samchain/econo-pairs-v1 huggingface dataset:
These awards aim to equip Singaporeans, especially those in the early to midstages of their careers, to develop and deepen their skills through a wide range of programmes, including shorter courses, especially in areas where industry expertise remain in short supply. Subsidies for Continual Learning 37. Third, and most broadly, we will also provide generous subsidies to support Singaporean finance professionals in continual learning related to financial sector competencies. MAS currently funds up to 70% of the costs of financial sector training courses. In addition, as announced in this year’s Budget, subsidies for all Singaporeans aged 40 and above will be enhanced to a minimum of 90% of training costs for approved courses. This is a significant subsidy from the Government, as we recognise there are opportunity costs that mid-career Singaporeans face when they go for further education and training. Earn and Learn Programmes 38. The initiatives I have just described are aimed at all Singaporeans in the financial sector, and especially to help our PMEs stay on top of a changing world of professional jobs. Regardless of whether they start their careers with a master’s degree or diploma, we must help them learn continuously, and pick up the skills needed for new jobs in finance. 39. Our fourth initiative is more specific, and is aimed at providing fresh polytechnic graduates with good opportunities early in their careers. MAS will be introducing the Financial Sector Earn and Learn Programmes for this purpose. 40.

The DBU-ACU divide served us well for decades, but has been losing its relevance. There are a number of reasons for this development. First, since 2004, our developmental incentives have no longer been based on the domestic vs offshore distinction. Second, the divide between domestic and offshore banking has in practice become increasingly porous. 19. Third, and most importantly, there have been major global regulatory developments in the last five years, that have resulted in banks’ offshore activities being subject to rules that are broadly similar to those governing the domestic banking business in Singapore. 2  BIS central bankers’ speeches  •  New global rules have increased the amount and quality of capital as well as the liquidity buffers that banks need to hold  •  Global regulators have also agreed on a common framework to control large exposures to a single counterparty  20. These global regulatory reforms have put all banks on a sounder footing. It has also reduced the relevance of MAS rules that distinguish between offshore and domestic banking activities of foreign banks, since home regulators will now be requiring their banks to meet enhanced standards on a group-wide basis. 21. Post-global financial crisis, we have also seen a strengthening of co-ordination among home and host regulators. MAS is an active member of the global Crisis Management Groups of regulators of foreign banks with significant operations in Singapore. This aims to enhance regulators’ preparedness and coordination in crisis management. 22.
The three-month Libor has been in negative territory since the announcement, dropping to a low of –0.96%; it is currently roughly in the middle of the target range (cf. chart 4). Long-term interest rates have also fallen, and the exchange rate too has now pulled back from the extreme values observed immediately following the discontinuation announcement. In tradeweighted terms, the Swiss franc is still at least 10% higher than it was at the beginning of the year. Overall, the Swiss franc is significantly overvalued and should weaken with time. When discussing the structure of the instrument, our deliberations focused on the interest rate level, but also in particular on the exemption thresholds above which negative interest was to be charged. We ultimately concluded that these thresholds should be calculated according to the minimum reserves banks are legally obliged to hold. This is a method that is both firmly anchored in law and for which clear rules exist. As a result, banks with large Swiss franc holdings at the SNB relative to the size of their balance sheets bear a heavier burden than banks with lower sight deposit balances. The fact that the banks face differing burdens has been criticised in certain quarters. Some have argued, for instance, that negative interest rates are distorting competition. This is certainly not our intention. Negative interest is a monetary policy measure that – like any other form of interest rate change – affects different industries and companies in different ways.

The US economy is more robust today than it was in 2011. The latest GDP figures for the euro area are once again more reassuring, although the situation remains difficult. In addition, the substantial fall in oil prices has had an easing effect. Despite all this, the risks – notably the debt dispute between Greece and the rest of the euro area, as well as the crisis in Ukraine – are not inconsiderable. In the long term, I am confident that our economy will be able to cope with Swiss franc appreciation. The currency has been strong in the past, and has a tendency to appreciate. While a strong currency is an expression of a sound economy, it also presents companies with major challenges, as an appreciating franc means higher prices for foreign customers buying from Swiss firms. In order to remain competitive, this disadvantage has to be continuously offset by adaptability, quality and innovation. Various competitiveness and innovation indicators suggest that Swiss companies have been very successful on this score in the past; the country regularly ranks among the leaders in these categories (cf. chart 6). These findings inspire optimism, however it is important to remember two things. First, we are dealing with averages here. When it comes to managing the new currency landscape, the options available to individual industries and companies will vary greatly; and so, in turn, will the impact of Swiss franc strength.
The mean squared gap for the inflation forecast is defined as    0 t  ,t   *  / T  1 , where t  ,t denotes the forecast in quarter t for inflation T  2  in quarter t  ,  * denotes the inflation target, and T denotes the forecast horizon (normally 12 quarters). 4  In the Monetary Policy Reports, the following note is also usually attached to the resource utilisation diagram. “These gaps should not necessarily be interpreted as the Riksbank’s overall assessment of resource utilisation.”  4  BIS Review 22/2010  Figure 1 here or Figures 2.13–2.15 in the Monetary Policy Report summarise the essence of the monetary policy decision. What monetary policy alternative shall we choose? Which repo rate path shall we choose: the one in the main scenario, or a higher or lower repo rate path? My firm opinion is that a large part of the monetary policy decision-making process and discussion should centre on monetary policy alternatives and their advantages and disadvantages. I fear that the decision process will otherwise fix too quickly and too uncritically on one particular alternative instead of carefully and meticulously considering several alternatives, choosing the best one, and very clearly describing why one particular interest rate decision was made and not another.

But how can the degree to which monetary policy has succeeded in stabilising inflation and resource utilisation be measured? The mean squared gap for inflation is a natural measure of the stability of inflation around the inflation target. The mean squared gap for output is a natural measure of the stability of the output gap and thus of the stability of resource utilisation around a normal level. Looking at Figure 1, it could be claimed that the mean squared gaps in panels b and c do not tell us anything of significance, as it is obvious from panels d, e and f that the lower repo rate path leads to a better outcome. However, the situation is unusual in that the main scenario is not efficient – that is, that it is possible to find another repo rate path that better stabilises both inflation and resource utilisation. A more normal situation is one in which a balance must be struck between prioritising the stabilisation of either inflation or resource utilisation. Such a situation prevailed for Norges Bank in March 2005, for example. In Figure 4, I present the mean squared gaps calculated on the basis of the alternative policy rate paths and equivalent forecasts for inflation and resource utilisation presented in Norges Bank’s monetary policy report from March 2005. The policy rate path then chosen depends upon the weighting placed by the central bank upon stabilising the output gap, as opposed to stabilising inflation (this weight is usually denoted by  ).
Chile)  1.8 1.4 -0.6 9.3 7.9 4.2 4.5  2.3 -0.5 1.9 7.7 5.6 3.5 2.8  2.2 -0.6 2.0 7.8 4.9 3.8 2.8  1.9 -0.3 0.5 8.0 6.6 4.3 3.3  1.9 -0.4 1.1 8.1 6.3 4.3 3.3  2.3 1.2 0.9 8.2 6.4 4.7 3.7  2.5 1.3 1.3 8.2 6.4 4.7 3.7  LME copper price $ Brent oil price $  400 111  361 112  361 112  (levels) 340 350 105 108  350 100  340 101  Terms of trade  -0.6  -5.0  -4.1  1.3  -1,6  (annual change, percent) -0,8  -0.4  (e) Estimate. (f) Forecast. Sources: Central Bank of Chile based on a sample of investment banks, Consensus Forecasts, IMF and statistics bureaus of respective countries.

and HSBC Bank Malaysia Berhad, with the group's strong international network and experience, are well positioned to make Malaysia as their regional and global hub for Islamic banking and takaful. HSBC Amanah Takaful (Malaysia) Sdn. Bhd. should also leverage on the strengths of its shareholders i.e. HSBC, Jerneh Insurance Berhad and Employees Provident Fund, to further accelerate the growth of the takaful business. On this note, it is my pleasure to congratulate HSBC Insurance (Asia Pacific) Holdings Limited, Jerneh Asia Berhad, and EPF on this momentous occasion of the official launch of HSBC Amanah Takaful (Malaysia) Sdn. Bhd. I wish HSBC Amanah Takaful (Malaysia) Sdn. Bhd. every success in its endeavours and look forward to its contribution towards further development of the Islamic financial services industry in Malaysia. Dengan lafaz Bismillahir Rahmanir Rahim, saya dengan sukacitanya merasmikan pelancaran HSBC Amanah Takaful (Malaysia) Sdn. Bhd. Terima kasih. BIS Review 84/2006  3
The ceiling, being the average in the last decade of our 22 competitor countries, reflects our determination to be internationally competitive with them for the years to come. Our inflation targeting model, although linear-quadratic, shows the zone or banding features by exhibiting a fan-shaped prediction both for the GDP and inflation. The Inflation Report that we issue at the end of each quarter shows an advanced feature in that it gives a sensitivity analysis around a band of exchange rate and a range of oil prices, something countries more advanced than us have hitherto been unwilling to enter into. But as I have said, we are trying to be transparent and trying to get our people and investors to be able to act as accurately as possible and to form a view as to what the future of the economy might look like. We believe entirely that the better the estimates, the lower will be the costs one puts or has to put for taking the risk of investing in the economy and that, in the long run, the country will be more competitive using less resources to produce the same goods other countries are producing. For this reason, we are constantly trying to improve our techniques.

In the area of transparency, commercial banks since August this year have had to announce at the end of each month their NPL level, penalties and fines imposed by the authorities and the related lending. Public and stakeholders’ opinions are thereby used to augment the new supervision and examination process we are installing with the help of the OCC and the FDIC. In terms of bad banks, I expect that by the time I get back, or soon after I get back, the disposal of all intervened banks will be complete. In terms of bad clients, since on the afternoon I left for the Annual Meetings of the World Bank and IMF, the contract for the transfer into the government-run Asset Management Company of some 12 billion dollars of assets was signed and the Cabinet had also approved the covered asset pool arrangement for another intervened bank for a further 5 billion dollars. I expect that the NPL at the end of this year will be in the teens - a quite manageable level compared to the high of 48% at the beginning of the year. On the average, banks are now back into the positive spread, actually of 1.28% last month, which is low by traditional standards and still not profitable but still over half of the spread that we expect banks to be operating in under the new competitive and transparent conditions that we will see in the future.
And unemployment is close to its lowest level for a quarter of a century. In my opinion, that has not happened by chance, but is the result of a range of policies. Achieving low and stable inflation is the best contribution that monetary policy can make to the wider economic goals of sustainable growth and employment. Having an inflation target certainly does not mean that we take no interest in real  BIS Review 87/2001  1  activity. We have discretion over how rapidly we try to bring inflation back to target when and if it diverges from 2½%. And we regularly publish our best guess about the likely future path of growth up to a two year horizon. But the aim of policy is clear - we do what is necessary to keep inflation on target. So far, I have spoken as if monetary policy is carried out by faceless bureaucrats hidden deep within the vaults of Threadneedle Street. Of course, as any of you who read the Diary columns regularly will know, nothing could be further from the truth! There are nine of us on the Bank's Monetary Policy Committee, and we meet once a month to make our interest rate decision. This is a rigorous process, and rightly so. The first stage occurs on the Friday before the policy meeting, with a briefing by Bank staff on all of the data that have been released over the previous month.

For the first time in five quarters employment slightly exceeded the corresponding year-back level. The job vacancies indices reveal that demand for labour is gradually rising again. The favourable overall picture is confirmed by the economic barometer of the Institute for Business Cycle Research at the Swiss Federal Institute of Technology. How do we assess economic development in the near future? For this year, we are forecasting economic growth of close to 2.0%. Growth is therefore likely to be underpinned by both higher exports and stronger domestic demand and to lead to a gradual decline in unemployment as from the second half of 2004. Towards the end of 2005, the economy should again be working close to capacity, and this will influence price formation. Our inflation forecast of March already showed that, given an unchanged interest rate of 0.25%, inflation would exhibit a rising trend as from the second half of 2005. The reason was to be found in improved capacity utilisation and unemployment declining in step with the more favourable economic conditions. This assessment has not changed in any way. The new forecast, adjusted for the 25 basis points rise in the three-month Libor, now suggests that, as from the second quarter of 2005, inflation will fall short of the figure predicted by the last forecast. It makes it clear that the normalisation of the monetary policy course now initiated improves inflation prospects. The monetary development Our inflation forecast is much less certain over a longer horizon.
A greater challenge is the potential accession of still more countries to the European Union and, ultimately, the euro area. Negotiations are currently being conducted with six countries. Negotiations with another six candidates may start soon. The eligibility criteria for their accession to the EU were formulated by the European Heads of States and Government at their summit in Copenhagen in 1993. These criteria set out what should be required of a future Member State of the European Union and thus ensure equal treatment of all applicant states. Let me briefly recall the three criteria that have to be fulfilled: •  first, the political criterion requires stability of institutions guaranteeing democracy, the rule of law, human rights and respect for and protection of minorities;  •  second, the economic criterion requires the existence of a functioning market economy as well as the capacity to cope with competitive pressure and market forces within the EU; and  •  third, the so-called “acquis communautaire” criterion requires the ability to take on the obligations of membership, including adherence to the aims of political, economic and monetary union. While accession is a political decision, it is clear that extending the EU to include new members will have consequences for the ECB and the Eurosystem.

Jean-Pierre Roth: The euro – a stabilising factor in the international currency system Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Fondation Jean Monnet pour l'Europe, Lausanne, 21 September 2007. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  The euro is undoubtedly a success story. It has contributed to stabilising the international currency system. In Europe, the former monetary disorder has been replaced by a new monetary order. The European payment system has become more transparent and price stability is guaranteed. Switzerland, too, is benefiting from European currency stability. The Swiss franc is taking advantage of a monetary environment that is considerably calmer than previously. The euro and the franc are coexisting very successfully. Nevertheless, it would be wrong to claim that all the effects of European currency integration have already worked their way through to the real economy. In spurring on competition and promoting transparency, the euro is having an integrating effect. However, there are still considerable obstacles standing in the way of this integration process. BIS Review 103/2007  1
As my appearance is part of the parliamentary discussion of the Budget, I shall be analysing the Spanish fiscal policy situation. Allow me, however, to refer also to other policies I consider essential to resume the path of budgetary stability and to emerge from this crisis in the best possible condition. First, though, I would like to briefly assess the international setting and the economic outlook for the euro area which, as is well known, determines monetary policy. Projections from various international institutions (such as the IMF and, more recently, the European Commission and the OECD) suggest we will resume positive growth rates in most countries in 2010 and 2011. But they constantly stress that these estimates are shrouded in greater-than-usual uncertainty, since the take-off of productive activity needs a sound financial basis, which in turn requires that the normal functioning of intermediaries and financial markets be fully restored. In these circumstances, one of the main difficulties governments and central banks face is to identify the right time to disengage the extraordinary measures adopted in the financial, fiscal and monetary fields. A premature withdrawal might undermine the progress made, while maintaining an expansionary policy over an excessive period might give rise to further imbalances that are difficult to reverse and have negative consequences for growth. For the time being, what is needed is to move forward in the design of stimulus-withdrawal strategies, so these may be applied when the right time comes.

Miguel Fernández Ordóñez: Recent developments in the Spanish economy Testimony by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, before the Senate Budgetary Committee, Madrid, 23 November 2009. *  *  *  Ladies and gentlemen, I appear before this Committee as part of the parliamentary discussion of the State Budget for 2010, at a time when the deep international financial and economic crisis is giving way to a recovery, albeit one that is expected to be slow and not free from uncertainty. Following the successive downward revisions to growth projections during the summer of 2007, the outlook has begun to improve in recent months. Indeed, many countries are posting positive growth rates for the third quarter of 2009. Yet we must acknowledge that this improvement is largely the outcome of the extraordinary large-scale measures adopted globally to boost demand and support the financial system. We still do not know whether the incipient world recovery is sufficiently self-sustaining for the exceptional stimuli to begin to be withdrawn without the risk of economic activity falling again. In the case of the Spanish economy, the situation is more complex. While there has been a similar or even lesser decline in output than in other developed countries. However, the effects in terms of employment and public finances have been sharper. Hence the role economic policies must play to consolidate the recovery is essential. We are thus at a crossroads where it is vital to make the right diagnosis and select the right economic policy tools.