BORANA UNIVERSITY

COLLEGE OF BUSINESS AND

ECONOMICS
DEPARTMENT OF ACCOUNTING AND FINANCE

ASSESSMENT OF LIQUID ASSET MANAGEMENT PRACTICE (IN CASE

OF COMMERCIAL BANK OF ETHIOPIA, GUMI GAYO BRANCH).

Research Proposal Submitted to Department of Accounting and

Finance

 Submitted by;

1, Guyo Tetepha ID No ,BRU/ 268/2013 2, Abduba Adi ID No ,BRU/000/2013

3, Haro Dalacha ID No ,BRU/000/2013 4, Galgalo Kuri ID No

,BRU/000/2013

1
 Submitted to: (Mr) Godana Kancora

DEPARTMENT OF ACCOUNTING AND FINANCE

December 2025 E.C

YABALO, ETIOPIA

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LIST OF ACRONYMS
CBE- Commercial Bank of Ethiopia
IFC - International Finance Corporation

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Table of Contents
page
LIST OF ACRONYMS i
CHAPTER ONE 1
1.Introduction 1

1.1. Background of the Study 1

1.2. Statement of the Problem 2
1.3. Objective of the study 3
1.3.1. General Objectives 3
1.3.2. Specific objectives 3
1.4. Research Questions 3
1.5. Significant of the study 4
1.6. Scope of the study 4
1.7. Limitation of the study 4
CHAPTER TWO 5
2. LITERATURE REVIEW 5
2.1. Theoretical literature review 5
2.1.1 Definition of liquid Asset Management 5
2.2. Objective of liquid asset Management 6
2.3 Definition of Liquid asset 7
2.3.1. Importance of liquid asset 7
2.3.2. Control of liquid asset 7
2.4 .Empirical literature review 8
2.5. Research Gaps 11
CHAPTER THREE 12
3. Research Methodology 12
3.1 Research design 12
3.2. Types and Sources of Data 12
3.3. Data collection methods 12
3.4. Sample Technique and Size 12
3.5. Data presentation and analysis 13
3.6. Time and Budget Schedule 13
3.6.1 Time Schedule 13
3.6.2. Budget Schedule 13

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References 14

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 CHAPTER ONE
1. INTRODUCTION
1.1. Background of the Study
Liquid asset management refers to a broad area of finance involves the receipt,
payment, collection, handling and usage of liquid asset. It involves that the assessing
of market liquidity, liquid asset flows and investments in business sector. It is also a
broad term that covers a number of functions that helps individual and businesses
for the process of receipts and payments in an effective and efficient manner
(Soyemi, 1989).
The liquid asset management process consists of determining the appropriate
target liquid asset balance, collecting and disbursing of liquid asset efficiently and
investing excess liquid asset in marketable security. The determining of appropriate
target liquid asset balance involves an assessment of the trade-off between the
benefit and cost of liquidity. The benefit of holding liquid asset is the convenience in
liquidity it gives to the firm. The cost of holding liquid asset is the interest income
that the firm could have received from investing in treasury bills and other
marketable securities (Stephen, 1999).
Liquid asset management lets companies process and use their money in such a
way that they have adequate funds available for regular costs like paying employees.
It ensures that the company has some money for the things they did not plan on,
such as a higher than expected increase in the cost of materials. In general, small
businesses do not always have the ability to obtain the credit they might need. They
have to rely on their own money to meet expenses. Being unable to handle these
situations puts a company at risk for loss of revenue or in the worst case scenario,
going out of the business (Rose, 1999).
Liquid assets are any item that can be converted quickly and easily into cash,
typically within few days, without losing much of their value. These assets are
among the most basic types of financial resources used by consumers, business,
and investors. Cash, checking account, receivables, inventories and short term
investment are the most obvious forms of liquid assets (Rose, 2000).
The objective of liquid assets management is to maximize returns while maintaining

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risk to International Finance Corporation within acceptable levels of all the ensuring
that funding for International Finance Corporation (IFC) investments in available as
needed, Assets are held in several distinct portfolios depending up on the held initial
sources of funds paid up capital and retained earnings are managed against an
immediate bench mark. And likewise, is to deploy the canter’s liquid assets in a such
a way that prod lent strikes a balance between protecting against loss, ensuring
adequate liquidity for day to day operation and investing surplus cash profitability.
There are trade-offs to be made among these objectivities (Owolabi&Ibida,2012).
In the context of the above discussions, it seems appropriate to investigate the
assessment of liquid asset management practice in comercial bank of ethiopia in
Gumi Gayo branch. Thus, the purpose of this study is to assess the liquid asset
management practice in comercial bank of ethiopia in Gumi Gayo branch.

1.2. Statement of the Problem

Liquid asset management is an important aspect of finance management which
firms have to give serious attention to many firms have seen forced out of business
because of poor management of liquid assets. Excess investment in current asset
impairs the firm profitability and inadequate amount of working capital threatens
solvency of a firm. Furthermore, a weak liquidity possess a threat to the solvency of
a firm and makes it unsafe or unsound, a negative working capital also means a
negative liquidity (Planket, 1986).
One of the major problems of financial institution is improper management of liquid
asset which will have greater impact for the survival of the company, because of
liquidity problem. Loss of profit, unable to fulfil customer demand, and fear to
survive. Unlike other financial institution bank more likely to fail due to liquidity
problem unable to honour their promise to redeem deposit demand lacks of
adequate liquidity is often one of the first sign that a bank is series financial trouble.
Bank may begin to lose a deposit which erodes its supply of cash and force the
institution to dispose fits more liquid asset (Rose, 1999).
Other major difficulties of the organization come across, however, is the issue of
access to liquid asset. The bank, especially in developing countries, suffers from
lack of access to appropriate assessment (term and cost) liquid asset (Oteh, 2010).
This is due in part to the perception of higher risks resulting in high mortality rate of
the business, information asymmetry, poorly prepared project proposals, inadequate

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collateral, absence of, or unverifiable history of past credit(s) obtained and lack of
adequate historical records of the company’s transaction (Oteh, 2010). Therefore,
banks which are profitable are forced to cease their operations due to the inability to
meet their short term debts obligations. Not that they do not have funds to operate,
but the problem is how they manage their liquid assets.
The importance of efficient liquid asset management is not new to the finance
literature. The careful management of cash flow, accounts receivables and inventory
is more vital in the organization. To gain empirical insight on liquid asset
management, there was need to conduct an investigation into the current asset
management practices and challenges of the bank (Peel and Wilson, 1994).
All the above discussed problems in relation to commercial bank of ethiopia, along
with the gap in the literature call for detailed investigation. Therefore, this study
seeks to fill the gap by providing information about assessment of liquid asset
managment practice by examining the untouched one, and replicating the existing in
the Ethiopian context by using data from respondant to commercia bank of Ethiopia
in Gumi Gayo branch.
1.3. Objective of the study

1.3.1. General Objectives

the general objective of this study will be assess liquid assets management practice
of the Commercial Bank of Ethiopia(in case of yabalo town )
1.3.2. Specific objectives
To identify main problems that bank faces in managing its liquid asset practice.
To assess the policies and procedures of bank in the management of liquid asset.
To examine liquidity position and short term investment.
To examine liquid asset turnover rates management system of the bank.
1.4. Research Questions
To assess liquid assets management practice the following related questions are
raised.
1. What are the principal problems existing in managing liquid assets?
2. What does the techniques used by bank to manage its liquid assets?
3. What are the problems that bank faces in liquidity, and short term investment?
4. How banks examine liquid turnover rates in its control system?

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 1.5. Significant of the study
Liquid assets (such as: cash, account receivable, inventory, short term investment,
and others) are a very important thing for the day to day activities of the banking
system. Having this in mind, this study will be contributes the following significances.
-It helps the company to take corrective actions on the basis of suggested solution
and recommendation.
- Give away for other researcher who wants to make further investigation in the area
of liquid asset management practice and to conduct detailed research on issue.
-It creates awareness to the organization about liquid asset management and
control.
-can be laid down a starting point for other researchers in order to incentive study on
liquid asset management.
1.6. Scope of the study
To identify and investigate problems as much as possible that related to the liquid
assets management, it requires extensive research, much more time, sufficient
information, knowledge and enough money. But, this study confine to one
organization (i.e. Commercial Bank of Ethiopia in Gumi Gayo Branch)
1.7. Limitation of the study

1.8.Organization of paper
The paper is organize in to three chapters. The first chapter deals with the
introductory part such as back ground of the study, statement of the problem,
objectives of the study, significance of the study ,scope of the study, and
organization the paper. The second chapter is focuse on the literature review
describe the detail theoretical aspects of the study. The third chapter is present
research methodology. The fourth chapter is present data analysis and interpretation.
Finally, the last chapter provides major finding conclusion and recommendations.

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 CHAPTER TWO
2. LITERATURE REVIEW
2.1. Theoretical literature review
2.1.1 Definition of liquid Asset Management
The term liquid asset management is one of the most fundamental topics in the field
of corporate finance. It refers to the firm’s investment in inventory, accounts
receivable, cash and liquid securities, all of which constitute short-term assets.
Liquid asset management is essential due to many reasons. The holding of excess
current assets in a business might lead to unrealized opportunities. On the other
hand firms with less liquid assets in their books may encounter shortages and
expect difficulties in running their operations. Therefore, many firms want to
maintain an optimal level of investment in the liquid/ current assets and current
liabilities. This is done in order to eliminate the risk that emanates from the inability
of the business to meet its short term obligations (Ashraf,2012).
Liquid asset management is derived from the problems that occur in trying to
manage cash, accounts receivable and inventory and the interrelationship that exists
between them. If the organization is not able to maintain an optimal level of liquid
assets it is most likely to become insolvent and may go into bankruptcy. Altman’s

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(1968) multivariate predictor that was modelled on the companies domiciled in the
USA includes liquid assets as one of the model components.;
Short term assets securities are securities that brought and solid in the primary or
secondary securities market these securities are reaching to maturity within one year
and are noted for their low risk and ready marketability, These securities are
considered appropriate investment in the liquid asset management non-financial
bank acceptance and money market mutual fund are suitable as short such treasury
bill securities short term or term temporary investment after negative the researcher
tribe to see only treasury bill because the restore not applicable in Ethiopia context
(neveu, 1985).
Treasury bill: commonly referred to as T- balls are her direct obligations of the state
government bill are particularly attractive to bank because of their high degree of
safely. Bill are supported by taxing power of the federal governments, their market
price are relative stable and they readily marketable bills are issue and trade as
discount from their part value without promised interest rate (neveu, 1985 ).
The minimum purchase size is $10,000 new issue of T- balls are sold by state
treasury and are available in three original maturities 91 days, 185 and 52 weeks
other maturities can be obtained by purchasing previously issued t- bill in resale
markets. They yield the smallest rate of return among short term investment
because they have no default risk. The short term manures of T- bill serve to maize
interest rate risk (neveu, 1985).
In financial terms, inventory constitutes a paramount portion of liquid asset
management and its prudent management mitigates the risk of work or supply
stoppages. Inventory ensures that the firm has excellent customer relations and this
therefore, ensures demand for the firm’s products leading to higher sales and
increased profitability (Danuri and Satoto, 2011).
Inventory in accounting is an estimate of the appropriate monetary value of the
goods to be held by a company. Raw material inventory is the free on board price
that is paid during the time of the purchases, while finished goods are the value of
the cost of sales or the cost of goods sold. The inventory turnover period is a vital
component of the current asset management. It indicates the approximate length of
time it takes for products to be sold. A low frequency turnover generally implies a
high investment in inventory. If the business is sub-optimal in maintaining products,
this will result in financial; resources being held captive in non- productive cases
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(DanuriandSatoto, 2011).
2.2. Objective of liquid asset Management
An organizations hold liquid assets to satisfy three objectives. First, to meet
customers’ regular transactions needs. The minimum amount of liquid asset vault
corresponds to demand of customer. Second, regulatory agencies mandate legal
reserve requirements that can be met only by holding qualifying liquid assets. Finally,
organization use liquid asset balances to purchase services from correspondent
organization. They prefer to hold just enough liquid asset to avoid creating
transaction problems. Because liquid asset doesn’t generate interest income, excess
holdings have a high opportunity cost, represented by the interest that could be
earned an alternative investment. As the level of interests rates rises, so does the
opportunity cost and the incentive to economize on liquid assets (Altman’s).
In addition, a bank must keep enough deposit balances at other banks and the
Federal Reserve to cover deposit outflows; or it will be forced to replenish its
balances under duress. Owing too few liquid assets potentially creates liquidity
problems and increases borrowing costs continued deficiencies are attributed to
poor management, which ultimately leads to close regulatory scrutiny and
deteriorating business relationships. Fortunately, vault liquid asset needs are fairly
predictable local business make regular liquid asset deposits, and bank customers
generally withdraw liquid asset at predictable intervals near weekends, holidays, and
when they receive their pay checks. Vault liquid asset shortage can be avoided by
requesting accuracy shipment from the closest Federal Reserve Bank (FRB) or
correspondent bank (Timothy., W. Koch, 1995).
2.3 Definition of Liquid asset
Liquid asset are current assets that uses in any activities of the business
organizations. Liquid asset are the assets which a firm can disburse immediately
without any restriction. Liquid asset are the current assets for the operations of the
business. They the basic input needed to keep the business running on a continuous
basis; it is also the ultimate output expected to be realized by selling the services or
products of the firm. In bank, liquid asset are current assets by accepting the deposit
from the customer and also offering the loan services to the customer and again
liquid assets are the significance current assets and the productive assets that a
firm holds. Generally, it’s focuses on the asset side of the balance sheet and argues

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that banks must hold large amount of liquid assets against possible demand or
payment cushion of readily marketable short term liquid assets against unforeseen
circumstances. This approach is however very expensive in a current world of
dynamic money market (Ngwee, 2006, p-58)
2.3.1. Importance of liquid asset
Liquid asset are used to promote the payment systems and the receipt process in
the day to day activities of the firms or the business organization. Liquid asset are
required to meet a firm’s transactions and precautionary needs. The firm needs
liquid asset to make payments for acquisition of resources and service for their
normal conduct of business.
2.3.2. Control of liquid asset
Liquid asset control is the same as the liquid asset management process which
needs a great focuses because of liquid assets are the sensitive and significant
current assets of the business organization. Also, it has to prevent from the misuse
of the money by the employees and other individual of the organization. Liquid asset
control such as cash is used to meet the payment schedules promptly and to
minimize the fund commitment on the liquid asset balance (Ross &Jafre,1999).
Liquid asset presents special management and control problems not only because it
enters into a great many transactions but also for these reasons.
1. Liquid asset are asset readily convertible into cash. It is easily concealed and
transported, and it is almost universally desired. Correct accounting for liquid asset
transactions therefore requires that control be established to ensure that liquid asset
belonging to the enterprise is not improperly converted to personal use by someone
in, or converted with, the enterprise.
2. The amount of liquid asset owned by an enterprise should be regulated carefully
so that neither too much nor too little is available at any time.
2.4 .Empirical literature review
According to Keynes (1973), cash is held in companies in order to act as a bridge
between the sales receipts and the incurred business costs. In summary, companies
will hold a significant cash amount to be able to meet their regular obligations. It
therefore, follows that if a firm has a higher ability to manage its cash flows that is
the more predictable the better, the weaker the transactions motive for holding cash
will be. The transaction motive is mostly applicable to bank as it illustrates the cash

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holding motives of firms. The precautionary motive is in regards to a firm’s ability to
provide for unseen expenses and unforeseen opportunities of advantageous gain.
Therefore, a firm that operates in a market with volatility will have a higher affinity to
be cautious than a firm operating in a less risky operating environment. Firms also
hold out cash for the purposes of speculation. The speculation motive is premised
on the case that an increase in interest rates will reduce demands of security and
vice versa. Thus, the company will most likely invest it’s idle cash in securities during
the period when interest rates fall. Due to this speculation the firm will generate
additional cash when selling these securities as the prices of these securities will
have risen as a result of anticipated decline in interest rates.
Padachi (2006) says that, a well designed and implemented liquid asset
management can contribute significantly towards the realization of a firm’s value.
The results demonstrated that a higher investment in receivables is generally
associated with low profitability and as a result leading to the firm requiring having
short term current asset financing.
Kithii (2008) explains that, the cash on the books of bank deposits those are either in
the bank accounts or are in the certificate of deposits. The cash is a key component
of the firm’s liquid assets as it’s the most liquid. The cash is used in the payment of
short- term payables and operational expenses. In the context of current asset
management, the deposits in the bank are components of current assets.
Kithii (2008) further notes that, some costs are incurred due to the shortages or
excesses of liquid assets. Therefore, the goals of the business become dual. The
first goal is to manage the excessive costs and the second goal is to maintain
optimal liquidity to fulfil all the current expenses which include petty cash payments
to ensure all the operations occur smoothly. The latter goal effectively ensures that
the business is able to sustain routine operations. The management of liquidity, that
is funds that are available to immediately meet daily expenses while keeping a lid on
excesses, affects the profitability of the firm and is like maintain the optimal amount
of stock in inventory management (Hofmann 2005). The reason for this is that the
cash available and the bank deposits constantly fluctuate, as customer demand for a
finished product. This imposes uncertainty and the risk of the business being
insolvent.
According to Vural, Sokmen and Cetenak (2012), a firm’s profitability is negatively
related to the collections of receivables and cash conversion cycle. Therefore if the
9
firm shortens its receivables collection period and therefore reduces its cash
conversion cycle is most likely able to increase its profitability. This will render the
relationship between other working capital components and firm’s profitability
insignificant. The relationship between a firm’s leverage and its profitability is
negative whereas the relationship between a firm size and its profitability is positive.
Bagchi (2013) postulates that, firms in particular bank frequently fail to meet their
operational goals as a result of lack of cash liquidity. This is because they constantly
need cash and bank deposits to meet routine operational expenses. Therefore,
without appropriate liquidity a firm may end up bankrupt. Cash on hand is the cash
and bank deposit available on the first trading day. When sales occur, cash is
generated and flows in, same with bank deposits. When standing orders are paid, or
when cheques are written, cash flows out of the business. The balance of the cash
that will be left at the end of the month will be carried over to the beginning of the
next month.
Instead of having raw cash and bank deposits, firms may also put excess cash into
marketable securities. These are very liquid assets that are promptly converted to
cash if there is need (Bagchi, 2013). Cash management is geared towards evading
cash and bank deposit gaps that exists between incoming and outgoing cash for the
operations of the business. During the lifetime of a business, in order for the owners
to ensure survival of the business they must always ensure that they have enough
cash flow in order to achieve their sales targets, expansion targets, hiring and firing
of employees and payment of statutory taxes. A firm which tracks its cash flow can
be able to pinpoint when there is need for cash injection, perhaps via a loan without
which the business will become insolvent. If the money is being held by the inventory
or accounts receivable, the business might be profitable or illiquid to finance its
routine obligations. The remedy is for the business to increase its inventory turnover
and to collect their receivables to free cash flow.
According to Bagchi (2013), many businesses confuse cash management with
profitability. Cash management is the tracking of cash that flows in and out of the
business. The management of cash aims at having sufficient cash and bank
deposits to meet a firm’s financial mandate in a timely manner. This is ensured by
having maximum liquidity. Profits are the residual money from sales and other
income transactions (as presented in a firm’s annual income statement) after
deducting all the operational expenses incurred in that year.
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Bagchi(2013), states that accounts receivables are a means of attracting customers
and increasing sales for a business. This is because; it allows a customer the
privilege to access a service or a product and enjoy its consumption before
delivering payment. This kind of arrangement will generally increase the sales but
will have the additional effort of increase the receivables that the firm should recover
later. If the firm does not collect its receivables, it risks turning it into bad debt, never
to be repaid. In addition, slow payment by the customers might end up running the
business to the ground. Therefore to minimize this, the business sets up a credit
sale policy. In general, an increase in accounts receivable will raise liquid asset
requirement.
According to Deloof (2013) the managers can maximize the wealth of their
shareholders by minimizing the number of days of accounts receivables and
increasing inventory turnover. There is a negative relation between profitability and
accounts receivables. This is consistent with the fact that mostly less profitable
firms have higher lead times for paying bills.
One of the components of liquid asset management is the accounts receivables
collection. In general, the fundamental goal of the firm’s managers is to maximize
the shareholder value. With this in mind, optimal receivables management is
effective in achieving this goal. An increase in the receivables account of a company
leads to an increase in working capital as well as an increase in the cost of
receivables account management and maintenance. In principle generally, the
collections period is a criterion for the measurement of the time required for the
collection of cash from customer sales.

2.5. Research Gaps

The researcher believes that this study will be fullfil the gap found between the
previous study that researched by different and many researchers with in different
times. So the gap exists because of the following reasons:
The range of time, that the previous researcher depends on complex figure in order
to represent and analysis the data. Due to this, now day there are many changes in
companies such as technological change and structural change which affects the
whole activities of the companies.
The structure of economic development of the companies: This implies that the

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previous researcher depend on few numbers of branches and narrow structure. Due
to this, now a days the company’s change its structure by adding the number of its
branches in the country which leads to the change in the control and managements
of the organizat

CHAPTER THREE
3. Research Methodology
3.1 Research design
The researcher will be use a descriptive method in carrying out this study, because
of it pictures out the current situations or it describes briefly the existing events in
the company. Also, it shows clearly a much closer to accurate characteristics of a
particular situation. Moreover, it also helps the researcher to gather several kinds of
data related to the subject to the study.

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 3.2. Types and Sources of Data
In the study, the researcher will be uses both primary and secondary sources of data.
In primary sources of data, the researcher will be questionaries and interview of the
bank and the While in secondary sources of data the researcher will be review the
source documents from data bases of the bank which include financial statements
and other policies and procedures of the bank.
3.3. Data collection methods
The researcher will be use both interview and questionaries that contain closed-
ended and open ended questions. The open ended will be use to clarify the answers
given by respondent in close - ended questions. Interview will be arrange from CBE in
Gumi Gayo branch. The questionary will be prepared in English.the secondary data
will be collected by visiting the bank financial statements and other procedures.
3.4. Sample Technique and Size
To conduct a research with a whole employees is time consuming and financially
difficult. Taking this factor in to consideration personal judgment will be use to know
respondents with required data. Specifically, the judgmental sampling which will be
use to gather relevant data and give more concern with whose are deemed to be
knowledge about the liquid assets management. So that, sample size of 40 for
concerned bodies will be select from total population or employees of 40.

3.5. Data presentation and analysis

In order to present and analyse the finding, the researchers will be use percentage
supported by tables and graphs. The data will be gather quantitatively will be
analyse, ediit, code and enter into the computer System.

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 3.6. Time and Budget Schedule
3.6.1 Time Schedule

No No. Activity Oct Nov Dec Jan Feb Mar Apr May June

No

1 1 Topic selection xx xx

2 2 Preparation of Xx
proposal

3 3 Collection of useful xx
material

4 4 Data collection xx

5 5 Data Analysis and xx Xx xx

writing of final
research

6 6 Submission Xx
research

7 7 Presentation of final Xx
research

3.6.2. Budget Schedule

The study will contain the following different types of expenditures that will incur in
the whole course of research.
Item Quantity Per unit (Birr) Total Cost (Birr)

Equi Paper 1 130 130

pme Pen 4 10 40

nt Pencil 3 2 6

and
Binder 1 35 35
stati
Flash 1 180 180
onar

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 y
Miscellaneous 130

Total Cost - - 521

Pers Transportation 600.00

onal Internet 200 min. 0.50 200.00

cost Printer 44 pages 1.00 80.00

Typist 44 pages 5.00 220.00

Total cost - - 1100.00

Over all total cost - - 1621.00

References
Ashraf, C.K., (2012). Journal of Accounting Management, Vol. 2(3), pp. 1 – 25.Annual
report of Commercial Bank of Ethiopia, (2010-2013).
Bagchi, T.P., (2013).Journal of Accounting and Management, Vol. 3(2), pp.1 – 26.
Bagchi, B., &Khamrui, B., (2012). Business and Economics Journal, Vol. 2012 (60),
pp.2 – 12.
Birmingham E.F., The Dryden Fundamental of Financial management, 1995, 7th
Edition.
CBE Credit policy and procedure Documents.
CBE Procedure manual for controlling branch operations.
Deloof, M. (2003). Journal of Business Finance & Accounting, Vol. (30), pp. 573-588.
Neveu, W.T., Fundamental Financial management. (1985).4th Eds.
Padachi, K., (2006).International Review of Business Research Papers, Vol. 2(2), pp.
45-58.
Planket. 1986. Fundamentals of managerial finance 2nd edition.
Rose, P.S., Commercial bank management (1999, 4th ed.) mc. Grawill company.
Ross, S.A., fundamental and corporate finance 2000, 4th Ed.
Ross, S., Wester field, R., & Jordan, B. (2008).Fundamentals of Corporate Finance.
Washington, DC: McGraw-Hill/Irwin.
Ross, Waster field & Jordan. Fundamental of Corporate Finance (1998,) 5th

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