samchain/econo-pairs-v1 huggingface dataset:
If the issuance of private electronic money grows to a significant level in the real economy, and if much of that growth is provided by nonbank issuers of electronic money, there could be a similar request for nonbank issuers to provide information about the volume of their issuance and their outstanding electronic money liabilities, to the extent these liabilities are not recorded on the books of a bank every time they are circulated in the general economy. A Bank Supervisor’s View From this perspective, combining banking and the Internet offers both great opportunity and great potential risk. First, the good news -- it is primarily cost-related. It has been reported by several banking studies that the cost of a typical transaction at a bank branch is now over $ the cost of an ATM transaction is approximately $ The cost of an Internet transaction, however, has been estimated at about a penny. I do not vouch for this statistic, but the difference is substantial. Such figures make a compelling argument for banks to get on the Internet sooner rather than later, and to move as many of their customers on to electronic or Internet banking as soon as they possibly can. Indeed, some banks offer low-fee accounts where the customer is not expected to enter an office physically -- mail, phone, and ATM are sufficient. As stated by Board of Governors Chairman Alan Greenspan: “it is useful...to begin by reminding ourselves just why there is bank supervision and regulation.

At bottom, of course, is the historical experience of the effects on the real economy of financial market 3  Remarks of Edward W. Kelley, Jr., Member of the Board of Governors of the Federal Reserve System, at the Cyberpayments Conference ’96 (June 18, 1996). BIS Review 17/1997  -3-  disruptions and bank failures, especially when the disruptions and failures spread beyond the initial impetus.”4 A bank supervisor should have concerns other than cost, and these comprise the bad news -- the “risk” aspect of banking on the Internet. In the simplest terms, while we strive to ensure that banks remain efficient and cost-effective, we also have to ensure that banks know what they are getting into, and that they are capable of handling the risks that accompany banking on the Internet. The tension between the two is very constant and real, particularly because the technology today seems to be moving so much faster than bankers or bank supervisors can fully absorb. At the Federal Reserve Bank of New York, we are being proactive in this area. We currently conduct on-site, information systems examinations of State member banks in our district -- in addition to commercial, trust, trading, and compliance examinations -- in which we try to review and constructively criticize the examined bank’s entire MIS infrastructure. There is no separate, independent electronic or Internet bank exam as such.
Last but not least, the NBC also has been working closely with the Association of Banks in Cambodia (ABC) and Cambodian Microfinance Association (CMA) to initiate various activities and campaigns to increase financial literacy for the public, especially for women. Although financial inclusion is a journey, I believe that we have done quite a lot so far to help equip women and women entrepreneurs with foundational financial knowledge needed for their daily lives as well as businesses. Distinguished Guests, Ladies and Gentlemen! I believe that the potential of young women and women entrepreneurs shall not only be limited by social and cultural barriers or the environment they live. On the contrary, they should have equal opportunities to release their full potential in every endeavor. To this end, immediate supportive measures shall be addressed to strengthen their skills, business linkages. For that, participation from all relevant stakeholders is needed. This is why WE-Act project is such a powerful example of how one can make a lot of impact in this space. I believe that the achievements to be presented today will reflect the pathway toward empowerment and success for young women entrepreneurs all over the country. 2  Lastly, I would like to once again express my deepest appreciation and thanks to USAID for their support, PACT Cambodia for collaboration, and all key players for implementing WE Act 5-year project as well as to update key achivements and progress in this event.

Such availability has served as a valuable source of information in credit assessment and help expedite loan processing time. In the same vein, with greater availability of information on SMEs from the Bureau, the processing time for SME loans can be similarly shortened and decisions to grant financing can be made based on a more comprehensive set of information. We hope and encourage the financial institutions to avail themselves of the services provided by the Bureau and help create a healthier and more transparent credit culture amongst the SMEs and lenders. I would now like to take this opportunity to congratulate all the award recipients today. We hope the recognition accorded by CGC will help to create a better understanding of the spirit behind this initiative, which is aimed at fostering mutually beneficial working relationship between the CGC and the financial institutions for the over-arching objective of promoting SME sector development. You have certainly given us your unwavering support through your active participation in our guarantee schemes. We look forward to your greater participation in the future. On another note, I would take this opportunity, in conjunction with our 35th AGM, to thank all employees of CGC for their understanding and commitment in adopting and adapting to changes. This include the internal organizational change that we have been through in the past two years to face the challenges of the dynamic business environment of today. Thank you for the kind attention and have a pleasant day. 2  BIS Review 75/2008
As a regular attendee of TSC hearings I can assure you that we are already held very robustly to account for our activities – but I can see the point that some in Parliament have been making that if we do more rule-making, and with European Parliamentary scrutiny of rule-making no longer present, then we might be expected to do more to support Parliament in probing technical regulatory issues. Whatever Parliament decides on this, we look forward to engaging fully. International standards are another important safeguard. The UK has always been at the forefront of their development: with the Federal Reserve, the Bank of England was the driving force behind establishment of the Basel Committee on Banking Supervision and supplied its first chair. We remain fully committed to the development and implementation of international standards, and this applies as much in insurance as it does in banking. Actions speak louder than words – Dr Vicky Saporta, who runs prudential policy for the PRA, is also a very energetic and successful Chair of the International Association of Insurance Supervisors. There is also an increasingly lively debate around our objectives and ‘have regards’. As with accountability arrangements, it may well be sensible for these to evolve as our role changes. And we need to be wary of the natural tendency of regulators to become strongly attached to the objectives Parliament has currently set for them. But I would offer two notes of caution.

But we are interested in having one or more independent checks that the combination of actual capital held by firms and the shape of their balance sheets and business models adds up to a sector that we can be confident is resilient to plausible shocks. This would support our supervision and enhance our ability to respond rapidly to crises; we have of course had to cobble this together for the purposes of Covid stress testing, but it should be business-as-usual. Getting to such a place would also further enhance our accountability by putting us in a better position to explain clearly to the broader public the resilience of our insurance sector. Conclusion I see many opportunities to improve things once we can emerge from our houses again into the brave new world of post-Brexit Britain. Top of my list is an improvement to my diet through an early visit to Nando’s in Vauxhall, which I’ve been cruelly denied by the combined effect of Covid restrictions and a surge of vegetarianism in the Woods household. But coming just after my PERi-PERi grilled chicken on the menu are the delights of the Solvency II Review and the Future Regulatory Framework. If we approach these dishes in a sensible way, and without indulging in too much extra-hot sauce, we can make some really important gains for the UK without weakening safety and soundness or policyholder protection. I am grateful to a number of PRA colleagues for their input to this speech, but in particular to Alan Sheppard.
I believe that two major mistakes were made: –  First, countries – including France and Germany – weakened the Pact by failing to comply with the provisions of its preventive arm (they were not in balance over the cycle but permanently close to the 3% deficit ceiling), or those of the corrective arm (they never abided by the sanctions). –  Second, the euro area did not equip itself at the outset with an instrument for monitoring competitiveness. The basic premise is important and simple: when joining a monetary area whose goal is to achieve a rate of inflation of just below 2%, changes in its unit production costs must be in line with this central bank objective. In all the countries that did not abide by this calculation and this discipline, year after year, there was a loss of competitiveness. The crux of the matter is that, as soon as countries were approved for euro area membership, they considered that they were protected simply because they belonged to a single currency area: as their fiscal or competitiveness gaps were no longer penalised by the markets that indiscriminately lent to all euro area Member States at the same rate. When doubts started to emerge, the markets reacted rapidly, violently and often excessively, although it must be said that real underlying problems existed. How the euro area sovereign debt crisis has been dealt with to date What have we done to tackle the urgent issues stemming from the crisis and to deal with the underlying problems?

Moreover, I have regularly given the exact facts and figures concerning our banks’ exposures 4  BIS central bankers’ speeches  and their ability to deal with extreme scenarios. But once this mechanism is set in train, it is hard to stop it. A little over two weeks ago, a European summit offered even more far-reaching solutions to calm the crisis: the EFSF’s capacity was doubled, banks’ capital is to be bolstered more rapidly than planned and Greece’s creditors have accepted a 50% debt writedowns (compared with the 21% agreed on 21 July). I firmly believe that these are the right solutions. With this debt relief and the loans offered by the EFSF, Greece can achieve debt sustainability. I am sure that it will manage to do so if the agreements are fully implemented and if it meets its commitments in the areas of tax collection, structural reforms and privatisation. These efforts are obviously painful and require public support, but they are the only way for Greece to get back on its feet. Dealing with the underlying problems In addition to tackling the urgent issues stemming from the successive crises, it has been absolutely necessary for each country to implement all the efforts needed to restore them to a sound fiscal path. From my point of view, all countries have taken their responsibilities to do so. Their credibility is now at stake and they must be committed to bringing their public finances back into balance as soon as possible.
However, we may also have seen an extra wave in the exchange rate if market participants are basing their expectations on higher government spending of petroleum revenues than implied by the fiscal rule. Given the current level of the exchange rate, it would appear that foreign exchange market operators have been expecting a substantial increase in the use of petroleum revenues. Fiscal policy discipline will therefore be of importance to the krone exchange rate. Fiscal policy • The fiscal policy guideline: the central government budget deficit shall be equivalent over time to the expected real return on the Government Petroleum Fund. • The fiscal guideline has been adhered to • The fiscal guideline implies that petroleum revenues shall be phased in gradually  • The fiscal guideline is robust to fluctuations in government revenues  SG Gausdal 31.01.03  According to the guideline for fiscal policy, the central government budget deficit shall over time be equivalent to the expected real return on the Petroleum Fund. The fiscal rule is robust to fluctuations in government revenues and provides a stable framework for economic developments. The fiscal rule has been adhered to. In the budget for 2003, petroleum revenue spending was indeed somewhat higher than 4 per cent of the Petroleum Fund. This was because the estimated value of the Petroleum Fund at the end of 2002 was markedly reduced through the year as a result of the sharp decline in equity prices and the appreciation of the krone.

Per cent 4.0  88  3.5  92  3.0  96  Interest rate differential, (left-hand scale)  2.5 2.0  100  TWI (right-hand scale)  1.5  104 108  1.0 112 Jan 99 Jul 99 Jan 00 Jul 00 Jan 01 Jul 01 Jan 02 Jul 02 Jan 03 1) Trade-weighted effective exchange rate (TWI). A rising value denotes an appreciating rate Source: Norges Bank SG Gausdal 31.01.03  The main explanation for the wide interest rate differential is not that interest rates are high in Norway, but that interest rates are at a historic low abroad. For example, interest rates have not been at such a  low level in the US since the 1960s. Foreign interest rates have been reduced markedly to counter a downturn, while Norway has featured labour shortages, high income and consumption growth and a more normal interest rate. Low volatility in foreign exchange markets has probably amplified the effect of a wide interest rate differential. Furthermore, equity prices have shown a pronounced decline over close to 2½ years and investors have been seeking alternative investment vehicles. The appreciation of the krone in the first half of last year gradually changed the inflation outlook. In isolation, this implied a reduction in interest rates. However, the Norwegian economy was also exposed to high pay increases last spring, which had the opposite effect. In this situation, if monetary policy were to give priority to short-term inflation considerations, we could perhaps have reduced the interest rate last summer.
Limit the build-up of debt despite the need to stimulate the economy I would also like to say something about the interplay between current monetary policy and measures to mitigate the risk factors I have mentioned. Is it really justified to introduce measures that may dampen household consumption or activity on the housing market when the Riksbank is at the same time trying to stimulate the economy in order to increase  3  Several studies based on household data from the financial crisis of recent years show that highly-indebted households reduced their consumption more than households with low debts (see for example Dynan 2012, Mian et al. 2013, and Andersen et al. 2014). Studies that compare developments in different countries also indicate that high or growing indebtedness in the household sector entails higher risks to the real economy, even if the households also have substantial assets (see for example IMF 2012, Jorda et al. 2013, and Flodén 2014). 4  See Riksbank (2014b). 2  BIS central bankers’ speeches  inflation? This question is particularly relevant given that the repo rate is at zero and cannot be cut much more. I think that the question, at least in principle, should nevertheless be answered in the affirmative. It must be possible to meet financial risks with targeted measures even if this makes it more difficult for monetary policy to attain the inflation target.

In periods of zero interest rates, such purchases help to counter the risk of deflation. The Swiss economy faces an exceptionally difficult year in 2009. Economic activity is set to pick up again gradually over the course of 2010, thanks to the extremely expansive monetary policy. This is, however, conditional upon an economic recovery by our main trading partners, as well as a return to stability on financial markets. The SNB measures are also aimed at reducing the risk of deflation in Switzerland. Despite the creation of massive amounts of liquidity, the SNB remains committed to ensuring price stability in the future. We will use all means at our disposal to reduce liquidity again in good time, so as to prevent any upsurge of inflation in Switzerland once the crisis has ended. BIS Review 33/2009  1
This has also enabled the region to better manage the large and volatile capital flows that we are experiencing, thereby mitigating its destabilising effects on economic activity. These strong foundations have supported ASEAN economies through the challenging external developments that have taken place and have well positioned the region to realise its full potential as a dynamic growth centre. It is my great pleasure to be here to speak at this 19th ASEAN Banking Conference, hosted this year by the Association of Banks in Malaysia (ABM) here in Kuala Lumpur. This Conference takes place at an important juncture for our region, as concrete plans are being advanced to achieve an ASEAN Economic Community (AEC) by 2015. The AEC Blueprint, adopted by ASEAN leaders in 2007, envisages ASEAN to become a single market and production base that is characterised by the free movement of goods, services, investment and skilled labour, and freer the flow of capital. Despite the recent global financial crisis, the drive for this vision to be realised remains resolute. This is well supported by the prevailing strong foundations and the tremendous growth prospects for ASEAN in the medium to longer term. My remarks today will focus on the elements of the prospects for the ASEAN economies, and the state of ASEAN financial integration and its importance in enhancing the regional growth potential. My remarks will conclude with some thoughts on imperatives for the banking sector going forward into the future.

It is worth spending a moment on this point because it has an important parallel in the issues concerning money market funds. Banks are primarily funded by deposits, where the contract is understood to be to return the full value of the deposit plus whatever the interest rate is – usually “on demand” and without delay. Banks are held to high standards by regulators – including through liquidity and capital requirements, and regular stress tests – to ensure that they are well placed to be able to honour depositors’ demands. Central bank liquidity operations, resolution arrangements and deposit insurance further reinforce confidence in this promise to return the deposit. Thanks to the post financial crisis reforms, bank deposits are therefore cash or moneylike in most states of the world. At the other end of this spectrum are investment funds of many sorts. Most are not meant to be cash-like, in the sense that the promise is to return the fruits of the investment strategy, which may be more or less than the amount invested. Cash-like certainty of value is not part of the contract. If only it was that simple. There are at least two problems which are evident in how this system operates – or possibly two variants of the same problem. First, there are instruments which at least in some of their existing forms are neither one thing nor the other – neither properly cashlike nor properly investment-like. Second, there are instruments which are meant to be investment-like but which become regarded as cash-like.
Next, MAS and the InfoComm Media Development Authority (IMDA) are working together to create a cross-border innovation platform for SMEs called Business sans Borders. 8/9  BIS central bankers' speeches  Business sans Borders will do two things: It will enable SMEs to connect in a global services marketplace, where they can explore synergies in digitalising their business processes and mutualise costs. It will allow solution providers to more effectively reach out to SMEs who tend to be highly dispersed and are sometimes hard to reach. Business sans Borders will begin with a proof-of-concept next year, with three features: first, a sandbox where start-ups and established players come together to experiment and build relevant solutions; second, an “app store” where SMEs can access a wide range of services, from finance and logistics to human resources; and third, an AI engine to match SME suppliers with buyers for products and services, across ASEAN and beyond. Conclusion Let me end where I began. FinTech is not just about technology – though technology is very important in all that we do and will help to solve many real problems. FinTech is not just about finance – though we want to create a world where financial services are built around us, and we want empower hundreds of millions of people to participate in the modern economy. FinTech is about what Saqid Shaikh reminded us of earlier today – a spirit of enterprise that is infused with empathy and lifts us to be better people.

It is about innovation, inclusion, and inspiration. Everything we do in FinTech must always have a larger purpose – to improve the lives of individuals, to build a more dynamic economy, to promote a more inclusive society. This is the FinTech spirit. And over the next five days of this Festival, may you find that spirit and may you be inspired to break new ground, and seek a better, newer world. Thank you all for your support. Have a great FinTech Festival! 9/9  BIS central bankers' speeches