This is an excel assignment, I don't have time to do it, so i need help to do it

FIN 310 Excel Assignment #3 Due Friday, 6/10 by 5 pm READ ALL INSTRUCTIONS BEFORE BEGINNING Save your file as lastname_firstname_excel3.xlsx Upload your file in .xls or .xlsx format to the Canvas dropbox. See syllabus regarding policy for technical difficulties. Go to the Federal Deposit Insurance Corporation Website at fdic.gov and find the latest balance sheet information available for commercial banks. To do this complete the following steps: 1. Click on Industry Analysis. 2. Click Bank Data and Statistics (don't use the arrows to navigate) 3. Click Statistics on Depository Institutions (SDI) 4. This will take you to the page titled \"Create or Modify Comparison Reports.\" 5. Run a report with the following criteria in both columns: Type of Report: Dollars/Percent of Assets # of columns: 2 Standard Peer Group All Institutions National Report Date: March 31, 2010 in Left column and use March 31, 2016 6. Click "Next" 7. Click "Next" again on the next page leaving Income Basis as YTD and Report as Assets and Liabilities 8. Once the report is generated click "Save to Excel File". Excel will warn you about a problem with the format, but just accept it. 9. Do the following to this report now that you have it in Excel: Calculate the percentage change in total assets for the commercial bank industry since 2010 (round your answer to two decimal places and format as a percent). Calculate the percent of investment securities to total assets, loans to total assets, deposits to total assets, and equity to total assets for 2010 and 2014. (round your answer to two decimal places and format as a percent). Calculate the change in these ratios between 2010 and 2014 (round your answer to two decimal places and format as a percent). *Note: I have already asked you to format these as percentages, so the change is only the difference (do not use a percent change formula here). Insert a textbox to comment on the change. Use terminology and concepts from class in your discussion. Simply stating that there was, or was not a change is not sufficient. You need to tell me why you think there was or was not a change. What have we learned about commercial bank operations, regulations, monetary policy and the impact of economic conditions on these institutions in class? How can you relate that to what you see here? Label the columns for each result and make sure that the relevant cells contain formulas and that your values are properly formatted. Use bold font formatting and a thick box border for the rows that contain the values for these calculations so they are easy to see (highlight the row with your values and click the borders tool thick box border). Overall format and presentation count towards your grade, so make it clear and easy to read! Proofread for spelling errors, check for proper labels on your columns and that your columns are wide enough for all text to be visible. FIN 310 Excel Assignment #3 Due Friday, 6/10 by 5 pm READ ALL INSTRUCTIONS BEFORE BEGINNING Save your file as lastname_firstname_excel3.xlsx Upload your file in .xls or .xlsx format to the Canvas dropbox. See syllabus regarding policy for technical difficulties. Go to the Federal Deposit Insurance Corporation Website at fdic.gov and find the latest balance sheet information available for commercial banks. To do this complete the following steps: 1. Click on Industry Analysis. 2. Click Bank Data and Statistics (don't use the arrows to navigate) 3. Click Statistics on Depository Institutions (SDI) 4. This will take you to the page titled \"Create or Modify Comparison Reports.\" 5. Run a report with the following criteria in both columns: Type of Report: Dollars/Percent of Assets # of columns: 2 Standard Peer Group All Institutions National Report Date: March 31, 2010 in Left column and use March 31, 2016 6. Click "Next" 7. Click "Next" again on the next page leaving Income Basis as YTD and Report as Assets and Liabilities 8. Once the report is generated click "Save to Excel File". Excel will warn you about a problem with the format, but just accept it. 9. Do the following to this report now that you have it in Excel: Calculate the percentage change in total assets for the commercial bank industry since 2010 (round your answer to two decimal places and format as a percent). Calculate the percent of investment securities to total assets, loans to total assets, deposits to total assets, and equity to total assets for 2010 and 2016. (round your answer to two decimal places and format as a percent). Calculate the change in these ratios between 2010 and 2016 (round your answer to two decimal places and format as a percent). *Note: I have already asked you to format these as percentages, so the change is only the difference (do not use a percent change formula here). Insert a textbox to comment on the change. Use terminology and concepts from class in your discussion. Simply stating that there was, or was not a change is not sufficient. You need to tell me why you think there was or was not a change. What have we learned about commercial bank operations, regulations, monetary policy and the impact of economic conditions on these institutions in class? How can you relate that to what you see here? Label the columns for each result and make sure that the relevant cells contain formulas and that your values are properly formatted. Use bold font formatting and a thick box border for the rows that contain the values for these calculations so they are easy to see (highlight the row with your values and click the borders tool thick box border). Overall format and presentation count towards your grade, so make it clear and easy to read! Proofread for spelling errors, check for proper labels on your columns and that your columns are wide enough for all text to be visible. Commercial Bank Operations Chapter 17 Learning Objectives describe the market structure of commercial banks describe the most common sources of funds for commercial banks explain the most common uses of funds for commercial banks describe typical off-balance sheet activities for commercial banks Background on Commercial Banks Why are commercial banks important? Facilitate flow of funds between surplus and deficit units. Deposit accounts Repackage funds to provide loans Assess creditworthiness of deficit units Back to Table of contents Bank Market Structure Consolidation among commercial banks over time (exhibit 17.1) Back to Table of contents FIN310 SUMMER 2016 Background on Commercial Banks How do they make money? Traditional role of banks was to: Serve depositors who want to deposit funds (bank pays them interest) Serve borrowers who want to borrow funds (bank charges them interest) Difference between interest received and interest paid is the profit the bank earns. Back to Table of contents Background on Commercial Banks Primary Operations of Commercial Banks 1.Main Sources of Funds 2.Main Uses of Funds 3.Off-balance Sheet Activities Back to Table of contents Bank Sources of Funds: Deposit Accounts Deposit Accounts 1. 2. 3. 4. Transaction deposits Savings deposits Time deposits Money market deposit accounts Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Deposit Accounts Deposit Accounts 1. Transaction deposits Demand deposit account (checking account) are transaction accounts that provide a source of funds for the bank to use until withdrawal by customers (i.e. as checks are written) Negotiable order of withdrawal (NOW) account pays interest as well as providing checking services 2. Savings deposits \"passbook\" savings account, which does not permit check writing (usually no minimum balance) Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Deposit Accounts Deposit Accounts 3. Time Deposits Deposits that cannot be withdrawn until a specified maturity Certificates of Deposit (or retail CDs) require a specified minimum amount of funds to be deposited for a specified period of time. \"callable\" CDs- can be \"called\" by financial institutions (forced into an earlier maturity) No secondary market Negotiable Certificates of Deposit (NCD) - Have a specified maturity and require a minimum deposit. Maturities are typically short term, and the minimum deposit is $100,000 FIN310 SUMMER 2016 Back to Table of contents Bank Sources of Funds: Deposit Accounts Deposit Accounts 4. Money Market Deposit Accounts Differ from conventional time deposits in that they do not specify a maturity. Provide limited check-writing ability, require a larger minimum balance, and offer a higher yield Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Non-depository Non-depository sources of funds necessary when a bank temporarily needs more funds than are being deposited. Sometimes used as a permanent source of funds. Borrowed Funds 1. Federal funds purchased (borrowed) 2. Borrowing from the Federal Reserve banks 3. Repurchase agreements 4. Eurodollar borrowings Long-Term Sources of Funds 5. Bonds issued by the bank 6. Bank capital Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Borrowed Funds Borrowed Funds (Short-term) 1. Federal funds purchased (borrowed) Represent a liability to the borrowing bank and an asset to the lending bank Intent is to correct short-term fund imbalances by banks. (typically for one to seven days) May be \"rolled\" into a series of one day loans Federal funds rate moved in reaction to changes in supply and/or demand Usually the same for all banks (higher for trouble banks) Back to Table of contents FIN310 SUMMER 2016 iClicker The federal funds rate is directly set by_____________ a. Banks b. The Federal reserve c. The US government d. nobody Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Borrowed Funds Borrowed Funds (Short-term) 2. Borrowing from the Federal Reserve banks The Federal Reserve district banks regulate certain activities of banks and provide short-term loans to banks. Often referred to as borrowing at the discount window. The interest rate charged is the primary credit lending rate. Mainly used to resolve a temporary shortage of funds. Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Borrowed Funds Borrowed Funds (Short-term) 3. Repurchase Agreements \"repos\" Represents the sale of securities with an agreement to repurchase the securities at a specified date and price. Backed by collateral so less risky lower yield than federal funds rate. 4. Eurodollar Borrowings Eurodollars are dollar denominated deposits in banks outside the U.S. Can be borrowed by US banks in need of short-term funds Back to Table of contents FIN310 SUMMER 2016 iClicker The \"repo\" rate is ______________ than the federal funds rate. a. Higher b. Lower Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Borrowed Funds Borrowed Funds (Long-term) 1. Bonds Issued by Banks Banks own fixed assets such as land, buildings, and equipment which are usually financed with long-term sources such as the issuance of bonds. Common purchasers of these bonds are households and various financial institution. Banks have less need than corporations for LT funds because they have fewer fixed assets. Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Borrowed Funds Bank Capital (Long-term) Equityet worth of the bank Represents funds acquired by the issuance of stock or the retention of earnings Primary Capital- results from issuing common or preferred stock, or from retained earnings. Secondary Capital- results from issuing subordinated notes and bonds. Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Borrowed Funds Bank Capital (Long-term) Capital Requirements- must be sufficient to absorb losses Risk-based capital requirements (1988)required level of capital for each bank depends on its risk set as % of risk-weighted assets Riskier banks are subject to higher capital requirements. Back to Table of contents FIN310 SUMMER 2016 Bank Sources of Funds: Distribution Distribution depends on size of banks: Smaller banks rely more heavily on savings deposits Larger banks rely more on large time deposits (NCDs) and short-term borrowing Back to Table of contents FIN310 SUMMER 2016 Bank Uses of Funds: Distribution Common Uses of Funds by Banks: Cash Bank loans- (read pg 482-486) Investment in securities Federal funds sold (loaned out) Repurchase agreements Eurodollar loans Fixed assets Proprietary trading- use own funds to make investments Back to Table of contents FIN310 SUMMER 2016 Bank Uses of Funds Non-depository sources of funds necessary when a bank temporarily needs more funds than are being deposited. Sometimes used as a permanent source of funds. Borrowed Funds 1. Federal funds purchased (borrowed) 2. Borrowing from the Federal Reserve banks 3. Repurchase agreements 4. Eurodollar borrowings Long-Term Sources of Funds 5. Bonds issued by the bank 6. Bank capital Back to Table of contents FIN310 SUMMER 2016 Bank Uses of Funds 1. Cash Banks hold cash to maintain liquidity to meet withdrawal requests by depositors and to comply with reserve requirements. Cash does not generate income only maintain enough to maintain sufficient liquidity (don't normally hold excess reserves) Cash held in their vaults is used mainly for meeting liquidity needs. Cash held at the Federal Reserve district bank represents most of the bank's required reserves. Back to Table of contents FIN310 SUMMER 2016 Bank Uses of Funds 2. Bank Loans- main use of bank funds a. Business Loans- support business operations or purchase of fixed assets. Prime rate- interest rate charged by banks on loans to their most creditworthy customers. b. Consumer Loans c. Real Estate Loans Read in text (pg 482-486) Back to Table of contents FIN310 SUMMER 2016 Bank Uses of Funds 3. Investment in securities More liquid and require fewer resources than loans but... Generate lower returns Read in text pg 486-487 Proprietary trading - banks use own fund to make investments for their own account. Often take speculative positions on equity securities and derivatives (higher risk) Generated large portion of total bank income (prior to crisis) but also source of large losses during credit crisis. Back to Table of contents FIN310 SUMMER 2016 Commercial Bank Balance Sheet The Balance Sheet- summarizes the bank's assets, liabilities and net worth at a given date. Liabilities- bank's sources of funds Assets- bank's uses of funds Each bank determines their own mix of liabilities and assets Net Worth- difference between assets and liabilities (equity or capital) Consolidated balance sheet- combined assets and liabilities for a group of banks Back to Table of contents FIN310 SUMMER 2016 Commercial Bank Balance Sheet Back to Table of contents FIN310 SUMMER 2016 Commercial Bank Balance Sheet Back to Table of contents FIN310 SUMMER 2016 Off-Balance Sheet Activities Off-balance-sheet (OBS) activities- activities that produce income but are not reflected in the assets and liabilities reported on the balance sheet. 1. Loan commitments 2. Letters of credit 3. Derivatives 4. Asset Management 5. Proprietary Trading Back to Table of contents FIN310 SUMMER 2016 Off-Balance Sheet Activities Loan Commitments An obligation by a bank to provide a specified loan amount to a particular firm upon the firm's request. Note issuance facility (NIF) - Type of loan commitment, in which the bank agrees to purchase the commercial paper of a firm if the firm cannot place its paper in the market at an acceptable interest rate. Letters of Credit Backs a customer's obligation to a third party. Commercial Letter of Credit- guarantees payment for goods or services. Standby Letter of Credit- guarantees payments on a security Back to Table of contents FIN310 SUMMER 2016 Off-Balance Sheet Activities Derivatives- agreements about future transactions Forward Contracts on Currencies Swap Contracts (Interest Rate or Credit Default) Asset Management Management of investment portfolios Charge fees and trade securities on behalf of clients Proprietary Trading Trading securities from bank's own account to make a profit. Contributed significantly to financial crisis (or did it)? Focus of Volcker Rule Back to Table of contents FIN310 SUMMER 2016 Bank Regulation Chapter 18 Learning Objectives describe the key regulations imposed on commercial banks explain capital requirements of banks explain how regulators monitor banks explain the issues regarding government rescue of failed banks describe how the Financial Reform Act of 2010 affects commercial bank operations Background on Bank Regulation Why are regulations important? Bank failures are costly to depositors, the government and the overall economy. There are tradeoffs between efficiency (allowing banks to best serve their owners) and preventing banks from taking excessive risk that could cause them to fail. Regulations have been removed/reduced over time to allow banks to become more competitive, but... Some banks (and other financial institutions) engaged in excessive risk taking that contributed to the 2008 Financial Crisis. Back to Table of contents Background on Bank Regulation Bank runs are sudden, large withdrawals by depositors who lose confidence in a bank. The risk of a bank run is an extreme form of liquidity risk. A surge in withdrawals exhausts a bank's liquid assets, forcing sale of loans at fire-sale prices and possibly causing insolvency. Depositors run on a bank because of the first-come, first served nature of withdrawal. Runs may occur because a bank is insolvent. Runs can also occur because depositors lose confidence in a bank, causing insolvency, an example of self-fulfilling expectations. A bank panic involves simultaneous runs at many individual banks. FIN310 SUMMER 2016 Back to Table of contents iClicker Did you research your bank's solvency before deciding to open an account with them? a. Yes b. No Back to Table of contents FIN310 SUMMER 2016 Deposit Insurance Deposit insurance is a government guarantee to compensate depositors for their losses when a bank fails. If a bank incurs losses and is unable to pay depositors, deposit insurance would pay the depositors. Runs are unlikely because depositors know they will get their money even if their bank fails. Federal Deposit Insurance (FDIC) was created in 1933 in response to the bank runs that occurred in the late 1920s and early 1030s. Insures deposits up to $250,000 per depositor, per bank Financed through annual insurance premiums paid by the insured banks FIN310 SUMMER 2016 Back to Table of contents Moral Hazard... again Deposit insurance creates incentives to misuse funds, increasing moral hazard. Bankers can take excessive risks which increase profits if successful but create losses for depositors and shareholders if unsuccessful, the principal-agent problem. Bankers can exploit depositors by stealing their money, known as looting Governments regulate banks to reduce moral hazard. Back to Table of contents FIN310 SUMMER 2016 Bank Regulation Dual banking system - includes both a federal and a state regulatory system. A charter from either a state or the federal government is required to open a commercial bank in the United States. A bank that obtains a state charter is referred to as a state bank; a bank that obtains a federal charter is known as a national bank. National banks are required to be members of the Fed. State banks may decide whether they wish to be members of the Federal Reserve System. Bank Ownership Commercial banks can be either independently owned or owned by a bank holding company (BHC). Back to Table of contents FIN310 SUMMER 2016 Regulatory Structure Regulators National banks are regulated by the Comptroller of the Currency, while state banks are regulated by their respective state agency. Banks that are insured by the Federal Deposit Insurance Corporation (FDIC) are also regulated by the FDIC. Periodic evaluations are conducted by: The Comptroller of the Currency for national banks The FDIC for state chartered banks and savings institutions with less than $50B in assets Federal reserve for state chartered banks and savings institutions with more than $50B in assets. Back to Table of contents FIN310 SUMMER 2016 Regulation of Bank Loans Regulation of Highly Leveraged Transactions As a result of concern about the popularity of highly leveraged loans bank regulators monitor the amount of highly leveraged transactions (HLTs), loans in which liabilities are greater than 75 percent of assets. Regulation of Foreign Loans Monitor a bank's exposure to loans to foreign countries. Regulation of Loans to a Single Borrower Banks are restricted to a maximum loan amount of 15 percent of their capital to any single borrower (up to 25 percent if the loan is adequately collateralized). Regulation of Loans to Community The Community Reinvestment Act (CRA) of 1977 (revised in 1995) requires banks to meet the credit needs of qualified borrowers in their community, even those with low or moderate incomes. Back to Table of contents FIN310 SUMMER 2016 Regulation of Bank Investment in Securities Banks are not allowed to use borrowed or deposited funds to purchase common stock. Banks can invest only in bonds that are investment-grade quality (as measured by a Baa rating or higher by Moody's or a BBB rating or higher by Standard & Poor's). The Glass-Steagall Act- (Banking Act of 1933) separated banking and securities activities. Firms that accepted deposits could not underwrite stocks and corporate bonds. Financial Services Modernization Act (The GrammLeach-Bliley Act) Essentially repealed the Glass-Steagall Act and allowed for consolidation of financial institutions. Back to Table of contents FIN310 SUMMER 2016 Regulation of Bank Investment in Securities Financial Services Modernization Act (The GrammLeach-Bliley Act) Essentially repealed the Glass-Steagall Act and allowed for consolidation of financial institutions. Financial institutions can offer diversified services which reduces their reliance on demand for any single service less risk Consolidation during the credit crisis improved stability of the financial system because BHC are generally held to more stringent regulations than independent securities firms. Back to Table of contents FIN310 SUMMER 2016 Regulation of Off-Balance Sheet Transactions Off-balance sheet activities expose banks to risk, but don't appear on their balance sheet. Banks could be riskier than their balance sheets indicate because of these transactions. Regulators discourage banks from excessive involvement in off-balance sheet activities by imposing higher risk based capital requirements for banks that conduct more off-balance sheet activities. Lack of transparency regarding credit default swaps (and bank exposure) during the credit crisis has led to increased oversight and disclosure requirements. Back to Table of contents FIN310 SUMMER 2016 Regulation of the Accounting Process The Sarbanes-Oxley Act (SOX) was enacted in 2002 and was meant to ensure a transparent process for financial reporting. Requires all firms (including banks) implement an internal reporting process and centralized database of information. Requires executives to personally verify and sign off on the reports (holds them accountable for any accounting fraud) . Very expensive... compliance costs as much as $1m + per year Back to Table of contents FIN310 SUMMER 2016 Regulation of Capital Capital Requirements are regulations setting the minimum levels of capital that banks must hold (as a percentage of total assets). Cushion against possible losses. Banks have incentive to hold too little capital to increase return on equity Banks can increase their capital ratio by: Retaining earnings Issuing stock Reducing dividends Selling assets Back to Table of contents FIN310 SUMMER 2016 Regulation of Capital The Basel accords are guidelines intended to guide banks in setting their own capital requirements and are commonly used by regulators. Over 100 countries have adopted the Basel provisions to create a level playing field for banks that compete internationally. Basel Accord (Basel I) 1988- central banks of 12 major countries agreed to establish uniform capital requirements. Capital requirements are based on a bank's risk level Assets are weighted according to risk FIN310 SUMMER 2016 Back to Table of contents Regulation of Capital Basel II Framework (2004) refined risk measures and increased transparency. Revised measurement of credit risk Risk may vary within a category Explicitly accounted for operational risk Operational risk is the risk of losses resulting from inadequate or failed internal processes or systems. Provided an incentive for banks to reduce their operational risk by imposing higher capital requirements on banks with higher levels of operational risk. Many banks underestimated the risk of loan default during the credit crisis which led to development of Basel III. Back to Table of contents FIN310 SUMMER 2016 Regulation of Capital Basel III Framework (proposed in 2011- implementation currently scheduled for March 2019) Attempts to correct deficiencies in Basel II Calls for higher capital requirements to offset bank exposure due to derivative positions. Recommends that banks maintain Tier I capital (retained earnings and common stock) of at least 6% of total risk-weighted asset. Recommends the use of scenario analysis to determine how a bank's performance and capital level would be affected should economic conditions deteriorate. Also calls for improved liquidity requirements. Back to Table of contents FIN310 SUMMER 2016 How Regulators Monitor Banks CAMELS Ratings 1. Capital adequacy 2. Asset quality 3. Management 4. Earnings 5. Liquidity 6. Sensitivity Each characteristic is rated on a 1-to-5 scale, with 1 indicating outstanding and 5 very poor. Banks with a composite rating of 4.0 or higher are considered to be problem banks. FIN310 SUMMER 2016 Back to Table of contents How Regulators Monitor Banks CAMELS Ratings 1. Capital adequacy Because adequate bank capital is thought to reduce a bank's risk, regulators determine the capital ratio (typically defined as capital divided by assets). Banks with higher capital ratios are therefore assigned a higher capital adequacy rating. Fair value accounting is used to measure the value of bank assets. Back to Table of contents FIN310 SUMMER 2016 How Regulators Monitor Banks CAMELS Ratings 2. Asset Quality Each bank makes its own decisions as to how deposited funds should be allocated, and these decisions determine its level of credit (default) risk. The Fed considers \"the 5 Cs\" to assess the quality of the loans extended by a bank, which it is examining: 1. Capacity - the borrower's ability to pay. 2. Collateral - the quality of the assets that back the loan. 3. Condition - the circumstances that led to the need for funds. 4. Capital - the difference between the value of the borrower's assets and its liabilities. 5. Character - the borrower's willingness to repay loans as measured by its payment history on the loan and credit report Back to Table of contents FIN310 SUMMER 2016 How Regulators Monitor Banks CAMELS Ratings 3. Management Regulators specifically rate the bank's management according to administrative skills, ability to comply with existing regulations, and ability to cope with a changing environment. 4. Earnings A profitability ratio (ROA) is used to evaluate and make comparisons of a bank's earnings across time and with the industry 5. Liquidity If existing depositors sense that the bank is experiencing a liquidity problem, they may withdraw their funds, compounding the problem. FIN310 SUMMER 2016 Back to Table of contents How Regulators Monitor Banks CAMELS Ratings 6. Sensitivity (added in 1996) Assesses the degree to which a bank might be exposed to adverse financial market conditions. Limitations of CAMELS Large number of banks make close monitoring difficult. Many problems still go unnoticed or are not detected in time. Back to Table of contents FIN310 SUMMER 2016 How Regulators Monitor Banks: Corrective Action Regulators: May examine banks frequently and discuss with bank management possible remedies May request that a bank boost its capital level or delay its plans to expand. May require that additional financial information be periodically updated to allow continued monitoring. Have the authority to remove particular officers and directors of a problem bank if doing so would enhance the bank's performance. Can take legal action against a problem bank if the bank does not comply with their suggested remedies. Back to Table of contents FIN310 SUMMER 2016 How Regulators Monitor Banks: Closure of Failing Banks The FDIC is responsible for closure of failing banks Determine if a bank should be liquidated or acquired by another bank When liquidating a failed bank, the FDIC draws from its Deposit Insurance Fund to reimburse insured depositors and attempts to sell any marketable assets (securities, loans, etc.). The cost to the FDIC of closing a failed bank is the difference between the reimbursement to depositors and the proceeds received from selling the failed bank's assets. Back to Table of contents FIN310 SUMMER 2016 Government Rescue of Failing Banks Read in text: TARP: page 507 Government Rescue of Failing Banks: pages 511516 (may be helpful to review Financial Crisis material from earlier in the course) Back to Table of contents FIN310 SUMMER 2016