samchain/econo-pairs-v1 huggingface dataset:
All the conditions are in place for following the high road of mutual recognition and cooperation both with Europe and across the G20. The UK has the expertise, the temperament and the will to take this path, one that will make all the difference to all our citizens. 11  All speeches are available online at www.bankofengland.co.uk/speeches  11

First of all, by creating a direct relationship between our profits and the funding of an important element in our system of social security, the initiative would establish a dangerous link, since it would certainly place the SNB under constant pressure to distribute more profits in the future. Higher profit distribution would only be possible if we took bigger investment risks or if we reduced our monetary reserves. Markets would start to ask themselves whether the SNB's goal was to ensure the monetary stability of the country or to generate profits. As I pointed out before, there is a risk that constant debate on this topic could sap market perception of our independence. This would damage our credibility and hamper our monetary policy. At the end of the day, implementation of this initiative would undermine confidence in the Swiss franc. Second, the initiative assumes that our profit distribution can be held permanently at a level above CHF 1 billion a year. This is an illusion. The only possible outcome is bitter disappointment on the part of our fellow Swiss. All our calculations show that, as confirmed in the remarks made by the President of the Bank Council on the results for 2005, the SNB's medium-term profit distribution potential amounts to only CHF 1 billion a year. If we deduct the gains due to the spectacular increase in the price of gold and to exchange rate gains from the CHF 12 billion profit recorded for 2005, the distributable profit falls to CHF 2 billion.
6  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  6  happy to debate this and I expect there will be good grounds for some exemptions. We will seek views on this, and weigh the costs and benefits, before deciding how to move forward. Sharp edges  So while the design of the reform programme is clear, we are still mid-step in implementing it. Of course things could go wrong, in transition or in the end-state. The world certainly gives us plenty to worry about. But I am absolutely unwilling to have things go wrong because we have retreated from the reforms agreed over the last eight years. For the avoidance of doubt: what was intended will be implemented. I hear many pleas for “tweaks”. Some of these are not quite as modest as is claimed. We are wise to the disguise. But we will of course work to identify and pursue opportunities to give a smoother finish to the reforms, addressing unintended consequences. Solvency II provides one example. It introduced a risk margin: the compensation that a third party would require to absorb the assets and liabilities of another firm that runs into trouble. This provides an extra degree of protection for policyholders, and therefore advances the PRA’s objectives. But because of its design under the current legislation, the risk margin is very sensitive indeed to risk-free rates. This level of volatility is not justified by the historical evidence and does not in my view serve a useful purpose.

Andrew, it has been an absolute pleasure to serve as one of your guerrillas, and I very much look forward to working hand in glove with you in our new roles. For the 1,580 banks, building societies, credit unions, insurers and major investment firms we supervise, 1  there is a simple message about my approach to the role of running the PRA . That approach is: more of the same. That means supervision which is firm but fair, using all of the latest analytical tools and techniques, together with a healthy dose of common sense. My job is to serve the public interest by focusing on the objectives given to us by Parliament: promote safety and soundness, protect insurance policyholders, and – secondary to both – facilitate effective competition. These three objectives form a complete and coherent whole and I am absolutely committed to them. But they are easier said than delivered. So I am very proud of the effort my 1,325 colleagues at the PRA put in 2  every day in pursuit of them, steadily implementing the post-crisis reforms . But as I shall explain: the end of one chapter is the start of another. Firms need to renew their business models for the new world. A mixed economy  I think that the approach we have adopted for the PRA is the right one, but I am not starry-eyed about the system we are operating. 1 2  Firm total correct as at 19 October 2016.
The implementation of structural reforms in euro area countries needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost euro area productivity and growth potential. Regarding fiscal policies, the broad-based expansion calls for rebuilding fiscal buffers. This is particularly important in countries where government debt is high and for which full adherence to the Stability and Growth Pact is critical for safeguarding sound fiscal positions. Likewise, the transparent and consistent implementation of the EU’s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. Improving the functioning of Economic and Monetary Union remains a priority. The Governing Council urges specific and decisive steps to complete the banking union and the capital markets union. We are now at your disposal for questions. 2/2  BIS central bankers' speeches

Bank customers can process an e-Cheque any time. II. As physical boundaries and barriers are no more, both payers and payees can enjoy the e-Cheque service with the convenience of mobile phones or Internet banking platforms anywhere. III. E-cheques are quick and easy to use. In just a few simple steps, the payer can issue an e-Cheque via an Internet banking platform. Upon receiving the e-Cheque, Adopting a highly secure digital signature, e-Cheques remove the need for the payer’s handwritten signature as required with paper cheques, reducing the risk of forgery. V.  Unlike certain electronic payments or funds transfers, the payee does not need to disclose his bank account number to the payer in order to receive an e-Cheque payment, which means greater privacy protection. For those payees who have more than one account, he can also enjoy the flexibility of deciding which account to deposit an e-Cheque into. VI. Corporates and institutions which issue a huge volume of paper cheques can save substantial sums on printing, processing and mailing those cheques. In Hong Kong, listed companies process over 2 million physical cheques each year for dividend payments. Both paper consumption and mailing costs can be reduced substantially each year if shareholders agree switchinig to e-Cheques to receive these payments. Looking forward 4. The e-Cheque is only at the beginning of its development.
In its August 2021 communication, the MPC judged ‘that the impact on monetary conditions of a reduction in the stock of purchased assets, when conducted in a gradual and predictable manner and when markets are functioning normally, is likely to be smaller than that of asset purchases on average over the past’. Mechanically, selling assets in well-functioning markets implies the market functioning channel of QE transmission should not be relevant. If market dysfunction were to take hold, asset sales could, if necessary, be paused. Moreover, undertaking sales in the background as I have described implies a weakening of the signalling channel of QE transmission. Thus the design for a gilt sales programme I have described here is likely to deliver an outcome in line with last August’s MPC statement. But that is not to deny that asset sales have the potential to tighten monetary and financial conditions. I would expect them to do so. [19] The staff study I mentioned a moment ago concludes that asset purchases – and thus probably also their unwind – largely work via their impact on asset prices. [20] As long as we undertake any gilt sales programme in a predictable and well-communicated manner, the impact of these sales will be – indeed, already may be – ‘priced into’ financial prices, notably gilt yields. These are observable and are used to condition our regular MPC forecasts and other analysis.

In particular, the FPC is charged with ‘the identification of, monitoring of, and taking of action to remove or reduce, systemic risks with a view to protecting and enhancing the resilience of the UK financial system’, but this does not ‘require or authorise the Committee to exercise its functions in a way that would in its opinion be likely to have a significant adverse effect on the capacity of the financial sector to contribute to the growth of the UK economy in the medium or long term’. 7 This approach, of proposing and testing, is similar to the notion of ‘discursive governance’ proposed for independent regulatory agencies by Gehring (2004) and discussed in the financial stability context by Demekas (2019). 6  7  All speeches are available online at www.bankofengland.co.uk/speeches  7  Together, these three ingredients mean we have a clear mandate to follow but, at the same time, we have the flexibility that’s needed to manage financial stability efficiently and effectively. An example – resilience of major banks Our approach to how resilient major banks should be to economic shocks captures all of these ingredients. We started with Parliament’s preferences: resilience but not at the expense of growth over the medium to long term. Using all the evidence available, we’ve balanced the benefits and costs. On the benefit side of the ledger: the fact that the system will not magnify severe downturns.
Figure 15: Interest Rate Developments (Percent) 26  21  16  BondTahvil yieldsve Bono Piyasası Faiz Oranı IMKB (gösterge niteliğinde, bileşik)  11  CBT Policy Rate (compound)  0909  0709  0509  0309  0109  1108  0908  0708  0508  0308  6  0108  TCMB Gecelik Faiz Oranı (bileşik)  Source: ISE, CBRT. 6  BIS Review 143/2009  Market interest rates in all maturities are declining. It is noteworthy that long-term yields declined more than shorter-term yields and displayed a flatter yield curve (Figure 16 and 17). Figure 16: Yield Curves*  Figure 17: Difference Between LongTerm and Short-Term Interest Rates*  (Percent)  15  28.July.2009  10  01.October.2009  9  Release of the July Inf lation Report  13  7  Yield  8  6  11  5 4  9  3  0.5  1  1.5  2 2.5 Term  3  3.5  1009  0909  0809  0709  0609  0509  0409  0309  7  0209  0109  2  4  * Estimated by using the compound yields on the bonds in the ISE Bonds and Bills Market, based on the Extended Nelson-Siegel (ENS) method. *Difference between interest rates with 4-year and 6month maturities of the yield curve estimated by ENS method, 5-day moving average. Source: CBRT. Source: CBRT.

It is about growing the Singaporean talent base as well as being a magnet for the world’s talents. It is about a vibrant entrepreneurial and innovation base, characterised by a lot of start-ups, a lot of experimentation, and a lot of R&D. A key aspect of dynamism is also high rates of churn in the labour and capital resources in our firms: There needs to be continuous flux and reallocation of resources in response to changing economic and market conditions. Both capital and labour need to be nimble and highly adaptive. The structure of the Singapore economy is well suited for sustaining our dynamism. Singapore’s strong advanced manufacturing and related trade and logistics activities are internationally competitive. In modern services, comprising financial, professional services, and info- communications technology, we enjoy an international hub status. Together, these sectors make up some 40% of our economy. If our domestic services can be further professionalised – job by job, each worker possessing deep skills and delivering a high quality of service, we will be a dynamic economy. Finally, dynamism must be about our people. We must remain an open society. 16 / 17  BIS central bankers' speeches  Not just in being open to foreign trade, investment, and talent, but being deeply connected to the rest of the world. Not just attracting foreign talent to Singapore but Singaporeans venturing abroad as our companies and industries internationalise.
In defining the purposes of the IMF in Article I to be, among other things, “to promote international monetary co-operation”, the term “consultation and collaboration on international monetary problems” is used. So it would be appropriate to describe that same monetary end as the prevention and cure of monetary problems. Indeed, the rapid pace of financial liberalization and the associated globalization of financial markets have meant that monetary problems, when they arise, can be highly contagious on the global and particularly on a regional dimension. And if they are to be properly handled, by way of prevention or cure, there is a clear need for international monetary co-operation. 6. As to who should be working together, it is quite obvious that the interested parties would necessarily include the monetary authorities of economies facing or potentially exposed to monetary problems. The increasing realization of this need to work together has led to the formation of various, mostly regional, forums where monetary authorities gather to discuss issues of common interest. BIS Review 91/1997  -2-  7. Insofar as the Asian region is concerned, these forums are proving to be quite useful, but there is regrettably also some resistance in making further and the much needed progress because of, believe it or not, turf issues between ministries of finance and central banks, or perceived excessive rivalry on the part of individual economies in vying for the lead and influence in the co-operative effort.

Consequently, Switzerland – unlike other countries – was able to avoid introducing state-guaranteed bonds. With the drastic reduction in key rates and the subsequent decline in mortgage rates, the burden on households and companies was eased. In this way, the severity of the recession was somewhat alleviated and the risks of deflation reduced. However, the interest rate is now at a historic low and this means medium-term risks for the Swiss real estate market and financial stability. Experience shows that periods of low interest rates provide scope for excesses on the mortgage and real estate market. Consequently, in the current environment in particular, attention should be given to ensuring that past mistakes are not repeated. Caution must remain the watchword when granting loans. BIS Review 140/2009  1
Tarisa Watanagase: Risk-focused supervision and risk assessment Opening address by Dr Tarisa Watanagase, Deputy Governor of the Bank of Thailand, at the APEC Financial Regulators Training Initiative Regional Seminar on Risk-Focused Supervision and Risk Assessment, Bangkok, 6 September 2004. *  *  *  Distinguished Guests, Ladies und Gentlemen, lt is a pleasure for me to be here at the opening of the APEC Financial Regulators Training Initiative on Risk-Focused Supervision und Risk Assessment. In making this opening address, I would like to personally extend a warm welcome to all the participants and to express my appreciation to the Federal Reserve experts who have kindly agreed to share with us their knowledge und experience on risk-based supervision. This regional seminar is held at an opportune time, about two months after the Basel Committee on Banking Supervision released the Basel II capital framework. As you all are undoubtedly aware of, Basel II aims to strengthen financial stability by encouraging sound risk management practices at banking organizations. The tools uscd are a more risk-sensitive capital regime (Pillar 1); the application of risk-based supervision (Pillar 2); und improved public disclosures to enhance market discipline (Pillar 3). Of the three pillars, one of the most formidable challenges for emerging market supervisors will be to properly implement the Pillar II risk-based supervisory framework. Since risk-based supervision is the main topic of this seminar, it may be useful to provide a few thoughts on some of the broader regulatory und supervisory implications associated with implementing this framework.

Data from Credit Counselling Singapore (CCS) also shows that the people who over-spend and over-borrow are not just low-income people. In fact, most of them are not low-income. The average income of those who come to CCS with serious debt problems is around $ per month, not far below the median income level; and quite a few are higher income. Hence everyone can over-borrow because of overspending. According to the CCS, the most common problem is actually over-spending. 5. MAS has also found from the survey that more than half of those surveyed had insufficient insurance to protect their dependents if something were to happen to them. One in three of those surveyed did not know that they were covered by Medishield. Hence the level of awareness is not very high. 6. Quite a few people are passive towards managing their money. That means not planning ahead or finding out information that would help them to manage their money well. This is again something we find all over the world. In most countries, they find that many people do not plan ahead, and they take life one step at a time, taking things as they come. But eventually, they may end up with problems if they have not saved enough or not anticipated some future expenses for their children or themselves. So we can do more to help Singaporeans to plan ahead, by expanding financial education for all age and income groups, all over Singapore.
More transparency and better communication also improve MP effectiveness, contributing to a better understanding of MP by the private sector. MP affects spending decisions, output, and prices more through its effects on market expectations on the future course of monetary policy, rather than through the direct effects of a change in the short-term MPR. BIS Review 68/2007  3  Since 2000 the CBC has made a large effort to deliver more and better information to the markets and to explain how its IT regime operates. A series of communication devices were developed, including disclosure of relevant data with a minimum time lag and making information available on the CBC website, a significant number of technical publications, including the Monetary Policy Report (with a four-monthly frequency, since May 2000); the Financial Stability Report (semi-annual, since 2004); the Monetary Policy Framework document (updated in January 2007, previous in May 2000), and Projection Models book (since 2003). The CBC publishes monthly MP meeting dates six months in advance (since 2000), the summary of MP minutes with the Board members’ voting decisions (since 2000), and background information on MP minutes (since July 2005). The time lag for the release of the minutes was lowered first from 90 to 45 days, and then to five days before the next monthly MP meeting. 3.

A recent study by PwC found that investors were most upbeat about emerging cities in the region – such as Bangalore, Mumbai, Manila and Ho Chi Minh City. Rapid urban migration has created strong residential demand in these cities. Logistics and business parks are also thriving on the back of a booming outsourcing industry. The story is similar for infrastructure. Amid government efforts to ramp up infrastructure development, institutional capital has a growing role to play. According to a report by Marsh & McLennan, about 40% of infrastructure projects in emerging Asia are considered bankable. These projects have the necessary conditions to attract sources of funding beyond bankbased finance. While institutional investors have traditionally participated in the secondary market for completed infrastructure, they are increasingly financing construction-phase projects to capture higher risk-adjusted returns. Singapore as a gateway to Asian opportunities Singapore is well-positioned to serve global institutional investors in their steer towards alternatives in Asia. Singapore is a developed pan-Asian asset management centre with a strong pool of global and regional players. Fund managers here have a deep network, are able to readily access deals, and can support Asian companies throughout their life cycle. Eight of the top ten global PE firms have an office in Singapore. So do some of the top global real estate managers. MAS is taking steps to deepen Singapore’s VC and PE ecosystem and enhance the operating environment for VC and PE managers. We will start with simplifying the regulatory framework for VC managers in the next few months.
In a challenging global economic and financial environment, the IMF has crucial role to play to safeguard global financial stability and growth. The Fund’s value lies in its truly global perspective which should be leveraged on to produce much needed analysis and guidance for its members. As recent events have shown, no country big or small, advanced or developing is immune to bouts of financial instability and its spillovers. It is the deepening inter-dependence that calls for a global response and analysis at the regional and multilateral level. We believe that the Fund has the expertise and talent to do this job well. 19. However, it can do so effectively only with the full cooperation of the membership. The current quota and voice reform is an important step towards this end. But this is not enough. Further reforms are needed to strengthen its role as a global institution that facilitates global monetary and financial cooperation. This can only be achieved by refocusing the Fund’s role in line with its mandates and comparative advantage. BIS Review 51/2008  5

All these initiatives cannot be done by the HKMA alone but require the collaborative effort of the industry, universities, and training institutes alike. So, the third direction is to provide platforms to better “connect” the key stakeholders together to enhance collaboration on talent development. The recently set-up Fintech Cross-Agency Coordination Group and the Centre for Green and Sustainable Finance are the cases in point. (Closing) 36. I would like to close, by stating my firm belief that human capital is the most valuable asset of any institution. Banks can no longer simply rely on poaching talent. Instead, we should all dedicate more resources and investment to grooming, upskilling and retaining talent to support the future development of the industry. 37. I, therefore, would like to offer my hearty congratulations to those banks that have received the Talent Development Excellence Awards. You are all worthy winners, who have showcased exemplary achievements and a long-term commitment to talent development. Well done! 38. I am sure you all agree that promoting financial inclusion and talent development should be the very DNA of every institution when gearing towards a smarter and greener financial system. And I look forward to working closely with all of you in this journey. 39. With that, I hope my remarks have provided some food for thought for today’s Conference. And I wish the event every success. Thank you very much. 4/4  BIS central bankers' speeches