samchain/econo-pairs-v1 huggingface dataset:
The latter is a very important part of the total salary, and implies that differences between the salaries of poor and outstanding performers are large. The level of salaries is benchmarked to private sector competitors in the local market where we operate. The criteria used are designed to be transparent with little room for subjective judgement. Measured excess return contribution is a very important component. 10. I believe that our experience so far has been positive. Since the Fund’s first full year in 1997, the annual return in international currencies has been more than 6 per cent in nominal terms and 4.1 per cent in real terms. Since NBIM was set up in 1998, we have recorded the performance in 34 quarters. In 9 quarters the return to the Fund has been lower than the benchmark, but in 25 out of the 34 there has been a positive excess return. On average, NBIM has earned exactly half a percentage point higher return per year than the benchmark portfolio. In nominal terms, that adds up to somewhere between USD 4 and 5 billion in extra earnings since 1998. 11. In this introduction I have touched on what I believe are important factors behind the performance of NBIM. It is important to keep in mind that the purpose of investment management operations is to make money, so we need to have a business organisation. The responsibilities of each individual must be clearly defined, and his or her remuneration must depend on performance.

The firming and intensification of these trends will largely depend on developments in the Spanish economy and on recovery taking root. The outlook for the economy remains favourable; so far, it has proven resilient to an external environment in which growth forecasts for the global economy have been revised downwards, and in which the recovery in European countries – those most important for our economy – has lost momentum. Thus, on the domestic front at least, it would be necessary to embed the reforms under way, thereby enhancing our capacity for recovery. 2  BIS central bankers’ speeches  The start-up of the Single Supervisory Mechanism Among the challenges posed by the SSM is that of attaining quality bank supervision, applying strengthened and uniform standards and making the most use possible of the acquired knowledge of the various national authorities, while setting in place a common supervisory culture. In light of the work undertaken to date and the intense collaboration between the ECB and the national authorities, these goals are realistic. The Banco de España is striving to ensure this is a successful process, cooperating with the ECB and the other SSM participants. We have adapted our organisational arrangements and working methods to smooth interaction with the SSM and the ECB. A further key challenge will be to maintain a level playing field in the member countries, applying uniform supervisory principles. That is a major challenge, given that in Europe there is a wide diversity of banking models and legal systems.
3  BIS Review 118/1999  Opinions about the causes of the pronounced change in the Swedish economy are not completely unanimous. The stable prices presumably played a part. When inflation is low or the price level is stable, those who have to plan for the longer run face less uncertainty. Another significant factor was probably the credit system’s development in the 1800s. Banks were established and the abolition of interest controls was followed by more financial expertise. That made it possible to exploit the inventions and finance investments in the emerging industries. An increasingly stable form of government presumably contributed, too. A series of constitutional reforms provided a guarantee of stability. Economic activities benefited from the abolition of trade guilds, freedom to trade and the reform of joint-stock companies. The reform of elementary education was, of course, another important step that ultimately promoted human capital. This catalogue is not intended to be a complete account of all the factors behind Sweden’s transformation from a poor country into a rapidly expanding industrial nation. The point I want to make is that a variety of institutional changes seem to have been needed to provide a stable framework for the subsequent process of industrialisation. It is just this stability in the fundamental conditions for economic activities that was no doubt important for the process that resulted in the industrial revolution, which in itself was full of commercial risks and uncertainties.

The global recovery also increases the need for investment in the business sector and contributes to stronger growth in investment. The demand for housing remains strong, which helps maintain the level of housing investment. All in all, the increasingly strong demand, both domestic and international, means that GDP growth will be higher than the historical average over the coming years, see Figure 3. Good prospects for inflation in Sweden to continue to rise Inflation in Sweden is still low, just like in many other countries, see Figure 4. However, CPIF inflation excluding energy has been rising for some time and several different indicators point to it continuing to rise. The ever-stronger global economy leads to both higher international prices and higher demand for Swedish goods and services. Domestic demand also becomes higher and contributes to rising price pressures. The weakening of the Swedish krona over the past year has meant that imports of goods and services has become more expensive, which tends to increase consumer prices. The weaker exchange rate has not yet had a full impact on prices yet, either. Import prices are expected to rise further for a time before the contribution to higher inflation from the exchange rate wanes. 2  BIS central bankers’ speeches  A more expansionary monetary policy supports the upturn in inflation The Riksbank has implemented strong measures to reduce interest rates in general in the Swedish economy and thereby make monetary policy more expansionary. The repo rate has been cut to negative levels.
Figure 1: Customer account ledger from 1878, from the former Bank of England Cashier’s Department Drawing Office, now held in the Bank of England’s Archive collection. References Bank of England (1989), ‘Challenges facing the sterling wholesale payment systems’, Bank of England Quarterly Bulletin, August, pages 401–06. Bank of England (1994), ‘The development of a UK real-time gross settlement system’. Bank of England Quarterly Bulletin, May, pages 163–68. BIS central bankers’ speeches  7  Davey, N and Gray, D (2014), ‘How has the Liquidity Saving Mechanism reduced banks’ intraday liquidity costs in CHAPS?’ Bank of England Quarterly Bulletin, Vol. 54, No. 2, pages 180–186, 2014 Q2, available at http://www.bankofengland.co.uk/publications/Documents/ quarterlybulletin/2014/qb14q207.pdf. Dent, A and Dison, W (2012), ‘The Bank of England’s Real-Time Gross Settlement infrastructure’, Bank of England Quarterly Bulletin, Vol. 52 No. 3, pages 234–244, 2012 Q3, available at http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb 1203.pdf. Matthews, P (1921), ‘The Bankers’ Clearing House: what it is and what it does’, Sir I. Pitman & Sons limited. Norman, B, Shaw, R and Speight, G (2011), ‘The history of interbank settlement arrangements: exploring central banks’ role in the payment system’, Bank of England Working Paper No. 412. 8  BIS central bankers’ speeches

Energy price inflation will also be considerable lower ahead. In August, the enterprises in Norges Bank’s regional network noted that there had been a shift in sentiment in the Norwegian economy. An extra round of calls to some contacts in October indicated that the outlook had worsened since August. The latest reports from enterprises in Region East indicate that demand has declined since summer, with a further drop in September and October. Customers are responding to tighter lending conditions by postponing projects. The changes have occurred rapidly, and there is now considerable uncertainty among our contacts in this region with regard to developments over the next six months. The majority of the enterprises report that they will reduce investment. Many are considering workforce reductions as an alternative if the situation does not change in the New Year. The majority also envisage lower wage and price inflation ahead. In the past year, unemployment has been as low as in the mid-1980s. Seasonally adjusted registered unemployment was 1.8 per cent in October. The enterprises in Norges Bank’s regional network are expecting some reduction in the workforce ahead. There has been a slight increase in layoffs. Going forward, enterprises will probably adjust the workforce to lower output growth and reduce the use of overtime. After a long period of high housing investment and rising prices, activity in the housing market is now slowing. Tighter credit conditions are amplifying the fall in house prices.
It was impossible to gain a clear insight into the complicated CDO structures. Consequently the interest rates on the interbank markets soared. Parallel to this, scepticism towards the credit rating agencies' ability to grade structured products increased, and this concerned not only products containing subprime loans. Several central banks decided at this point to intervene in different ways in the interbank market. In general, the interventions contributed to reducing interbank rates towards desirable levels for shorter durations. For the longer durations the difference between the interbank rate and the risk-free rate remained substantial. The unwillingness to lend money was a hard blow to institutions dependent on financing from the market. For example, the British mortgage lender Northern Rock was forced to seek help from the Bank of England to manage its acute liquidity problems when it could no longer obtain financing. The market turbulence during the autumn had relatively limited effects on the Swedish banks. The main effects were higher financing costs, some changes in the value of bond portfolios and less activity on some markets. Here an important factor was the fact that the Swedish banks did not have any significant exposure to securitised subprime loans, neither directly nor indirectly through investment companies. Deficiencies in the functioning of the credit markets have been exposed The rapid developments in the financial system over the past decade have essentially been beneficial. There is no reason to wish we were back in the financial iron age of the 1980s.

Illiquid loans are converted into liquid bonds, which can easily be sold. Many investors are happy to have credit risk in their portfolios for better diversification. But they do not want to manage individual credits, and they also want liquidity in their investments. They therefore appreciate the securitised products. In recent years, however, it has become increasingly common for securitised loans (which have been converted into bonds) to be repackaged into various so-called structured credit instruments. An impressive variety of this type of structured product has arisen in a short period of time. Perhaps the most common form are those known as CDOs, Collateralised Debt Obligations. With a CDO it is possible to put together bonds from many different securitised loan portfolios and even to add other assets if desired. The idea is that the portfolio that has been put together is structured in different parts (tranches) with different credit risks (this is in practice often done by the large international investment banks). When interest income from the underlying assets starts coming in, it is distributed according to the order of priority of the tranches, or their seniority. First, the most senior tranches receive their allocation. After that the income is distributed to the second most senior tranches, and so on. Investing in a junior tranche thus entails greater risk than investing in a senior tranche, but on the other hand the earnings are higher. At the bottom is an equity-like part, which is only paid when all the others have received their share.
The IMF has highlighted that global banks and financial institutions have yet to recognize more than half of their total estimated write-downs of $ trillion. So far, growth has been supported by the massive monetary and fiscal stimulus. Indeed, studies of past crises suggest that economic recoveries in the aftermath of financial crises tended to be protracted. Many analysts therefore expect global growth to be slower in the coming years. 5. Against this backdrop, what should be the growth strategies of emerging economies, and what is the role of financial institutions, especially Islamic financial institutions? 6. Even with slower global growth, emerging Asian and Middle Eastern economies are expected to grow at higher rates than advanced economies. There are many positives working in their favour – abundant natural resources and monetary reserves; young and dynamic populations, growing consumer demand, large infrastructural programmes underway in some areas like water, energy, transport, education and healthcare. Generally, balance sheets of corporates and households are in better shape than it was in earlier years. 7. With the growing importance of emerging economies, we will see changes in the patterns of trade and development. There will be stronger “south-south” trade. The old pattern of “flying geese” development in Asian newly-industrialised economies, where developed economies bring in investment and technologies, will give way to a more variegated pattern, where companies in the emerging markets will invest in other markets. We already see many corporates from emerging markets developing disruptive technologies and business models that address market needs in very competitive ways.

By working closely to deepen risk management, and to enhance the ground knowledge in each region, we can contribute to sustainable growth. On this note, I wish you another very successful conference in Bahrain. BIS Review 163/2009  3
A declaration is also made stating that inflation will be kept within certain limits over a specific period. The central bank is granted independence to attain this target with the instruments at its disposal. Other aspects of the new framework include increased transparency in monetary policy and communication of information from the central bank to the public and government. In most countries this has greatly stimulated discussion of monetary policy and central bank measures, on which opinion is divided as ever. Inflation forecasts play a vital role in monetary policy implementation under such a system. The expected inflation trend according to the forecast forms the basis for monetary policy decisions. One consequence of this policy is that exchange rate stability is no longer the anchor of monetary policy. This is not because the exchange rate of any currency is a lightweight factor in economic developments; rather, experience has shown that under free international capital flows, central bank instruments are inadequate for maintaining a stable exchange rate. Under conditions of free international capital flows, a central bank’s primary instrument is interest rates, which in the long run can only attain a single macroeconomic goal, i.e. ensuring price stability. It has turned out that other countries have benefited from adopting such a framework. It was in light of this international experience that the Central Bank of Iceland’s monetary policy framework was changed two years ago and formal inflation targeting was adopted.

In 2003 it was able to raise its profits substantially in spite of a mixed macroeconomic and financial environment. Thanks to these profits, banks were able to bolster their capital significantly, thus enhancing their capacity to absorb shocks. The resulting capital ratios in the banking sector are high both in historical terms and by international standards. This impression of pronounced robustness in the Swiss banking sector is corroborated by the relatively low level (in historical terms) of the stress indicator. This is a new indicator calculated as a synthesis of different stress symptoms. The indicator considers in particular the capital ratios, profits, share prices and risk premiums on bonds in the Swiss banking sector. As far as the outlook is concerned, we believe that the macroeconomic environment and the financial markets do not present any significant threat to the stability of the Swiss banking system. The forecasts for 2004 point to a rebound in economic growth in Switzerland and the European Union along with a continuing upswing in the United States. Moreover, the rise in prices on the Swiss real estate market has remained moderate by both historical and international standards. It is thus unlikely that this market will see any abrupt downward adjustment - traditionally a major stress factor for the banking sector. And finally, the available indicators suggest that the major global banking sectors are  BIS Review 39/2004  1  also relatively robust. At present, therefore, the risk of contagion - i.e. of a crisis having repercussions on Switzerland - is remote.
It is true that unemployment continues to be high but it is falling. This is the most promising development for 30 years: We have strong growth at the same time as we have balance or large surpluses in central government finances and foreign trade. The challenge for monetary policy is not to dampen demand unnecessarily but neither should demand be allowed to increase more than is compatible with the inflation target. In the long-term, monetary policy has, of course, no direct impact on the rate of growth although during a shorter period, demand and growth are influenced by the interest rate set by the Riksbank. If, for instance, monetary policy is made more stringent too late, there is a risk that inflation expectations will rise and gain a hold. To restore inflation to the target, a longer period of stringent monetary policy will then be required with weaker demand as a result. Then investment will also be throttled and capacity growth braked. The inflation target has not only a value per se but is also first and foremost a means for creating the prerequisites for stable, sustainable growth. The best contribution the Riksbank can make is to maintain the inflation target but there is no simple rule of action as to how monetary policy is to be  1  BIS Review 20/2000  conducted. According to the Riksbank Act, the overall objective for the activities of the Riksbank is to maintain stable prices.

The central bank is developing a new bank accounting framework, which represents a move towards international accounting standards, while taking account of the special features of Islamic finance. The authorities are also developing an action plan for implementing supervision reforms. These developments ought to be good news for prospective investors in Iran. They also help illustrate that international best practice standards can be flexible enough to accommodate individual country circumstances. The move to a more market-oriented environment brings with it new challenges. For example, liberalising exchange controls and freeing the exchange rate to market forces brings risks as well as opportunities. A sequenced approach to capital account liberalisation helps mitigate these risks and that is the route Iran has pursued. But that is not to say reform has stalled. Since mid-1999, the central bank has taken important steps to improve and simplify the foreign exchange market, including allowing the exchange rate to depreciate to market clearing levels. In March 2000, requirements to surrender non-oil export receipts to the central bank were abolished. The intention now is to introduce a direct, interbank foreign exchange market, and to eliminate an advance import deposit requirement by March 2001. These will be important further steps in increasing Iran’s exposure to international competition which in turn can contribute to its productive efficiency. Exchange rate unification and the partial liberalisation of trade and exchange controls will make greater demands on the effectiveness of monetary policy. For example, monetary expansion may arise from the phased reduction in banks’ reserve requirements.
At its core, the Framework places significant emphasis on product suitability assessments in the delivery of insurance products. These developments that we observe in the offering of investment-linked products have at times been at odds with this emphasis. With more than twothirds of new premiums generated from such products in 2017, and an environment of heightened financial market volatility, a key concern for the Bank has been with the complexity of products offered, and the level of understanding of the investment risk, which is borne entirely by consumers. From our observations, the safeguards in place within insurers over product design, disclosure levels and suitability assessments continue to reveal gaps. 3/4  BIS central bankers' speeches  In this regard, the Bank has consulted the industry on potential enhancements to be made to our requirements on investment-linked insurance businesses to address some of these gaps. We expect to finalise the requirements to the Minimum Allocation Rate (MAR) shortly to protect the account value of consumers; more robust suitability tests to improve policy persistency; and enhancements to sales illustrations. The other key reform has been the Phased Liberalisation of Motor and Fire Tariffs which started in 2016. The Bank is currently assessing the outcomes of the second phase as we prepare to launch into the next phase of liberalisation. We are encouraged to see the positive response from the industry and the positive impact on the diversity of products available to consumers.

And, as with all the other denominations in the new series, it is narrower and shorter than the previous note. The theme of the 100-franc note is Switzerland’s humanitarian tradition, and the key motif is water. Both are reflected in the note’s core design elements. The hand and the globe are the main images on the front of the note. The hands are scooping up water, and isobars are depicted over the globe. Page 1/3  Berne, 3 September 2019 Fritz Zurbrügg  News conference on new banknotes  The back of the note shows an irrigation channel, or ‘suone’, feeding glacial meltwater down a cliff face to the fields below. A suone is a method of transporting water from high altitudes to lower-lying areas for irrigation purposes. In the past, such irrigation channels were used for land cultivation, especially in the Valais region. The image of a suone symbolises the treatment and distribution of water – a major component of Switzerland’s humanitarian and development aid effort. The key motif also plays an important role on the security strip, which features a network of waterways over the map of Switzerland, together with a list of the country’s longest rivers. The remaining security features, such as the transparent Swiss cross or the shimmering globe, are the same as those on all denominations of the new series – you will already be familiar with these.