samchain/econo-pairs-v1 huggingface dataset:
The worst-case was the grimmest of all. The father was calling to claim on the policy in order to help cover the ancillary costs to the family while the NHS took forward this procedure. The company did the right thing, and it had enough money to do the right thing. I and others were only exposed to this case in a wholly anonymised way, for data protection reasons. Despite this I have never been in a meeting where so many people wept. This is what policyholder protection is really about. It’s not about the Risk Margin, the view to ultimate, the Matching Adjustment or corporate bond spreads. It’s about making sure that insurance companies are there to help when disaster strikes. That’s why we take this part of our job so seriously. 10  All speeches are available online at www.bankofengland.co.uk/speeches  10

It can eventually help to popularize the notion of financial inclusivity, and in that way help garner more global support for financial inclusion initiatives the world over. Finally, on behalf of Bank Negara Malaysia, I would like to thank the participants who have come here from many countries and institutions to contribute their ideas and knowledge to this workshop. I also would like to thank the Alliance for Financial Inclusion for their leadership and support in managing this initiative. I trust that the working group will be able to contribute towards the global agenda for a more inclusive financial system, and look forward to the fruits of your work in the months ahead. BIS Review 88/2010  3
The Bank is contributing to that debate, and a number of options were discussed in our Financial Stability Report last week, including as the Governor said at the Mansion House a fortnight ago, whether or not banks' activities should be regulated more heavily or even in the extreme restricted. That debate is obviously difficult, with no easy answers. But it is important, and cannot be ducked. As the Governor proposed at the Mansion House, it would help greatly if your banks could write a “will” for how they could be wound down in an orderly way in the face of distress. Indeed, that now has to be part of the banking Social Contract. It must surely entail a radical simplification of some group structures. Moving from, say, two thousand legal entities to one thousand would, somehow, miss the point. This will not be easy. We do understand that. But it is important to bring about the kind of regime shift necessary to restore confidence and trust in the industry without a government prop. The degree to which banking groups cannot deliver on this should be reflected over time in capital and liquidity requirements. As well as making distress itself less likely, that would also help to shift incentives in a healthy direction. I have talked throughout about banks. But the authorities will need to consider how far this approach should extend. The Treasury already has power to put bank holding companies into Temporary Public Ownership, but none of the regular SRR toolkit is available.

There is a case for debating whether it should be a regulatory requirement. The information I outlined is not needed just when a bank does actually go into liquidation and the FSCS makes a payout to depositors. It is also needed by the Bank of England to assess whether any of the Special Resolution Regime (SRR) tools could meet the statutory objectives of the 2009 Act more effectively than liquidation. Indeed, that is why the Bank has a clear interest in the information provided to the FSCS. In fact, even more information is needed when we employ the SRR instead of liquidation. Using the new Act, the Bank, working the FSA and HMT, can split up a bank or building society into a number of pieces: deposits going to one buyer; some assets possibly to another; parts going into administration. Effective execution of an operation of this kind is very information intensive. For example, it requires banks to have up-to-date, coherent management accounts for all parts of the business. One might think that would be a good idea anyway. It should certainly be a requirement now. Execution also requires detailed information on how the business is run. Just a few examples. First, on the services that different parts of the group provide to each other, because if split up they may have to agree so-called Transitional Service Agreements. Second, on which essential services have been outsourced. Third, on details of netting and derivative contracts, so that the Bank can apply various statutory safeguards for creditors.
Lord Mayor, you know the importance of learning, and the Chancellor has emphasised again this evening the role of education in shaping Britain’s place in the world economy. Both the Chancellor and I have been enthusiastic about the theme of your mayoralty: “City of London – City of Learning”. And all of us here tonight would like to pay tribute to your work since you became Lord Mayor, and to thank both the Lady Mayoress and yourself for the splendid hospitality which you have extended to us all this evening. So I invite you all to rise and join me in the traditional toast of good health and prosperity to "The Lord Mayor and the Lady Mayoress". BIS Review 69/2007  3

With further harmonisation of rules and regulations and increasing capital market linkages, we look forward to the deepening of ASEAN market liquidity. As financial and capital markets in the region become more integrated, there will be seamless flows of investments and capital. ASEAN has also made a strategic decision to strengthen its organisation politically. ASEAN is finalising a Charter that will lay out a bold and visionary future for ASEAN. It will also provide an institutional framework for the grouping and transform it into a more effective and efficient rules-based organisation. The Charter will be signed at the Singapore Summit in November. Singapore – a global city As for developments in Singapore, we have used the last 10 years to remake ourselves, strengthen our competitiveness and expand our economic space. We have also continued with efforts to enhance Singapore’s position as a gateway to Asia by transforming Singapore into a global city. We have enlarged our economic space by aggressively pursuing FTAs. We have concluded 11, including with the US, India, Japan, South Korea and Australia. We are negotiating 11 more FTAs, including one with China. We have progressively restructured and diversified our economy. Manufacturing will continue to play a key role but we are also moving into more technology- and knowledge-intensive manufacturing. Fostering world-class scientific research and strengthening Singapore’s attractiveness as an R&D (Research and Development) hub is a key priority. More of Singapore’s growth will come from innovation and knowledge.
Perhaps one of the stumbling blocks has been the choice of wage settlements at industry level and the large wage increases for employees outside the two largest employer/employee organisations (NHO and LO). The high wage growth awarded to groups whose wages are determined through individual agreements indicates that the labour market has been tight. The rise in salaries for white-collar workers and managers may also reflect weak cost control in enterprises and organisations following a long period of expansion. For a long time, a stable exchange rate and labour costs among our trading partners formed an anchor for wage determination. Since 1998, however, the rise in labour costs in Norway has been around 2 percentage points higher than that of our trading partners. High wage growth, combined with the global downturn and a strong krone, is having a severe impact on manufacturing. It is the combined wage growth for all groups that influences the inflation outlook. However, substantial wage increases for some groups can trigger wage spirals. Wages for salaried staff in the business sector have exhibited sharp growth. This year, it appears that wage increases will particularly be high in the public sector and in parts of the private service sector. Over time, growth in real wages must be consistent with growth in labour productivity. With an inflation target of 2½ per cent and trend growth in the economy of 2 per cent, there will be scope for annual nominal wage growth of about 4½ per cent.

Interest rates were assessed by the Executive Board of Norges Bank yesterday. Interest rates were left unchanged. Norges Bank’s key interest rate, the sight deposit rate, therefore remains at 7 per cent. According to Norges Bank’s assessment, with an unchanged interest rate, the probability that inflation two years ahead will be higher than 2½ per cent is the same as the probability that it will be lower. A sharp rise in labour costs is contributing to a relatively high rise in prices for goods and services produced in Norway. A persistently strong krone will contribute to keeping down prices for imported goods. The strong krone will have consequences for activity in the internationally exposed sector. Together with prospects for low inflation internationally, the strong krone is the most important force acting as a counterweight to the sharp rise in domestic costs. 4  BIS Review 51/2002
Phase IV (from 1 January to 31 March 2015) In the fourth phase of the consolidation programme, we expect to complete the mergers and acquisitions by addressing post-merger issues. Further, we will assist and facilitate the parties to resolve any concerns that have emerged during the merger process. The modified regulatory framework too is expected to be issued at the beginning of 2015, and awareness programmes will be conducted to educate the key management personnel and staff of the financial institutions on the same. Overall progress of the consolidation programme From the inception of the financial sector consolidation programme in January 2014, the progress made so far by the banks and NBFIs is commendable. As of mid-September 2014, 8 Banks and 29 NBFIs have confirmed their merger and acquisition transactions under the consolidation programme while a few cash-strapped NBFIs are progressing under the restructuring process. In addition, 4 banks and 4 NBFIs are in the process of finalising their consolidation plans. The Consolidation Unit strongly believes that the Central Bank is in a position to meet the original time plan set for end 2014 for the completion of the consolidation process. Conclusion Ladies and gentlemen, let me now conclude my oration by emphasising on a few points. We all know that consolidating a diverse group of financial institutions is a very complex process and a challenging task. Sri Lanka has followed a very novel model in reforming the financial sector in a non-crisis environment, which gives us the comfort to resolve these complex issues smoothly.

There are factors which exist outside the financial system and beyond SMEs which nonetheless affect resource flows. These might include poor infrastructure, bureaucracy which makes it difficult to carry out business, an unattractive tax regime and unclear or unfavourable government policies. Acquiring an appreciation of these factors and appropriately dealing with them can help to foster the efficient use of available financial resources by SMEs, increase their success in the application of credit and therefore give positive feedback to financing institutions which itself encourages them to lend more to the sector. Let me conclude by wishing you all a fruitful three days of deliberations and to reiterate my challenge to you to attempt narrowing that undesirable gap between the identification of problems and the delivering of practical solutions that will enable the flow of appropriate and sustainable financial resources to SMEs to enable them to play their wealth creation and development role in Africa. For me, the SME sector can be a great engine for economic development in Africa. Meetings like this can help in making them become just that. But we must also go beyond just paying lip service to the sector and show true and real commitment to making the sector strong on our continent. I suspect that to go beyond lip service might, in some instances require a paradigm shift on the part of financiers, governments and the players in the SME sector itself. I thank you for your attention!!! BIS central bankers’ speeches  3
From a business management perspective, this point is obvious: to be useful in shaping strategy, a metric has to be something with a direct influence on investment decisions. And from a financial markets perspective, it has to be relevant to understanding risk and return. A lack of meaningful, consistent metrics makes it hard, or impossible, for investors to construct viable portfolios by comparing climate performance across firms. And that, in turn, dampens the incentive of those firms to improve and disclose their climate performance in the first place. 23  https://www.fsb-tcfd.org/wp-content/uploads/2019/06/2019-TCFD-Status-Report-FINAL-053119.pdf 9  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  9  Chart 4: Correlations between environmental scores from different rating providers24  Key Each matrix displays correlation coefficients between Environmental ratings given by five rating providers (labelled P1 – P5 in the charts) on a sample of 924 firms (2017 data). Right: Correlation coefficients between aggregate Environmental ratings. Below: Correlation coefficients between ratings of a selection of more granular environmental categories.

It is hoped that this will lead, with Allah’s grace and guidance, to the preparation of the coming generations armed with science and knowledge that will complement the development process witnessed by our beloved country. Custodian of the Two Holy Mosques, The Council of Ministers approved on 28th, Sha’aban, 1431H (9th, August, 2010) the Ninth Development Plan of the Kingdom, which covers the period from 1431/1432H to 1435/1436H (2010–2014). You, may Allah bless you, instructed all organs of the State to be very keen on the implementation of their programs and projects and achieving their goals within their set time limit, giving a high priority to those which have direct impact on raising the standard of living of citizens and improving their life quality, especially in light of what have been allocated as an ambitious development expenditure which amounted to Rls 1,444 billion, 67 percent more than the allocations of the Eighth Development Plan. This plan is complementary to the achievements of previous development plans that led to a quantum leap in living standards of citizens and laid solid foundations for the Saudi economy to assume an important position in the global economy. The plan focuses on five main points, namely, continued efforts to improve the standard of living and life quality of citizens, the development and employment of the national manpower, structural development of the Saudi economy, balanced development of the Kingdom’s regions and enhancing the competitiveness of the national economy and Saudi products in domestic and overseas markets.
Mr. Bäckström speaks on the topic “EMU - a further step in financial integration” Address by the Governor of the Bank of Sweden, Mr. Urban Bäckström, at the Danish-Swedish Business Council in Copenhagen on 29/9/98. Stage Three of EMU will soon be here. Something that many people felt was impossible just a few years ago is now taking place. The EMU project is probably the greatest change that has even happened in the domain of exchange rate policy. The economies of eleven countries are being linked together by a single currency. Both the population and the economy of the euro area will be on a par with the United States. Today, the euro area’s share of the industrial countries’ output is about 30 per cent and the United States has 35 per cent. The introduction of the euro will affect conditions for the financial system throughout Europe. But the advent of a single currency should not be discussed as an isolated phenomenon in the financial sphere. The move to Stage Three is simply accentuating a process that is already in train. In the 1980s and ’90s we have seen the beginnings of a financial revolution on a global scale. This in turn has been a combined consequence of financial deregulation, a general globalisation of trade and production, major developments in technology and new demographic trends.

Third, substantial progress has been made on the large adjustment of financial positions in the household and financial institution sectors necessary after the substantial leveraging of households and financial institutions that occurred in the run-up to the financial crisis. Confidence is increasing that conditions are now in place to support sustained abovepotential growth, when it occurs.   Aided by the second installment of Large-Scale Asset Purchases (LSAPs), financial conditions have improved. After equity prices, interest rates and inflation expectations fell with the apparent slowing of the economic recovery in the summer, they began to move up again shortly after Chairman Bernanke’s speech laying out potential responses to the slowdown in late August in Jackson Hole, Wyoming (Charts 17–20).   The personal saving rate has risen to a level that is consistent with the historical relationship between that rate and household net worth relative to disposable income, reflecting the very large drop in household net worth from the combined impact of financial crisis and severe housing downturn (Charts 21–22).   The household financial obligation ratio has declined to the level that prevailed in the mid 1990s, reflecting a combination of debt repayment, debt charge-offs and lower interest rates (Chart 23). Households in all credit-quality quintiles are continuing to reduce their overall debt (Chart 24).   Banks tightened lending standards during the financial crisis and recession. Bank lending standards, while tight in level terms, have begun to ease (Chart 25).
Most importantly, it has achieved a high degree of sustainable convergence with the euro area and is about to adopt the euro, a feat many believed unachievable in such a short time span. Here I would like to express my gratitude to the entire banking community, including the staff of the Central Bank of Malta, for their hard work and commitment in preparing for a smooth currency changeover. How did this marked change in fortunes come about? Three factors at least played a role. Like other small countries which leveraged their participation in regional economic groupings to overcome size and resource limitations, Malta has adapted its institutions and policies to the requirements of EU membership and is starting to derive the expected benefits. At the same time, under the pressure of globalization, polices have been implemented to start correcting endemic weaknesses. And finally, advantage has been taken of the cyclical upturn  BIS Review 143/2007  1  in external demand. As a result, the economy has grown by more than 3% in each year since 2005. Recent measures have included the restructuring of the public and public-enterprise sectors, a wide-ranging privatization programme, the first stage of a pension reform, and the complete liberalisation of the trade and capital accounts. As a result, the public sector’s profile in both product and resource markets has been reduced, and the price mechanism now plays a more prominent role in the allocation of resources. Perhaps the most striking change has occurred in the fiscal situation.

These have now been delivered to help ensure that the Bank is prepared for emerging and future technologies, participants, and relationships across the payments value chain. Firstly, our regulatory perimeter has recently been expanded to allow us to supervise critical service providers to recognised payment systems and we have started supervision of our first service provider, VocaLink, who provides critical services to the Bacs, Faster Payments and LINK systems. It is important to be clear here that this change does not, in any way, replace the role of the scheme operators in managing their risks. Indeed we do not expect scheme operators to change how they work as a result. Instead, we see this supervision as a complementary corner stone supporting financial stability. We published our supervisory approach to service providers in February, setting out how we will use 5  international principles that are specifically tailored for this type of firm. Secondly, we worked with HM Treasury to further widen our regulatory perimeter to include non-interbank payment systems through the Digital Economy Act 2017. We are now in a position where a non-bank payment system, for example a ‘FinTech’ payment system whose users are not banks, can be brought under the Bank’s supervision, should one become systemically important to the UK financial system. 6  On both of these changes, the Bank has worked extensively with the other UK authorities to make sure our regime is future-proof and well-equipped to keep pace with and respond quickly to a payments landscape that continues to change shape.
The institutions exposed to them and the amount of their exposure were unknown. Liquidity dried up and many banks experienced very heavy losses. These increased when off-balance-sheet transactions had to be returned to the books. The bankruptcy of Lehman Brothers in September 2008 was the trigger that brought the international financial system to the verge of collapse and marked the end of this period. Consequently, the authorities had to rescue the largest banks. This phase left us with a legacy of profound risk aversion which will take a long time to fade. Throughout 2009, the second phase of the financial crisis interacted with a sharp decline in global economic activity. Corporations and households experienced a loss of wealth which, in turn, weakened the quality of assets on banks’ balance sheets. The third and most recent phase of the crisis, which particularly affects Europe, has unfolded throughout 2010. It stems from the rapid deterioration of public finances in a climate in which markets are reluctant to keep financing increases in public debt that they consider may run into problems of sustainability. Simply put, this deterioration is explained by the loss of momentum of the European economy, the attempts of public authorities to alleviate its most painful effects on society and the consequences of States’ efforts to avoid the collapse of the financial system. How have these three successive phases affected the Spanish banking system? Spanish banks held up reasonably well in the first phase of the crisis.

The U.S. was not alone in this shortcoming, but given our position in the global financial system, we especially should have done better. We’ve taken important steps through new legislative mandates and a broader effort to rethink our regulatory and supervisory framework. In particular, systemically important banking organizations must now hold amounts of capital and liquidity that are better aligned with their risk profiles. Other changes have also been implemented, such as central clearing of standardized OTC derivatives contracts, that should make the global financial system more resilient and robust. Although this effort remains very much a work in progress, I think it will enable us to avoid repeating the mistakes of the past decade, and enable us to take a more proactive stance toward mitigating potential future vulnerabilities. Of course, we at the Fed are not alone here. Since the recent financial crisis, central banks worldwide have been engaged in a broad rethinking of how to better fulfill their mandates. Let me close with a final thought. The largest problems that countries create for others often emanate from getting policy wrong domestically. Recession or instability at home is often quickly exported abroad. Equally important, growth and stability abroad makes all our jobs at home easier. This illustrates the externalities in the work we all do, with more effective fulfillment of our domestic mandates helping to bring us collectively to a better place. Thank you for your kind attention. BIS central bankers’ speeches  3