that you actually join in. So you don't need to go through all the languages, click on that, and select the documents to translate. So it's going to straight up with your languages that you have joined. Then it will have some useful information. By useful information, I would mean the recent activities for these projects, or for these versions. And that's something that would interest most of the translators. To make them easy access to the recent updated documents in the project itself. So we are currently working on the prototype for that page. So hopefully it would save a lot of problems where the... So one of the complaints that we got from the translator was they need to go through the list of the languages. And some of them, if it starts with Z, then obviously need to scroll down at the bottom and slide on that and stuff like that. So yeah, that would actually solve all those problems for the individuals. Is there any way to compare also? Not at the moment, but... But it would be nice to have a batches, it's kind of a batches thing. People are starting to compare it to each other. Yeah. As I did about command translation, it was like... I said to them, look at the Vietnamese, they have 8.9%. And they really did translate until they reached 9%. I think they had more as a Vietnamese. People like to compare with our computers. Well, generally I would say, well, it's my personal opinion. I would say we try not to create a competitive environment in the package itself. But it's a different opinion, right? Some people love it because it can improve the performance in different teams. So it's a good idea, I would say. Perhaps not so much of comparing between two people, but you can select a set of people to show it in the screen. Yes, I agree. Was it actually about to do the gamification and the idea of batches here? Yes, I agree. Does it have units comparing people that you're rewarding for work done? Yes, yes. And you get a better understanding before comparing the batches, but it doesn't actually reflect an issue. There's not necessarily a good place. Yes, so it comes down to the whole idea of integrating with the Fedora batches system.  I think that's something to trust. Because currently we have this situation here in the front row, who has a sonata can, so they have a FASACA, a CLA, but no other group membership. Right now it means for them, we don't even know who can make it. We think it's a factory that doesn't allow it because it doesn't have expenses. For them it can create a problem and they cannot work because of that. That's a very good question. Which open ID, do you use open ID? Do you use the FASACA or this local ID? FAS, FAS open ID. There is the risk at one point that in the same way that Spammer got into the Terraristic Trash, that you may get to a point where you need to require people to use the FASACA on sonata to prevent Spammer from trying to... So you get the amount of translated which is reviewed and if you have enough reviews, you get a problem actually. It should be not like the people should go for sonata and then come to Fedora. They first come to Fedora and then they go to Sonata. So it goes back to the initial process where how to join in the Fedora translator's process. So if you look at the Wiki page, you should actually start with Fedora first before you join Sonata. So you have everything set up in Fedora except the CLA and everything. Then only you sign up in Sonata. That's the whole idea. Because from Sonata point of view, we try not to interfere with the login system. This last step giving me another group member to CLA. So I mean I have some rights only in Fedora if I have more than CLA as a group. So I cannot work for the council, I cannot work for Basker. Well, I can work for Basker but that's it. Not everybody feels nice with that. But I would say it's not something that Sonata can handle because it's an entirely Fedora system. It's an organizational thing of the Indonesian and the same as Sonata. Patrick from Infrastructure. It is infrastructure, yes. He invited us to go to this group about spam. And he invited us to discuss what can we do for Consulate? How about fast groups? My personal opinion is we have to repeat it. And we have to find a good process at the moment. It's a real problem. Can you say it again? This is the last time now. Yeah, but fast group which is not there. We need to use and we need to delay this, create a new one, make clear who joins, who manage the list. And so, it's 100% organizational. But just one question. The first page on Zenata, will it be possible to write it? So we make sure the end users, the translator, if they arrive with Zenata, they say, okay, you are there. You are on the Fedora translation tool. This is when I find information and the user is less lost. And if the user arrives at the connection page, it doesn't have access. And so he has this link. Yes, we can... We take the page 4.0 release to improve the communication towards... The front page, it can be easily added by the admin. It's customizable in every instances. So if you look at the open stack one, they have different front-end because admin put in the information. So at the moment, I believe, again, it's the Noriko that handles that. So if you need some information that's in the front page, please do contact Noriko or myself. Yes. So I'm trying to... Yes? So can you use that to extract data of all the... Yes. You need to have an account in Zenata. That's it. Can you show the API? Well, I don't have it ready right here. But I'll show it to you or I'll point it to you later on on the link. So the API actually allows you to extract the list of contributors over a period of time. So you can get the username. Then you can fire up a second request to get their contributions over a period of one year. So whichever one year that you... 365 days. So from there, you can get all the information about how much that person actually contributed during that time. Yes, yes. So I have... I'm having a problem connecting to internet right now. But... It's time. Okay. Yeah, that's it then. Any last questions? So I think we have a workshop down to tomorrow. We're going to join us and we can have more discussions. Yeah. So give it... Give it... Yes. So please do join the workshop. If you have any more questions, then we can discuss that there. All right. Thank you guys.


Engaging the community you work with as a social enterprise and as a social leader is very important because when you engage the community they interact with you on all levels and there is a feedback on what you're doing and they become part of this project. We empower women in media and through media we create jobs for them in senior positions and we highlight the positive role that women play in building their societies in Palestinian and in the Arab world. Staff motivation is an essential thing in being a good leader and a successful one. I would say to my peers be very perseverant and be very patient in the success of any project. I would tell aspiring women leaders across the world not at any moment to feel demotivated even if there are restrictions. I think these restrictions whether cultural or social or economic can be overcome. It's very important that we go on steadfast and patient and we will make it.