samchain/econo-pairs-v1 huggingface dataset:
My perspective in pursuing these questions is not as overseer, or as policy maker, but as practitioner. Recall that following the designation by the Financial Stability Oversight Council (FSOC) of eight private sector financial market utilities as systemically important in 2012, the Board of Governors, acting in its oversight capacity (and inestimable wisdom! ), committed to hold the wholesale services operated by the Reserve Banks to “as high or higher a standard” as it holds these private sector utilities; I assure you, we are experiencing, appropriately, that “or higher” side of the spectrum. Like our infrastructure peers we are challenged to maintain the integrity of existing operations while contending with a brave new world; constrained by the demands of cost recovery and limited resources; challenged by the multiplicity of risk and compliance frameworks with which to comply and governance and stakeholder bodies to satisfy; conscious that we have to defend across an extended front while our adversary need only find a single point of entry; and keenly aware that we must be perfect every day, our foe successful but once. These are heavy burdens; I speak not to you, but of you. With that context these remarks (I assure) reflect my own views and do not necessarily represent those of the Federal Reserve Bank of New York or the Federal Reserve System.

Let us instead develop a coherent and integrated system that relies upon the classical elements of defense, but none of them exclusively: perimeter security to keep the adversary outside of the environment; defense in depth to safeguard our most critical assets; sophisticated intelligence to understand the adversary’s tactics; robust surveillance to monitor for intrusion and ensure environmental integrity; rapid response to fend off attack; effective collaboration with allies to enhance information sharing and collective security; and a strategic reserve to respond deftly in the event of loss. Make no mistake: as it relates to the wholesale services of the Federal Reserve Banks, we aspire not merely to a commercial standard of resiliency, or even a supervisory standard, but something approaching national security grade. We proceed on this trajectory from a position of strength, reflecting a record of experience that has endured the most severe terror attack in our nation’s history, a financial crisis of historic proportion, and an array of extreme weather events. But in this sphere, either intentionally we are progressing, or inevitably we are regressing: there is no idleness. Thank you for your generous attention today. I’d be pleased to respond to a few questions. 5/5  BIS central bankers' speeches
Normally, this will lead to an appreciation of the krone, with a further reduction in earnings and employment. Manufacturing will, therefore, feel the effects of excessively high wage growth to an even greater extent than earlier. At present, the labour market is relatively tight, which is reflected in high wage growth. In other countries, the situation is different, with sluggish economic development and declining inflation. As a result, interest rates are higher in Norway than in other countries. According to the guideline for fiscal policy, the use of petroleum revenues will increase every year for a number of years ahead. This will sustain the demand for labour. The service industries will need more resources. The contest for labour resources will intensify. To contain inflation, monetary policy must probably be fairly tight in the years ahead. Since 1997, labour costs have increased by between 5 and 7 per cent per year. Nevertheless, the increase in consumer prices has been about 2½ per cent the last couple of years. The krone exchange rate has appreciated since the summer of 2000 as a result of a wider interest rate differential between Norway and other countries. Combined with low growth abroad and increased trade with low-cost countries such as China, this has led to a slower rise in import prices. A higher rise in prices for domestically produced goods and services reflects an increase in labour costs in Norway. As the world economy recovers, import price inflation will probably edge up.

Peter Pang: Managing capital flows – the search for a framework Welcoming address by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Asian Development Bank Institute and Bank for International Settlements Joint Seminar for the book launch on “Managing Capital Flows: the Search for a Framework”, Hong Kong, 21 April 2011. *  *  *  Good morning, Ladies and Gentlemen. 1. Let me thank Mr Kawai for inviting me to this event. It’s my honour to welcome you to this joint seminar by the Asian Development Bank Institute (ADBI) and the Bank for International Settlements (BIS) to mark the launch of the new book, “Managing Capital Flows: the Search for a Framework”. This is a topical issue right at the centre of attention of policymakers in this region. And as the title suggests, it is also a subject that we are still in search for an answer. 2. There is an old Chinese proverb saying that “water can keep a boat afloat but it can also capsize the vessel”. This suitably characterises the nature of international capital flows – it brings both benefits and risks to the development process in Asia. Capital inflows have been playing a key role in the economic development of the region – funding investments and bringing along technology and skill transfers. These were conducive to the emergence of the “four Asian Tigers” in the 1980s, and the rapid modernisation process of China, India and other Asian economies.
We are quite far from the creation of a global private currency. But stable coin projects reveal gaps in existing cross-border payment systems. Hence, at the European level, we should aim at promoting a genuine European strategy for retail payments. Payments are no longer a mere boring back-office technicality. They are innovative, and they provide two strategic assets: data, and daily customer relations. The raw truth however is that the European payments market is already dominated by non-European stakeholders. Furthermore, the growing role of non-European digital firms – be they American or Chinese – offering payments solutions should be taken seriously. Despite the creativity of the European ecosystem of payments, our  Page 4 sur 5 market remains too fragmented. Against this background, I call for the creation of pan-European payment solutions, building on a common brand and on the technical success of the Target Instant Payment Settlement infrastructure (TIPS) managed by the Eurosystem. We don’t have much time left, but regulators – starting with the Banque de France – and market players should work hand in hand to create a momentum. III. Green finance, “a new frontier for the 21st Century” Let me now conclude with some words on green finance. As I once said, it is “a new frontier for the 21st Century”. Much has already been undertaken over the past few months. We are currently witnessing a growing awareness from central banks, supervisors and financial institutions about climate-related risks.

5 The Riksbank’s exclusive right to issue banknotes entered into force in 1904. 5 [15]  could meet for lunch at the Five Bells to exchange cheques – and the ‘modern’ clearing house was born.6 Over time, procedures improved markedly. While settlement of banks’ obligations had for many years taken place in coins, the Bank of England’s notes now allowed for a safer and more efficient process. Later, the Bank of England started to offer account settlement, for many years on physical ledgers and later in digital form. Moving from pub clearing and settlement in coins to highly advanced electronic systems may not have entirely eliminated risks. Yet, few – if anyone – would deny that the efficiency gains have been enormous. Central banks around the world followed suit and set up similar arrangements to clear and settle payments. In the United States, the Federal Reserve System in 1918 established the first version of Fedwire, its system for transfers of funds between banks. What was special about Fedwire is that it used the telegraph lines which now connected the entire country. This technological innovation made it possible to settle payments within a short time, even between banks that held accounts in different regional banks in the Fed system. In Sweden, the establishment of Postgirot was an important step. Postgirot was, in essence, a public bank within the Swedish postal service.
Within this area, the IMF has its main competence and can contribute most. At the same time, the world has changed a lot since the IMF was set up at Bretton Woods in the forties, and it is natural for the organisation to expand its involvement in financial issues and, in particular, with respect to how private flows of capital are to operate within a good regulatory framework. The annual meetings in Prague The coming annual meetings in Prague are to some extent a continuation of this discussion. In Prague, the ministers of finance and governors of central banks from the member countries will meet to discuss the IMF’s future agenda and share views on the work that has been done since the meetings in Washington in the spring. Most of the issues that I have mentioned will be taken up at these meetings. They will discuss trends in the world economy and future risks and opportunities. They will discuss the increased role of private flows of capital and how they affect the IMF’s provision of advice and loans. They will also discuss how the IMF can obtain a more constructive collaboration with private financiers. The experiences of standards within different areas will be analysed as well as the poorest countries’ debt situation, and not least how the debt relief is to be financed. BIS Review 78/2000  6  The IMF has accordingly a key role in what we somewhat carelessly call globalisation.

Bear in mind then that Sweden is an industrialised country. Many of the member states of the IMF are poor and have even in calm periods unemployment of around 30%, a very strained government budget and limited opportunities to obtain foreign finance. Financial stability is even more important in these countries. Activities to prevent crises A large part of the IMF’s activity centres around preventing crises arising. Globalisation has meant that this work has become increasingly important. Few people want to trade with a country that is insecure, and even fewer to lend money there. Since the flow of information is increasing and capital can swiftly be moved between countries, economic crises can arise more quickly in the event of indications of problems in a country. They can also become deeper and spread to regions farther away than previously. The value of a stable, long-term economic policy has therefore been reinforced. Briefly, the IMF’s preventive work involves spreading knowledge, giving advice and creating norms. Spreading knowledge means that the IMF continually monitors trends in the world economy, conducts research and spreads knowledge to national governments and the general public. Knowledge about where the economic risks are has a stabilising effect on markets and also allows countries to tackle their problems. The IMF continuously surveys economic trends in each member country and also gives regular advice on economic policy on issues concerning, for instance, exchange rates, inflation and the financial market. Most countries receive a visit from the IMF every year.
When this collateral is easily withdrawn, the quality of the loan drops sharply. In cases where the bank’s license is revoked, the bankruptcy estate receives nothing. The rights of depositors and creditors are compromised. In our opinion, collateral should only be taken into account when calculating reserves if the Central Bank has the right to impose a moratorium on operations with it. Similarly, bankruptcy law must undergo improvement allowing honest creditors faster access to collateral acquired under a contract or other assets by court decision. I would like to reiterate that the regulator is of the firm belief that secured lending should not dominate the lending profile. This is precisely how the banking system will contribute to economic development. Lombard loans should not establish themselves as the mainstay of banking business. Banks need to work with clients and examine their business models rather than expect to acquire their assets. I would like to address our priorities in supervision. Over the course of the year, the Bank of Russia reengineered its supervisory activities: it established a risk analysis service (which assesses the quality of loans and the values of securities and derivatives, as well as collateral). We are already seeing certain results. We are now centralising supervision – we have created an ongoing banking supervision service in order to accelerate the use of supervisory response measures and establish a uniform supervisory practice in Russia. We call the model we are pursuing advisory supervision.

These included funds transfer, bill payment, card and loan repayment, purchase of share application and reload of mobile prepaid applications, which was valued at RM37 billion on average per year. So the usage of ATM for e-payment purposes was underutilised and the industry should do more to improve this situation. BIS central bankers’ speeches  1  ATMs to cater to those that have not adopted online banking 92% (or 18.4 million) of the total adult population in Malaysia has banking accounts and of these, the internet banking population accounts for about 74% (13.7 million) of bank account holders. Whilst 74% of the bank account holders have internet banking access but only 43% (5.9 million) of the internet banking subscribers are active users in conducting financial transactions. Still a long way to go to encourage users to adopt electronic means in conducting their banking transactions. In this regard, we have to do more to reach critical mass where the public are familiar with or comfortable in using internet banking to conduct their financial transactions. To achieve this aim, banks should continuously increase their efforts to educate their customers and businesses on the safety of online banking practices and provide incentives to them to migrate away from cheques and cash. MEPS’ initiative on widening the ATM network would also provide convenient access points across the country to enable those who have not yet adopt online banking to migrate to cashless banking services. In particular, the target groups are the SMEs and microenterprises.
In fact, what the economy needed was a greater monetary boost that would help offset the negative effects of the end of the commodity super-cycle and the weakness the economy had shown in recent years. In this sense, although the recent appreciation of the peso is an important development and will undoubtedly affect the evolution of inflation in the short term, as reflected in the projections that I have just shown, its implications for monetary policy are not evident as long as its direct or indirect effects do not imply that the convergence of inflation to the target in the policy horizon is compromised. 6  About our domestic economy, the baseline scenario assumes that the factors that have reduced activity and inflation in recent months are transient. However, their persistence may be different than anticipated. On activity, a fraction of the lower growth responded to more persistent investment-related factors. This may be accentuated, for example, if confidence indicators regress. In any case, it cannot be ruled out that the economy may return to higher growth rates faster than assumed in the baseline scenario. This, considering that the labor market has not deteriorated any further, the cost of credit is low and expectations have improved somewhat, which could lead to more dynamic consumption. Inflation has fallen beyond forecasts and is now below 2%. Expectations at shorter terms are down from the cutoff date for the last Report, but at longer terms they show no major changes and remain anchored to the target.

The two Reports will now more actively integrate the outcome of the economic and financial research work carried out by the Bank in matters of particular relevance to the institution's policy decisions. A first step in this direction is the document on trend growth attached to the present MP Report. All the changes I have described will become effective in January 2018. In addition, in September of each year we will publish the calendar with the dates of the Monetary Policy Meetings and the publication of the Reports of the next calendar year. For 2018, this calendar will be published next Thursday, September 14th. All these changes are part of the Bank's strategic plan and are intended to strengthen the current monetary policy framework, in order to reinforce compliance with the objective of price stability. Moreover, these measures are the product of a thorough internal evaluation and reflect both the Bank's accumulated experience and the best practices established at the international level. 11  Concluding remarks With this presentation I hope to have shown how the Central Bank of Chile continues to fulfill the responsibilities assigned to it by the law, while progressing in its adaptation to new challenges and the need to maintain and enrich the trust of the citizens. The Bank has no agenda other than the functions and tasks entrusted, but these are enough to motivate a continuous effort of improvement that today takes special relevance.
To this end, the Bank continues to spearhead the Financial Sector Development Plan, which is aimed at strengthening the Zambian financial sector as well as guiding efforts for realising the vision of a stable, sound and market based financial system that would support the efficient mobilisation and allocation of resources necessary for economic diversification and sustainable growth. In concluding, I wish all entrants to this competition, the best of luck. I further with to congratulate in advance the ultimate winners of this inaugural business plan competition – VentureComp 2010. I thank you. 2  BIS Review 5/2010

Few people - even in the suffering sectors - argue that we should - not because of insensitivity to the economic and social distress that can result for those communities that are most affected, but because of the more extensive damage that it would be likely to cause to the wider community. I said a moment ago macro-economic stability depends upon keeping overall demand growth continuously broadly in line with the underlying structural, supply-side, capacity of the economy to meet that demand. There is not a lot frankly that macro-economic policy itself can do directly to affect the supply side which is obviously crucial in determining the rate of growth we can sustain. That depends fundamentally on the ability of management and the skills of the workforce, though it can be importantly affected by the whole range of government policies beyond overall fiscal and monetary policy. These policy choices are far more complicated than the more technical choices at the macroeconomic level - and they are way beyond my area of competence. But they are essential to the present debate so let me offer a view, as it were from the sidelines. A key issue in this area concerns the respective roles of government on the one hand and private markets on the other. And there is little doubt that the tide has recently been flowing in favour of private markets - certainly as far as direct government involvement in the processes of production is concerned.
As a result, credit institutions' capital adequacy ratio stands three percentage points above the regulatory minimum, calculated in accordance with Spanish rules, and almost five percentage points higher according to the criteria of the Basel Banking Supervision Committee. As a result of the lower rate of banking activity, combined with the impact of the crisis in Argentina, with the consequences of the full implementation of the statistical provision and with the unfavourable performance of stock markets, the growth of net attributable earnings after tax declined to 6.9% in 2001. Although this growth is but one-third of that posted the previous year, compared with our peer countries it may be viewed as satisfactory. This result has been possible thanks to the favourable contribution of the traditional business segment in Spain. Reversing the trend of prior years, the net interest margin picked up slightly while operating expenses fell. As a consequence of the foregoing, the fall in the return on equity was cushioned. Spanish banks have thus successfully negotiated a relatively difficult year. Contributing to this, undoubtedly, have been the improvements during the lengthy expansion in general and risk management, in the containment of costs and in the reinforcement of solvency. These improvements should be built on. Regarding this latter issue, I wish to highlight the significant stabilising role that the  BIS Review 38/2002  7  so-called statistical provision has begun to play.

Caleb M Fundanga: Access to improved financial services in Zambia Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Standard Chartered Bank M-Banking Media Launch, Lusaka, 17 March 2009. *  *  *  The Standard Chartered Bank Plc – Managing Director, Ms Mizinga Melu Management and Staff – Standard Chartered Bank Zambia Plc Members of the Press; Distinguished Guests; Ladies and Gentlemen I am honoured and thankful for the invitation to officiate at this important launch of the m-Banking product. Distinguished Ladies and Gentlemen; allow me to begin by commending Standard Chartered Bank for the important role it continues to play in the financial sector in Zambia. Since 1906, when Standard Chartered Bank was established in Zambia, the bank has grown to be one of the biggest players in the market. As at 31 January 2009 the bank accounted for about 15% of the banking sector’s total assets, while its deposit base accounted for 18% of total sector deposits. More importantly, the bank’s loan portfolio accounted for 13% of the total loans in the sector. Madam Managing Director, I congratulate you for the Bank’s commitment to providing products and services that best suit the needs of customers. This, in my view, should be emulated by other banks to ensure that more people have access to banking and financial services that are tailor made to meet the needs of customers.