natgillin/translations-raw huggingface dataset:
A surge in asset prices without accompanying pressures on prices for goods and services raises a dilemma for central banks. 
A surge in asset prices without accompanying pressures on prices for goods and services raises a dilemma for central banks.
There is no consensus on how to handle this dilemma. 
There is no consensus on how to handle this dilemma.
Central banks have avoided targeting specific asset price levels. 
Central banks have avoided targeting specific asset price levels.
This means that monetary policy may influence savings and investment decisions more quickly. 
This means that monetary policy may influence savings and investment decisions more quickly.
The four largest Nordic countries have chosen different monetary policy regimes: 
The four largest Nordic countries have chosen different monetary policy regimes:
Finland is part of the euro area, 
Finland is part of the euro area,
Denmark is a member of ERM II, 
Denmark is a member of ERM II,
Sveriges Riksbank targets inflation, 
Sveriges Riksbank targets inflation,
whereas Norges Bank focuses on long-term exchange rate stability. 
whereas Norges Bank focuses on long-term exchange rate stability.
Denmark has for several years run a successful fixed exchange rate regime. 
Denmark has for several years run a successful fixed exchange rate regime.
First, ERM membership and Denmark's long-term commitment to a stable exchange rate have enhanced confidence in the current regime. 
First, ERM membership and Denmark's long-term commitment to a stable exchange rate have enhanced confidence in the current regime.
Second, fiscal policy has successfully supported the fixed exchange rate. 
Second, fiscal policy has successfully supported the fixed exchange rate.
For many other countries with less economic policy discipline, traditional fixed exchange rate regimes have proved fatal. 
For many other countries with less economic policy discipline, traditional fixed exchange rate regimes have proved fatal.
Internationally, there is a tendency of a shift away from the traditional fixed exchange rate regime. 
Internationally, there is a tendency of a shift away from the traditional fixed exchange rate regime.
Countries that place overriding emphasis on exchange rate stability must bind themselves more firmly to the mast either by establishing a currency board or by abandoning their national currency. 
Countries that place overriding emphasis on exchange rate stability must bind themselves more firmly to the mast either by establishing a currency board or by abandoning their national currency.
The growing importance of securities markets 
The growing importance of securities markets
Sweden is an example. 
Sweden is an example.
Deposit savings have been reduced, whereas savings directly or indirectly in securities markets have increased. 
Deposit savings have been reduced, whereas savings directly or indirectly in securities markets have increased.
This affects banks' earnings and funding structure. 
This affects banks' earnings and funding structure.
The trend is similar in Norway. 
The trend is similar in Norway.
In the euro area, there has been a sharp growth in issues of private securities after the introduction of the single currency. 
In the euro area, there has been a sharp growth in issues of private securities after the introduction of the single currency.
This growth was to some extent expected, as the common currency creates a huge investor base for security lending. 
This growth was to some extent expected, as the common currency creates a huge investor base for security lending.
Securities are a common form of financing such operations. 
Securities are a common form of financing such operations.
A growing number of small, higher risk companies could also make use of this market. 
A growing number of small, higher risk companies could also make use of this market.
In general, the euro is having a considerable influence on the development of securities markets in Europe. 
In general, the euro is having a considerable influence on the development of securities markets in Europe.
In most European countries, credit has traditionally been channelled through financial intermediaries such as banks. 
In most European countries, credit has traditionally been channelled through financial intermediaries such as banks.
Among the Nordic countries, Finland has the largest stock market capitalisation relative to GDP. 
Among the Nordic countries, Finland has the largest stock market capitalisation relative to GDP.
This is mainly due to one company, Nokia. 
This is mainly due to one company, Nokia.
Sweden also has a comparatively large stock market. 
Sweden also has a comparatively large stock market.
Denmark and Sweden have relatively large debt securities markets. 
Denmark and Sweden have relatively large debt securities markets.
Companies financed in the securities markets are continuously monitored through a transparent process. 
Companies financed in the securities markets are continuously monitored through a transparent process.
In other words: competition for capital contributes to creative destruction. 
In other words: competition for capital contributes to creative destruction.
Let me give you a recent example. 
Let me give you a recent example.
The Long Term Capital Management crisis in 1998 showed that banks and securities markets can complement one another in crisis situations. 
The Long Term Capital Management crisis in 1998 showed that banks and securities markets can complement one another in crisis situations.
During the crisis, the market for securities with credit risk dried up for a short period. 
During the crisis, the market for securities with credit risk dried up for a short period.
More frequently, financing through securities markets has been used as a substitute for bank loans in the event of banking problems. 
More frequently, financing through securities markets has been used as a substitute for bank loans in the event of banking problems.
Developments in the banking sector 
Developments in the banking sector
Having discussed the relationship between banks and securities markets, I would now like to turn to developments within the banking sector. 
Having discussed the relationship between banks and securities markets, I would now like to turn to developments within the banking sector.
Competition in the banking markets is increasing. 
Competition in the banking markets is increasing.
Banks face competition from other banks and financial institutions. 
Banks face competition from other banks and financial institutions.
In addition, new operators are entering the market, either on their own or in co-operation with existing market operators. 
In addition, new operators are entering the market, either on their own or in co-operation with existing market operators.
Distribution of financial services on the Internet is one example. 
Distribution of financial services on the Internet is one example.
Joint ventures between supermarkets and banks is another. 
Joint ventures between supermarkets and banks is another.
Cross-border integration 
Cross-border integration
Internationally, consolidation within countries has been predominant. 
Internationally, consolidation within countries has been predominant.
However, the development of "national champions" might be a run-up to increased cross-border activity. 
However, the development of "national champions" might be a run-up to increased cross-border activity.
The Nordic and Benelux countries are important exceptions to this international trend. 
The Nordic and Benelux countries are important exceptions to this international trend.
The five largest Nordic banking groups - MeritaNordbanken and Unibank - which are now part of Nordic Baltic Holding - Handelsbanken, FöreningsSparbanken, Den Danske Bank and SEB - all define the Nordic region as their home market. 
The five largest Nordic banking groups - MeritaNordbanken and Unibank - which are now part of Nordic Baltic Holding - Handelsbanken, FöreningsSparbanken, Den Danske Bank and SEB - all define the Nordic region as their home market.
They have established branches, co-operations and merged with or acquired institutions in other Nordic countries. 
They have established branches, co-operations and merged with or acquired institutions in other Nordic countries.
Some of them also focus on other countries in Northern Europe, such as the Baltic states, Poland and Germany. 
Some of them also focus on other countries in Northern Europe, such as the Baltic states, Poland and Germany.
However, their business strategies vary somewhat. 
However, their business strategies vary somewhat.
What is the reason behind this Nordic expansion? 
What is the reason behind this Nordic expansion?
It is easy to point to integrated markets, through trade and direct investment. 
It is easy to point to integrated markets, through trade and direct investment.
A common history, small cultural differences and similar languages - at least within the Scandinavian countries - are probably of particular importance to Nordic integration. 
A common history, small cultural differences and similar languages - at least within the Scandinavian countries - are probably of particular importance to Nordic integration.
There are also more industry-specific explanations. 
There are also more industry-specific explanations.
Strategic positioning - perhaps as a defensive measure against competition from non-Nordic institutions - is one explanation. 
Strategic positioning - perhaps as a defensive measure against competition from non-Nordic institutions - is one explanation.
I will instead focus on another important issue: production costs and the size of markets. 
I will instead focus on another important issue: production costs and the size of markets.
Geographic expansion gives institutions an opportunity to sell existing products to new customers in new markets. 
Geographic expansion gives institutions an opportunity to sell existing products to new customers in new markets.
As a result, the institutions can spread their costs over a larger customer base. 
As a result, the institutions can spread their costs over a larger customer base.
This raises the question of whether to separate production and distribution. 
This raises the question of whether to separate production and distribution.
Different co-operation agreements make it possible for small players to offer a broader product range than they would have been able to on their own. 
Different co-operation agreements make it possible for small players to offer a broader product range than they would have been able to on their own.
At the same time, some larger institutions may benefit from offering their products for distribution through other institutions. 
At the same time, some larger institutions may benefit from offering their products for distribution through other institutions.
Competition in this segment is perhaps more international than Nordic. 
Competition in this segment is perhaps more international than Nordic.
How does cross-border integration change the risk outlook for the financial system? 
How does cross-border integration change the risk outlook for the financial system?
Spreading production costs over a larger customer base may improve profits. 
Spreading production costs over a larger customer base may improve profits.
In addition, cross-border competition might lead to efficiency gains and a spillover of best practices. 
In addition, cross-border competition might lead to efficiency gains and a spillover of best practices.
However, there are also counter-arguments. 
However, there are also counter-arguments.
For example, increasing the size of operations may reduce management focus. 
For example, increasing the size of operations may reduce management focus.
This could have a negative effect on financial stability. 
This could have a negative effect on financial stability.
This is positive from a financial stability point of view. 
This is positive from a financial stability point of view.
The Internet as a distribution channel for financial services 
The Internet as a distribution channel for financial services
The Internet creates new opportunities for traditional banks. 
The Internet creates new opportunities for traditional banks.
For example, banks should be well positioned to become key operators in trading on the Internet. 
For example, banks should be well positioned to become key operators in trading on the Internet.
They have a large customer base and strong brand names, and can offer payment transmission services, advertising space and links on their home pages. 
They have a large customer base and strong brand names, and can offer payment transmission services, advertising space and links on their home pages.
Internationally, many banks have agreements with Internet or telecommunication companies for the development of Internet banking and marketplaces on the Internet. 
Internationally, many banks have agreements with Internet or telecommunication companies for the development of Internet banking and marketplaces on the Internet.
This is probably just the beginning of a trend towards increased co-operation across industry boundaries. 
This is probably just the beginning of a trend towards increased co-operation across industry boundaries.
The Internet poses great challenges as well. 
The Internet poses great challenges as well.
It is clearly intensifying competition in the industry. 
It is clearly intensifying competition in the industry.
The Internet may also change the relative positions of existing market participants. 
The Internet may also change the relative positions of existing market participants.
Many Nordic banks have established some form of Internet banking. 
Many Nordic banks have established some form of Internet banking.
So far, most services offered on the Internet are relatively simple, for example loan applications, bill payments and account transfers. 
So far, most services offered on the Internet are relatively simple, for example loan applications, bill payments and account transfers.
These are probably the most important services for the majority of customers. 
These are probably the most important services for the majority of customers.
Several banks also offer trading in shares and fund units on the Internet. 
Several banks also offer trading in shares and fund units on the Internet.
I'm sure discussions during this conference will give you an indication of future product developments. 
I'm sure discussions during this conference will give you an indication of future product developments.
Nordic countries rank at the top globally in terms of access to the Internet. 
Nordic countries rank at the top globally in terms of access to the Internet.
Nordic banks thus have a unique opportunity to serve a substantial share of customers via the Internet. 
Nordic banks thus have a unique opportunity to serve a substantial share of customers via the Internet.
This also has relevance to cross-border integration. 
This also has relevance to cross-border integration.
Banks that focus on Internet distribution are perhaps particularly interested in markets where there are many Internet users. 
Banks that focus on Internet distribution are perhaps particularly interested in markets where there are many Internet users.
In isolation, this may contribute to increasing banks' fixed costs. 
In isolation, this may contribute to increasing banks' fixed costs.
As a result, the competitive environment may change. 
As a result, the competitive environment may change.
There is a danger of over- investment. 
There is a danger of over- investment.
Sunk costs account for a large share of overall costs. 
Sunk costs account for a large share of overall costs.
This may lead to marginal pricing as the fight for volume intensifies. 
This may lead to marginal pricing as the fight for volume intensifies.
This could have a negative effect on bank profitability. 
This could have a negative effect on bank profitability.
Many Nordic banks have a smaller customer base for distributing fixed costs than large foreign competitors. 
Many Nordic banks have a smaller customer base for distributing fixed costs than large foreign competitors.
As mentioned, some banks have tried to compensate by entering into co-operation agreements. 
As mentioned, some banks have tried to compensate by entering into co-operation agreements.
Substantial investments will probably be required to keep them competitive. 
Substantial investments will probably be required to keep them competitive.
Both management and employees will have to devote considerable attention to these aspects. 
Both management and employees will have to devote considerable attention to these aspects.
The wrong solution or approach could weaken banks' competitive position, profitability and financial strength. 
The wrong solution or approach could weaken banks' competitive position, profitability and financial strength.
This may also have negative implications for financial stability. 
This may also have negative implications for financial stability.
However, I don't want to give you the impression it's all doom and gloom. 
However, I don't want to give you the impression it's all doom and gloom.
New technologies offer great opportunities for streamlining operations and improving efficiency. 
New technologies offer great opportunities for streamlining operations and improving efficiency.
There should also be new business opportunities. 
There should also be new business opportunities.
Consequences for the authorities 
Consequences for the authorities
Developments in the financial sector also pose challenges for the authorities. 
Developments in the financial sector also pose challenges for the authorities.
The growth of complex financial conglomerates represents considerable challenges for supervision and crisis resolution. 
The growth of complex financial conglomerates represents considerable challenges for supervision and crisis resolution.
The international trend towards one national supervisory authority is probably advantageous in this respect. 
The international trend towards one national supervisory authority is probably advantageous in this respect.
The Nordic countries have led the way here. 
The Nordic countries have led the way here.
The growth of institutions with a significant presence in several countries has increased the need for co-operation between the authorities of different countries. 
The growth of institutions with a significant presence in several countries has increased the need for co-operation between the authorities of different countries.
Bilateral and multilateral memorandums of understanding are an important tool in this respect. 
Bilateral and multilateral memorandums of understanding are an important tool in this respect.
The Nordic supervisory authorities have recently signed a joint memorandum of understanding. 
The Nordic supervisory authorities have recently signed a joint memorandum of understanding.
The activities of central banks are also influenced. 
The activities of central banks are also influenced.
In addition, structural changes also influence central banks' role as "lender of last resort". 
In addition, structural changes also influence central banks' role as "lender of last resort".
Currently a variety of regulatory initiatives are being discussed. 
Currently a variety of regulatory initiatives are being discussed.
Important examples are the EU Financial Services Action Plan, the revision of the Basle capital accord, and the different initiatives gathered under the heading of "New Financial Architecture". 
Important examples are the EU Financial Services Action Plan, the revision of the Basle capital accord, and the different initiatives gathered under the heading of "New Financial Architecture".
However, as the current wave of consolidation progresses, the authorities must take the necessary steps to ensure an adequate level of competition. 
However, as the current wave of consolidation progresses, the authorities must take the necessary steps to ensure an adequate level of competition.
However, enhanced supervision, international co-operation and regulatory changes are not enough. 
However, enhanced supervision, international co-operation and regulatory changes are not enough.
Improving institutions' own risk management systems is a key challenge. 
Improving institutions' own risk management systems is a key challenge.
It is vital that these systems develop as the structure and activities of institutions change. 
It is vital that these systems develop as the structure and activities of institutions change.
Finally, I would like to make a few concluding remarks. 
Finally, I would like to make a few concluding remarks.
Finland, Sweden and Norway all experienced a severe banking crisis in the early 1990s. 
Finland, Sweden and Norway all experienced a severe banking crisis in the early 1990s.
In the last 20 years three-quarters of IMF member countries have experienced a banking crisis. 
In the last 20 years three-quarters of IMF member countries have experienced a banking crisis.
Not even a perfectly healthy macroeconomic policy and an effective supervisory system constitute a guarantee against crises if participants in the financial sector behave imprudently. 
Not even a perfectly healthy macroeconomic policy and an effective supervisory system constitute a guarantee against crises if participants in the financial sector behave imprudently.
The most important preventive measure is thus to promote prudent behaviour. 
The most important preventive measure is thus to promote prudent behaviour.
The authorities will contribute to this end. 
The authorities will contribute to this end.
However, I would like to emphasise that responsibility for sound practices primarily rests with market participants themselves. 
However, I would like to emphasise that responsibility for sound practices primarily rests with market participants themselves.
However, they face increasing competition from several quarters. 
However, they face increasing competition from several quarters.
The authorities should look at the restructuring of the banking industry with an open mind. 
The authorities should look at the restructuring of the banking industry with an open mind.
Footnote: 
Footnote:
1Japan in the late 1980s has been mentioned as one example. 
1Japan in the late 1980s has been mentioned as one example.
Bernanke, Ben and Mark Gertler: Monetary policy and asset price volatility, and Yamaguchi, Yutaka: Asset price and monetary policy: Japan's experience, in New challenges for monetary policy, Federal Reserve Bank of Kansas City (1999). 
Bernanke, Ben and Mark Gertler: Monetary policy and asset price volatility, and Yamaguchi, Yutaka: Asset price and monetary policy: Japan's experience, in New challenges for monetary policy, Federal Reserve Bank of Kansas City (1999).
The changes will apply from 1 March 2016. 
Endringene trer i kraft 1. mars 2016.
The changes are described in consultation letter of 3 September 2015. 
Endringene er beskrevet i høringsbrev av 3. september 2015.
For technical reasons, the implementation of the new system was moved forward to 2016. 
Av systemtekniske årsaker ble driftsettelsen av den nye systemløsningen utsatt til 2016.
As a result, the new rules will first apply from 1 March 2016. 
Det nye regelverket vil derfor først gjelde fra 1. mars 2016.
Series: Survey of Bank Lending Number: 4/2015 
Serie: Utlånsundersøkelse Nummer: 4/2015
Results of the survey (PDF 421.4 Kb) 
Resultater fra undersøkelsen (PDF 260,7 Kb)
Banks report somewhat tighter credit standards for households and enterprises in 2015 Q4. 
Bankene rapporterer om noe strammere kredittpraksis overfor husholdninger og foretak i 4. kvartal i fjor.
Banks report that demand for household credit was slightly lower and that corporate credit demand remained approximately unchanged in Q4. 
Bankene rapporterer om litt lavere etterspørsel etter kreditt fra husholdningene og om lag uendret etterspørsel fra foretakene i 4. kvartal.
Application forms - collateral for bank's loans 
Søknadsskjema - sikkerhet for lån