samchain/econo-pairs-v1 huggingface dataset:
Third, the entry into force of the Mechanism will entail the need to conduct new activities and develop new functions: the monitoring of the banking systems of the remaining euro area countries, which is needed to underpin the Banco de España’s place on the Supervisory Board; participation in the definition of the Mechanism’s supervisory policies and in the administrative procedures in relation to the significant banks; and also collaboration in the performance of other horizontal and specialised supervisory functions developed by the SSM. Fourth, there are certain areas of banking activity whose supervision will not be assumed by the Mechanism, but will continue to be within the remit of the national authorities. The Banco de España will thus continue to exercise supervisory powers in the areas of money laundering prevention, consumer protection and, partly, in the oversight of financial markets. It will also retain the supervision of banking foundations within its sphere of competence, that is to say having regard to regional governments. Fifth, the Banco de España, like the other national supervisory authorities participating in the SSM, fully retains its supervisory powers over non-bank financial institutions, other financial institutions and entities related to the financial sector such as payment institutions, electronic money institutions, credit financial intermediaries, mutual guarantee companies, currencyexchange bureaux and appraisal companies. In short, with the launch of the SSM, the main centre of supervisory decision-making on significant Spanish banks has passed from the Banco de España to the ECB.

This year’s theme, “Promoting Financial Inclusiveness”, is also very topical for us in Zambia. Only two months ago, Zambia hosted the Smart Partnership Dialogue that brought together  BIS Review 118/2008  1  over 500 delegates from different parts of the world (including current and former Heads of State and Government) to discuss several developmental issues under the theme “realisation of national visions”. The conference had a session focusing on financial inclusion. Chairperson, in recognition of the importance of the financial sector towards national development, the Zambian Government formulated a five year Financial Sector Development Plan (FSDP). The FSDP is aimed at addressing various weaknesses in the Zambian financial system, among them being the low financial intermediation and limited access to finance and financial services. As a matter of fact, in recognition of the key role that financial inclusion plays in the development of the financial sector, the Bank of Zambia has in its strategic plan for 20082011 adopted financial inclusion as one of the strategic objectives. In order to determine the existing gaps in the provision of financial services in the Zambian economy, a market knowledge study called the “Finscope Demand – Side Survey” was conducted in 2005 to review the inclusiveness of the Zambian financial system under the auspices of the FSDP.
At the time, the Riksbank had neither the mandate nor the desire to be the lender of last resort, that is the body that the banks can turn to when they suffer a shortage of liquidity. The Riksbank was instead more like a bureaucratic, state-owned commercial bank that competed with the privately-owned commercial banks. There was, however, a growing realisation in the UK and other countries that it was important to have a liquid credit market and that the central bank could play an important role in safeguarding the stability of the banking system. One of the people who developed these ideas was Walter Bagehot, who was appointed edi-tor of the journal The Economist in 1860. The experience of countries that did not have a central bank, for example Switzerland, also pointed to the need for a central bank to safeguard the stability of the financial system. In connection with various bank crises in Switzerland the banks had tried to protect themselves by reducing lending, which in effect only made the crises worse. BIS Review 135/2009  5  In Sweden, it was not until the Riksbank Act of 1897 that the Riksbank was given an explicit role to stabilise the payment system. When Sweden and the rest of Europe were infected by the crisis in the USA in 1907, the Riksbank was prepared and maintained liquidity in the system. The crisis of 1907 was also, by the way, the event that hastened the formation of the US central bank, the Federal Reserve.

At the same time, faith in the ability of the financial markets to work effectively in all situations has been undermined. An effective financial sector contributes to growth and prosperity in the economy, and it is indisputable that more effective regulation and supervision are now required. In my opinion, however, it is important that the changes in the regulatory structures that are now being implemented are balanced and well considered. Above all, I believe that it is important to avoid the sum total of all the regulations that are introduced restricting growth or, in the worst case, giving rise to new crises. It would be a mistake to underestimate the inventiveness of the financial sector and its ability to circumvent regulations of different kinds. Producing a regulatory framework that makes the financial system safer and more secure without losing important welfare gains is really the major challenge that the authorities now face. Thank you! BIS Review 135/2009  9
The financial institutions are expected to identify, assess and understand the money laundering and terrorist financing risks at the institution level and the Financial Institutions’ leadership and senior management need to be involved and be engaged in the risk assessment process. The institution’s risk level assessment can be leveraged through thematic money laundering and terrorist financing risks assessment conducted at by the institution or periodic reporting by compliance department such as updates on STRs submissions, investigation orders received or findings from internal auditors. By getting the leadership and senior management involved in the risk assessment process, the institution would be better informed in making business decisions, such as when venturing into new markets, services or geographical areas, especially when the new area is vulnerable or attractive to money laundering and terrorist financing risks. In addition, having a complete understanding on the risks will assist the institution in allocating resources for the compliance function, including recruitments of competent personnel and investment into management information system. The communication of money laundering and terrorist financing risks identified is equally important. The risks identified should be shared throughout the organization especially with key business units and the front liners. The risks identified shall also act as a guide in coming up with policies procedures and training needs requirements and its robustness for different business units. In return, the business units should be able to provide feedback to the compliance or risk management departments on any new or emerging risks that they face or encounter in their daily business operations.

The Zambia Development Agency will incorporate the recommendations submitted from this exercise into its policy recommendations on how to improve the investment climate in the country. With these few remarks, I wish you good deliberations. I thank you…  2  BIS central bankers’ speeches
But towards the end of 2011, there was a discernible pullback in trade finance, project finance, and syndicated loans by several Eurozone banks. Specialist lending lines like shipping and aviation also experienced cutbacks. 17. Well-capitalised global and Asian banks with strong liquidity positions have, however, stepped in to fill the gap. For example, Asian banks’ market shares of export bills for Singapore-originated trade activities rose from 36% before the crisis to 55% in the last quarter of 2011. A similar pattern can be observed for trust receipts, where Asian banks’ market shares rose from 55% to 64% over the same period. In fact, aggregate trade finance activity has continued to grow. 18. 2012 will be more challenging though. On the positive side, the funding situation for Eurozone banks has improved, in the wake of the ECB’s LTRO. In January this year, there were net inflows from head offices to the Singapore branches of Eurozone banks. 19. But deleveraging by Eurozone banks is far from over. At the same time, the capacity of Asian banks to fill the trade financing gap is limited:   First, the US Dollar loan-to-deposit ratios of Asia ex-Japan banks are already at elevated levels and could be a constraint.   Second, Asian banks may be more selective about the risks they want to take on, given the uncertain global growth outlook.   Third, Asian banks which are generally smaller may be constrained by counterparty limits from taking over the trade finance lines of the large European banks.

I am pleased to announce today three initiatives aimed at further improving efficiency and liquidity in the Singapore dollar corporate debt market. 40. First, MAS will provide swap liquidity to primary dealer banks handling Singapore dollar debt issuance for foreign corporates. These offshore entities usually have no need for the Singapore dollar funds raised and mostly swap them into a foreign currency, usually US dollars. Although the pricing mechanism in the foreign exchange and cross currency swap market is efficient, swap markets have a tendency towards one-way flow because of Singapore’s excess savings over investments. This can lead to uncertainty in the pricing process of the bond issuance. We will therefore support swap transactions at marketdetermined prices, which will ultimately enable swap market liquidity to build in the longer tenors. 41. Second, MAS will partner the industry to create a Singapore dollar corporate debt securities lending platform, from which key players will be able to borrow securities for market making. By providing greater assurance that banks will be able to deliver any given security, this platform will reduce the risk of market makers being squeezed in the event they are unable to short-cover the bonds they have sold. Improved market liquidity will mean that asset managers can be more certain of their ability to enter and exit their positions with minimal price slippage. 42. Third, MAS has initiated a price discovery platform where market participants will contribute end-of-day prices for a universe of Singapore dollar corporate bonds.
Gent Sejko: Region's financial and monetary stability, ten years since the crisis outbreak Speech by Mr Gent Sejko, Governor of the Bank of Albania, at the regional summit on "Region's Financial and Monetary Stability, Ten Years since the Crisis Outbreak", Governor's Panel "Monetary policy and the stability of the banking systems in the countries of the region – a decade after the Lehman Brothers' bankruptcy", Bečići, Montenegro, 18 June 2018. * * *  Dear Guests, Fellow Colleagues, It is a pleasure to be amongst you today and to be able to share opinions on some of the most pressing challenges we are facing at the moment. I would like to focus my remarks on the topic of exchange rates. In particular, I would like to focus on how the monetary policy reaction should be based in the exchange rate movements. I take my premise from the rapid appreciation episode we experienced recently in Albania, which forced us to launch an FX purchase program as a last line of defence towards ensuring medium term price stability. To cover this topic, first I intend to briefly discuss on various monetary policy regimes. I will then discuss on the implications of exchange rate movements for inflation targeting central banks. To conclude, I will give you a short overview of recent exchange rate developments in Albania and our reaction towards them. 1. The choice and implications of exchange rate regimes  A useful starting point on this topic would be to discuss the different options we have.

Finding solutions to this problem is not going to be easy. But this is where efforts to revive the domestic economy will need to focus on. New lending is perceived as risky given the current negative factors on the macro fronts and external factors, while NPL overhang preoccupied bankers’ attention and kept them from renewing their client relationship. To address this problem, the authorities have chosen to approach the problem in three ways:  BIS Review 70/2001  3  ·  First, to further accelerate corporate debt restructuring by improving the legal frameworks and by setting up a national asset management corporation to deal with the remaining unresolved problem loans. Progress on this front is most visible. The law establishing the Thai Asset Management Corporation, or TAMC, was passed and operations set to begin soon with all asset transfer to be completed by September. A key benefit of TAMC is the advantage of being a single creditor of the transferred asset. This would allow TAMC to deal effectively and speedily with the unresolved debts that involve multiple creditors. Also, the vast executive powers given to TAMC by law would make it easier for TAMC to take a comprehensive approach to debt restructuring, and have the ability to deal with cases that might warrant corporate restructuring and change of management. ·  Second, to introduce a scheme of credit guarantees which would provide a facility of risksharing between corporate borrowers, the Government, and banks based on market mechanism.
1990=100 140  140  Norway  130  130  120  120  US  110  100  100  90 1990  110  1992  1994  1996  1998  2000  90 2002  1)Business sector 2)Mainland Norway excl public sector Source: Bureau of Labor Statistics and Norges Bank SG 240802  Business productivity growth has been high throughout the 1990s. The chart shows development of productivity per working hour in Norway and the US. Unfortunately, I don’t have comparable figures for the other Nordic countries. I do, however, believe that they all, with the possible exception of Iceland, have had stronger productivity growth than the US over the period. BIS Review 70/2002  1  Government employment and revenues. Per cent of total employment and GDP 2001  Government employment  40  Denmark  30  Norway Sweden  Finland  20  Iceland US  10  0 0  10  20  30  40  50  60  70  Current tax and non-tax receipts Source: OECD SG 240802  Most Nordic countries have large public sectors, reflecting the fact that many services such as health and education are produced within the public sector. This is especially the case in Denmark, Norway and Sweden. General government financial balance and current account balance. Per cent of GDP.

Investments – all portfolio investments - are spread between equities and fixed income instruments, as well as across countries. Approximately 29 per cent of the fund is invested directly in the US stock market and in dollar-denominated bonds. The size of the fund has increased rapidly over the last few years, and will reach approximately 90 per cent of GDP by the end of this decade, according to estimates from the Ministry of Finance. This implies further investments of considerable amounts, also in the US market. While the US economy has always been an important trading partner, our investments abroad and the globalisation of the financial system will further increase our interest in the US economy in the years ahead. The links, already important, will expand further. 6  BIS Review 70/2002
Alan Blinder, who was Alan Greenspan’s deputy at the Federal Reserve Board, put it even more clearly. Price stability, he said, was when ordinary people stop talking and worrying about inflation. And so successful has been the pursuit of low inflation that some commentators have talked about the “death of inflation” and others have become increasingly concerned about the prospect of deflation. Tonight I want to re-examine the case for price stability, and ask the following questions. Did the benefits of low inflation promised ten years ago materialise? Is the case for price stability the same as in 1992? What does price stability mean in practice? Finally, what are the challenges for monetary policy over the next decade? 2. Ten years of the inflation target: what has it achieved? Since Britain’s departure from the Exchange Rate Mechanism in September 1992, monetary policy has been based on an explicit numerical target for the rate of inflation - now 2.5% - and a high degree of transparency and accountability. Indeed, it was in his LSE lecture that Lord Kingsdown announced that the first Inflation Report would appear in February 1993. And last week’s Report completes exactly a decade of Inflation Reports - forty assessments of the outlook for growth and inflation in the British economy. Although inflation targeting in the United Kingdom is now ten years old, the most significant institutional changes occurred five years ago.

The introduction of the SNB policy rate in June 2019 marked the end of the SNB’s use of Libor in its monetary policy strategy. With this change, the SNB also eliminated Libor as its communication instrument. The change sent a clear signal to the financial markets that the end of the Libor era is inevitable. In addition, the switch ensured that our conditional inflation forecast for the next three years, a core element of our monetary policy strategy, will continue to be based on an existing and economically meaningful interest rate over the entire forecast horizon. To be sure, the significance of the money market extends far beyond its use in the transmission of monetary policy. The money market also plays a vital role in the economy’s credit transmission process. If money markets do not function properly, the credit extension process across the entire financial system will deteriorate, with serious consequences for the real economy. In times of financial system stress, ensuring that the money markets continue to function well becomes even more consequential, because efficient liquidity redistribution between banks and unencumbered lending are especially important for the economy in such circumstances. During the Global Financial Crisis from 2007 to 2009, the money markets were regularly compared with the bloodstream of a living organism, delivering oxygen to the body’s vital organs. The coronavirus crisis has certainly confirmed the fundamental importance of having well-functioning money markets. Finally, money market interest rates serve as reference rates for the whole economy.
ASEAN has made a strategic decision to strengthen the organisation politically. It is finalising a Charter that will lay out a bold and visionary future for ASEAN. This will provide an institutional framework for the grouping and transform it into a more effective and efficient rules-based organisation. The Charter will be signed at the Singapore Summit in November. Asia is evolving its architecture for regional cooperation. Today, there are already several overlapping fora and groupings: the ASEAN Regional Forum (ARF) and Shangri-La Dialogue which discuss sensitive security and defence issues, the ASEAN + 3 framework and the recently formed East Asia Summit (EAS). Countries in Asia understand that they must work together to strengthen regional cooperation. These structures complement one another and help to deepen regional integration and build an East Asian community. Building relationships with other regions While the final shape of the regional architecture will not be decided for some time to come, what is clear is that it will be an inclusive and forward-looking one. This was clearly demonstrated in the way participants in the EAS were determined. Instead of going by narrow and outmoded geographical and ethnic notions, the leaders in Asia wisely decided to adopt a forward-looking, inclusive and open definition. Asia will therefore continue to remain open in engaging external players on the understanding that in today’s context, what defines a “region” are ties, connections and interdependency, rather than physical boundaries and ethnicity. The US will continue to play a vital role in Asia’s stability and prosperity.

To help you better understand the various methods, we will have a brief demonstration to illustrate these methods towards the end of the press conference. A series of promotional activities will be launched by the banking industry and individual banks from June 2005 onward to help customers to fully understand this security measure. Mr He will highlight the key features of the consumer education programme to you. Two-factor authentication strengthens the security controls of Internet banking and protects bank customers from Internet banking frauds. We are confident that with the joint efforts of the banking sector, bank customers, the Police and the HKMA, Internet banking will continue to flourish under a safe and sound environment in Hong Kong. BIS Review 44/2005  1
However, it is hard to imagine the opposite situation of a central bank fully engaged in the management of expectations without trust from the public.1 This also applies to communication. We can discuss alternative strategies to make sure that the message issued by a central bank is adequately understood and internalized. However, there is little that a good communication strategy can do if the public does not trust the central bank.2 1  Christelis et al. (2016) have formally explored this for the Europe using micro data, finding that higher trust in the ECB lowers inflation expectations on average, and significantly reduces uncertainty about future inflation, even after controlling for people’s knowledge about the objectives of the ECB. Similarly, Mellina and Schmidt (2018) find that having greater trust increases the probability of expecting unchanged prices and decreases the likelihood of expecting either slightly or sharply rising prices over the medium term. 2  Through behavioral insights, Bholat et al. (2018) show that public’s trust in the Bank of England can be further improved by enhancing the communication with the public, particularly at times when trust in public institutions has fallen and responsibilities delegated to central banks have increased. Page 3 of 8  Central Bank of Chile July 2019  Approaching institutional credibility from stakeholders’ trust has a number of conceptual and operational advantages. First, there is a large body of research assessing its value: trust is at the heart of societies and a major component of social capital.

As a component of trust, fairness involves being aware of such differences and to find ways to prevent, mitigate or compensate redistributive effects that are particularly undesired. Within an institution, fairness also involves the creation of a working environment that fosters productive exchange of ideas, free of harassment and discrimination. Fostering trust in a Central Bank The OECD taxonomy may be useful in providing a conceptual basis to go beyond generalizations on public trust and to take a more proactive approach to nurture it. In particular, it provides a good framework to develop ways to assess trust and to identify concrete levers that an institution can use to foster trust. However, can this framework be applied to a central bank? In my view, this is not only possible, but necessary as well. Assessing trust on a central bank by inserting a question in an opinion survey suffers from the same limitations as with government institutions and a few more. Answers to a broad question may be more reflective of prejudice than of attitudes that may shape the response to future policy decisions or incoming information and may come too late in a process of social or market change to make any difference. In addition,  Page 5 of 8  Central Bank of Chile July 2019  experience with opinion surveys in different countries has shown that no more than half of respondents have some basic knowledge of central banks.