samchain/econo-pairs-v1 huggingface dataset:
18  See Written Ministerial Update: Financial Services Update For example, see Investment Association: Putting investment at the heart of DC pensions, Law Commission: Pension Funds and Social Investment Summary and DC Investment Forum: Barriers to Innovation in DC 20 Source: Investment Company Institute, Association of Investment Companies, ONS and Bank calculations 19  11  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  11  Small changes add up to serious money. The need for more equity finance creates a case for authorities to be ambitious in reforming the financial system to remove any biases against the patience that’s needed for many equity investments. Because that financial system could be the difference between a strain in our economic muscle that recovers quickly and a muscle tear that holds back economic performance for some time to come. Thank you. 12  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  12

16.11.2018  Welcome address at the Conference “Economic Policies, Trade Integration and Sustainable Job Creation. A View from the Mediterranean Countries” Banco de España and European Institute of the Mediterranean with the support of the Central Bank of Tunisia Pablo Hernández de Cos Governor  Good morning ladies and gentlemen. It is a great pleasure for me to be here in Tunis to welcome you all to this Conference on Economic Policies, Trade Integration and Sustainable Job Creation, jointly organised by the Central Bank of Tunisia, the Banco de España and the European Institute of the Mediterranean (IEMed). Let me start by thanking Governor El Abassi for his kind words and our colleagues from the Central Bank of Tunisia and the European Institute of the Mediterranean for their cooperation in organising this Conference. I would also like to congratulate Governor El Abassi and all the staff of the Central Bank of Tunisia for the 60th anniversary of this institution, created just two years after the independence of Tunisia. I wish to convey my best wishes for the future of this institution which, through the attainment of its of macroeconomic and financial stability objectives, can make a decisive contribution to the prosperity of the country and its citizens. Governor El Abbasi, I hope that this Conference will be an initial step towards permanent cooperation between our respective institutions.
Finally, the low real exchange rate stimulated exports and other traded goods sector activity. Moreover, the composition of Iceland’s exports is such that they are somewhat less cyclically sensitive than, for example, exports of motor vehicles and consumer durables. The net result was that Iceland’s exports held up well in comparison to world trade overall, as can be seen in Graph 3. Some of these factors were temporary, however, and the price was paid this year. Contrary to earlier (probably unrealistic) expectations, Iceland did not recover from recession in the first of half 2010. That means that Iceland will emerge from recession later than most other countries, many of which began to recover in the second half of 2009. But given the huge imbalances in the Icelandic economy during the boom and the size of the shocks it sustained, this is not surprising when measured against the broader historical record of countries experiencing major financial crises. In both international and historical comparison, Iceland has gone through a deep and a somewhat drawn-out recession, as can be seen from the following graph. BIS Review 139/2010  5  Perhaps recovery has only just started, but the signs of stabilisation are all over the place. The huge current account deficit of the boom period has turned into a surplus if we exclude the accrued interest on the debt of the failed banks, interest that will probably never be paid.

The banking collapse triggered further currency depreciation and contributed to a significant destruction of household assets (e.g., bank equity, mutual funds, and pension assets). The third shock was the international economic recession in the fourth quarter of 2008 and the first half of 2009. The subsequent recession was shaped by the post-boom adjustment, the three aforementioned shocks, and the policy responses of the authorities. It is an interesting topic for future research to try to quantify the relative effects of the three shocks on the subsequent recession. We cannot take it for granted that the banking collapse is the most important one in that respect, although it commands the first place in the psyche of the population. The asset destruction that was associated with the banking collapse took place in several countries, mostly in Northern Europe, and in absolute terms the loss of the foreign creditors is bigger than that of domestic residents. The currency crisis and the banking crisis are linked, of course, as the banks exacerbated the former. However, with a floating exchange rate, the burst of the unsustainable macroeconomic boom was always going to be associated with a major depreciation, irrespective of what happened to the banks and whether Iceland had a cross-border banking system or not.
These two decisions hopefully give some indication of where the Central Bank considers that it currently stands in the battle against inflation. This battle is a priority and there is no doubt that a successful outcome is very much in the national interest, not least for young people who have taken on heavy liabilities to secure themselves short-term or long-term housing. Household debt with the deposit money banks has surged in Iceland in recent years. However, debt service as a proportion of income has not grown, due to the more favourable credit terms now available, as well as rising incomes. Loan delinquency is still minimal. Both these indicators are very positive. However, this does not alter the Central Bank’s concerns about excessive borrowing, or at least very precarious borrowing, which could make the foreseeable economic contraction very tough for indebted households, and in some cases insurmountable. In such conditions, rising inflation could deal many households a heavy blow. Some people have responded to Iceland’s relatively high interest rates and price indexation by switching their debts to foreign currencies, but the benefits could prove short-lived if the króna depreciates. A depreciation would be instantly reflected in repayments on these foreign loans. Its impact on domestic indexed borrowing would be less and come later. 2  BIS Review 42/2007  At the last annual meeting, it was pointed out that the Central Bank had strongly encouraged financial institutions to curtail their credit growth at that time which, in the Bank’s view, had gone beyond all reasonable bounds.

In the world of finance, some of the questions being asked today are: What makes a bank a bank? Will digital currency ever replace central-bank issued money? Or more likely, will central banks issue their own versions of digital currency and in the process, disintermediate banks? Are banks selling financial products, or are they offering a lifestyle, opportunity and the freedom to pursue a new and different path in life? What business are banks really in? When everyone stopped using film in cameras, one wonders if Kodak realised that it was actually in the business of capturing memories. Or when smartphones burst into the mobile handset market, did Nokia realise that their business was not selling mobile handsets, but connecting people with the world around them? Three years ago, McKinsey predicted that technological advancements will redefine the landscape of finance, and then went on to argue that incumbents had – at most – a brief window of five years to adapt or risk becoming obsolete. You may or may not agree with this, but I think it would be hard to deny that a shake-up of the industry is already present. To some extent, the finance industry has been responding. Total IT spending is estimated at over $ billion every year across the regions of North America, Europe, Asia Pacific and Latin America. In 2016, a single global bank spent $ billion, or 16% of its expenses on technology.
At the  BIS central bankers’ speeches  7  same time, we will continue to contribute to Chile’s development and welfare with what is our duty, namely the stability of our currency and the normal functioning of internal and external payments. Thank you. Figure 1 Inflation and expectations (annual change, percent) 6  6 5  4  4 3  2  2 1 0  0 13  Jul. Headline  14  Jul. Expectations at December 2014 (EES) (*)  (*) November and December calculations based on expected monthly variation as reflected in the EES. Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 2 Domestic demand components (annual change, percent) 30  60  20  40  10  20  0  0  -10  -20  -20  -40 09  10  11  Private consumption Gross fixed capital formation  12  13  14  Durables consumption GFCF machinery & equipment  Source: Central Bank of Chile. 8  BIS central bankers’ speeches  Figure 3 Current account (*) (percent of GDP) 28  9  26  6  24  3  22  0  20  -3  18  -6  16  -9 05  06  07  08  Saving  09  10  Investment  11  12  13  14  Current account  (*) Accumulated in one moving year. Source: Central Bank of Chile.

•  Limited capacity of trained personnel, logistics and finance to combat Money Laundering, among others. The Anti-Money Laundering Act was passed in June 2005 and this appoints the Governor as the Anti-Money Laundering Authority. This Act was passed mainly as a preventive measure against Money Laundering and to provide for a sound financial system. To discharge the responsibilities of the Authority, the Bank of Sierra Leone must establish a FIU to analyse and process reports relating to suspicious transactions from Financial Institutions. A committee of stakeholders in the  BIS Review 79/2006  1  implementation of the Act was established and is chaired by the Governor of the Central Bank. This committee comprises, the Ministry of Finance, Attorney General and Minister of Justice, Ministry of Foreign Affairs and International Co-operation, Ministry of Mineral Resources, the Ombudsman, National Revenue Authority (NRA), Inspector General of Police (IGP), Criminal Intelligence and Security Unit (CISU), National Drug and Control Agency NDCA), Anti-Corruption Commission, and The Association of Commercial Banks. Since the establishment of this committee several positive measures have been taken in the implementation of the Act: currency declaration forms for passengers travelling to and from Sierra Leone will now be administered by the National Revenue Authority (NRA). Financial Institutions are also implementing Customer Due Diligence and Know Your Customer principles. Technical assistance was sought from the UNODC by the Bank of Sierra Leone for the establishment of the FIU.
Still, the high level of annual inflation today is largely due to the significant depreciation of our currency in recent quarters. On the output side, third-quarter figures showed GDP and domestic demand growing less than forecasted. In addition, fourth-quarter figures at hand show no signs of significant recovery. Thus, we foresee that achieving higher output growth rates will take longer than we thought last September. On aggregate, the international scenario has changed little since our last IPoM. Perhaps the most significant development has been the sharp fall in the oil price in the past months, whose effects have begun to show in prices and will intensify in the near future. Meanwhile, although risk perceptions have increased and we had an important volatility episode in October – which vanished soon – no significant changes are observed in terms of global growth. At home, we completed a process of reducing the monetary policy interest rate (MPR), that took it from 5 to 3 percent between October 2013 and October 2014. This sharp reduction led the MPR to quite expansionary territory, in line with the economic slowdown already mentioned. Funding costs in the domestic market have declined significantly, with mortgage loan rates nearing their all-time lows. Notwithstanding, business and household expectations have deteriorated throughout the year and are now clearly pessimistic, influencing downward this year’s growth and slowing further the recovery foreseen for 2015.

Gent Sejko: Supervisory policies after the start of the Banking Union – initial experiences and outlook for CESEE economies Intervention by Mr Gent Sejko, Governor of the Bank of Albania, in 6th ECB Conference on CESEE: “CESEE, old and new policy challenges”, session’s topic “Supervisory policies after the start of the Banking Union – initial experiences and outlook for CESEE economies”, Frankfurt am Main, 10 June 2015. *  *  *  Dear participants: I am honored and pleased to be in this important conference among distinguished professionals of banking and financial industry! I want to start by thanking the organizers for the invitation to be here, but also to congratulate the ECB on its new building: I wish it is as functional, as it is beautiful! Coming from the banking industry, I have been feeling the impact on the banking activity arising from the changing economic and financial environment due to recent global financial crisis. Since my appointment as the new Governor of the Bank of Albania at the beginning of this year, I have been seriously estimating the challenges we face in order to maintain the stability of our banking sector and ensure that it is fit to play its role in support of Albania’s economic growth. In my intervention today, I would like to share with you how we see the impact of changes in the financial landscape, including those in supervision superstructure, on the financial system of CESEE countries and more specifically on Albania’s one.
With the encouragement of the Bank of England, the UK’s bank supervisors – today at the FSA, from next year at a new Prudential Regulation Authority within the Bank – are requiring deposit takers to advertise prominently the availability and terms of deposit insurance, in every branch, on every ATM, on every key webpage. Further, crucially, the UK’s Financial Services Compensation Scheme will ensure they can deliver rapid payout, ideally within 7 days. This requires banks to hold more information about their depositors than it seems they would choose on their own. It is perfectly reasonable for society to demand this. Once those conditions are met,2 the deposit insurance regime has the potential to revolutionalise retail banking. By assuring retail depositors of safety, new banks should find it easier, other things being equal, to establish a deposit base, lowering barriers to entry into banking. Later I shall come to who pays for this: it isn’t government and the taxpayer but the industry itself. Deposit insurance and resolution But we know from experience that liquidation and payout to insured depositors can be a seriously inferior way of handling the failure of some deposit-takers. That is because liquidation can entail a destruction of value, disruption to the provision of services, and other spillovers to the rest of financial system. Some of that can be avoided if, instead, we are able to transfer the insured deposit book and some good assets to another bank (or other  1  Paul Tucker is chairman of the FSB’s Resolution Steering Group.

Eddie Yue: Investment in infrastructure is crucial to Asia’s growth Statement by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority and Head of the Delegation of Hong Kong, for the 46th Asian Development Bank Annual Meeting, Delhi, 4 May 2013. *  *  *  I would like to thank the Government of India for hosting the 46th Annual Meeting of the Asian Development Bank (ADB). I wish to take this opportunity to pay tribute to Mr Haruhiko Kuroda for his excellent work in leading ADB for more than eight years. We welcome the appointment of Mr Takehiko Nakao as the new President of ADB, and look forward to continue working closely with the Bank under his leadership in furthering the development of the region. Global economic sentiment has improved since the beginning of this year. The announcement of further accommodative monetary easing by major advanced economies has reduced tail risks and stabilised financial markets. But while the accommodative monetary policy will help authorities buy time to solve the problem, it is by no means a substitute for medium-term fiscal consolidation and structural reforms that are required for the economy to regain competitiveness and return to a sustainable path. Looking ahead, economic adjustments and deleveraging in both the public and private sectors are set to continue in the advanced economies, and regional economies will increasingly have to look to themselves for new sources of growth.
But we are united in our commitment to our dual mandate and in our belief that Fed independence is essential to the public interest, because it allows us to make tough decisions insulated from short-term political pressures. At FOMC meetings, each Committee member presents a current outlook for his or her region and the nation. For these assessments, we consult our researchers and add critical information that we learn from listening to our boards of directors, regional advisory councils and community leaders, such as you and others I’ll meet on this visit. This trip includes a meeting with the Long Island Housing Partnership – and a visit to some distressed neighborhoods, a tour of the D’Addario string factory and lunch with its workers; and concludes with a tour and meeting at the Brookhaven National Laboratory. BIS central bankers’ speeches  1  At the New York Fed, we continually track conditions in our District, and we have created a number of tools for that purpose. For example, my staff produces monthly indexes of economic activity for New York City, the entire state of New York, and New Jersey. These indexes are essentially measures of local output – similar to gross domestic product, or GDP, at the national level. These measures provide a more complete gauge of activity than the employment report, which is another important metric at the state level.

William C Dudley: The national and regional economic outlook Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Long Island Association, Melville, New York, 19 March 2012. *  *  *  Good morning. I am pleased to be here on Long Island. It is always a pleasure to speak with the business community because of the leadership role you play in your communities and in shaping the economic landscape in the region. So, I thank you all for coming today. Over the past few years, I have been engaged in a series of outreach meetings all across my Federal Reserve District. For example, in 2010 I visited several upstate cities. Early last year I made visits to various parts of the city – Brooklyn, the Bronx, Queens – and to Puerto Rico. In August, I met with community and business leaders and elected officials in Newark, Patterson and Jersey City. In November, I went to West Point and the Capital region. I consider these visits just as important as my trips to Washington, D.C., to help formulate monetary policy or to Switzerland to help shape international bank regulation. Each visit within the region helps me to deepen the relationships with the people I represent. I believe that the understanding of issues and concerns that I gain today will help ensure that the Fed’s policy decisions reflect the public interest in the broadest sense.
This allows us to maintain the ambitious scope of the exercise, and gives firms enough time to engage with their customers and invest sufficiently in their capabilities to deliver to a high standard. We expect firms to make good use of this time. And to support that we will publish after the summer a ‘roadmap’ on how we will engage with and support firms in the period up to the launch of the stress test. As with disclosure and risk management, the stress test will not be a straightforward task. We will test risks under not one, but three scenarios. The first where no additional policy action is taken and where, by continuing on our current emissions path, warming exceeds 3 degrees above pre-industrial levels. The second where policy action starts now enabling us to achieve net-zero in an orderly fashion by 2050. And the third where policy is implemented late, leading to a disorderly transition to net-zero. 16  CFRF Guide 2020 The Financial Policy Committee’s July 2019 Financial Stability Report set out that there would be a climate change related Biennial Exploratory Scenario (BES) in 2021. A discussion paper on the climate BES was published in December 2019.

Leading the Change: Climate Action in the Financial Sector Speech given by Sarah Breeden, Executive Director, UK Deposit Takers Supervision Executive Sponsor for Climate change  UK Finance Webinar held during London Climate Action Week 1 July 2020  I am grateful to Zane Jamal and Theresa Löber for their assistance in drafting these remarks 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  Good afternoon everyone. I would like to thank UK Finance for inviting me to speak today during London Climate Action Week on what I consider to be the defining issue of our time – climate change. I realise that this may seem an odd claim for a central banker to make in the middle of a global pandemic that has already led to the largest fall in UK growth in over three hundred years.1 But our economy and financial system, with the right support, should eventually recover from Covid-19. In contrast, climate change, left unchecked, will lead to irreversible harm for generations to come. That demands our continued attention even as we deal with the current crisis. We are at the start of a critical decade for climate action where the decisions we take today will shape the future of our planet for decades to come. ‘Action’ being the key word. If the previous decade was marked by a ‘call to action’, then this coming decade must answer it. That means an economy-wide orderly transition to net-zero emissions. We all have a role to play in that.