samchain/econo-pairs-v1 huggingface dataset:
Hopefully, by focussing on the key risk areas, it should reduce some of your regulatory burden. We recognise that this process has to be transparent, in that we need to explain to the banks what the new supervisory framework involves and what standards are expected of the banks. The examination checklists issued by the Japanese FSA are a good example of this approach. I know that some of the Japanese banks feel that the HKMA could do more along these lines in the area of transparency, and this is something that we have very much in mind. We will be publishing soon a framework document that explains the risk-based approach, and we are currently engaged in the major rewrite of all our supervisory guidelines. The aim is to put them into a common format and to make the text more user friendly and easier to read. This is a big task that will take about a year to complete in full. In the meantime, all our existing guidelines are available on our website, and individual guidelines in the new format will be added as they are produced. I hope that you have found useful this assessment of the state of the Hong Kong banking sector, and the current position of the Japanese banks within it. Let me stress again that we greatly value the presence of the Japanese banks in Hong Kong.

I would like to single out three key aspects of this strategy. We will emphasise exploiting the Bank's characteristics as a large and long-term investor in order to achieve the objective of the highest possible return. Norges Bank is able to make investments whose underlying value may take a long time to realise. A long-term investment horizon also means that we can invest differently to many other investors, even in difficult and illiquid markets. The fund's size enables us to explore new ways of investing at little additional cost. As a large, active and long-term participant in capital markets, the Bank is an attractive investor and partner. In unlisted markets, this may open up opportunities unavailable to others. We will set great store by being a responsible investor. Responsible investment and active ownership support the objective of the highest possible return. Transparency about this work is important, and we expanded our reporting in this area in 2022. Managing climate-related risks and opportunities is an important priority. An orderly climate transition in line with the goals of the Paris Agreement is in the fund's economic interest. 1/2  BIS - Central bankers' speeches  The Ministry of Finance updated its mandate for Norges Bank in 2022. The Bank's work on responsible investment is now to be based on the long-term goal that the companies we invest in align their activities with global net zero emissions in accordance with the Paris Agreement. We published an ambitious Climate Action Plan in the autumn for the period 2022-2025.
The need to achieve such a balance leads directly to the question of how the Committee should communicate its thoughts. The minutes of the MPC meetings, now released only 13 days after the decision itself, provide a detailed explanation of the issues that confronted the Committee and the arguments that were made during the meeting. They also contain the votes of individual members. The Committee has discussed, but rejected, the proposition that the minutes should contain individual paragraphs summarising the views of each member in turn. The reason is that such a procedure would alter the nature of our meetings quite radically. At present, they are a free-flowing discussion in which members discuss propositions and counter propositions in a spirit of mutual enquiry rather than an exchange of fixed and conflicting views. Discussion focuses on the relative merits of different possible explanations for the current state of the economy. If each member faced a deadline by which they had to produce a polished paragraph summarising their views, members would enter the meeting with such a paragraph in draft form and the spontaneity of the discussion would be lost. BIS Review 34/2002  5  For the same reason, it is not clear that the publication of transcripts of meetings enhances transparency. The Federal Reserve provides a useful case study. Prior to 1994, members of the FOMC were largely unaware that monetary policy discussions were being transcribed verbatim from audio recordings of the meetings.

And a large number could fail simultaneously if they take on correlated risks, as was the case in the US Savings and Loans crisis in the 1980s. Something else might be lost: banking relies on information. Large, multinational banks can use their existing customer knowledge to offer a customer services across the globe and across different business lines. This allows information to flow freely across borders and products and supports international trade and investment. I think it is possible to have a world in which large banks can fail in an orderly way – without the contagion and damage to the economy that in the past has forced the taxpayer to come in and absorb losses. But there is no single, silver bullet to achieve that; rather it requires the application of a comprehensive set of policy and powers. It requires a major change in the regulatory landscape and the transition will be difficult. Progress on resolution The good news is that there has been very substantial progress towards this new world. In the UK certainly we are now in a much stronger position in terms of dealing with bank failures  5  See Morgan and Stiroh (2005). 6  The FDIC had injected a total of $ as subordinated debt and equity into Continental Illinois (around $ in 2009 money). This compares to at least $ (contingent) capital injections into RBS (using 2009 exchange rates). 7  See Independent Commission on Banking (2011).
•  Equality, which is translated into a fair and equalitarian treatment to all minority groups, either of capital or of other stakeholders, where discriminating policies or attitudes shall be deemed unacceptable. 8. Based on the foregoing principles, the Central Bank, in its supervising role, follows the best international practices, materialized in the standards defined by the Basle Committee of the Bank for International Settlements, according to which corporate governance represents a critical issue in the banking environment. Management shall monitor the establishment of corporate objectives, performance of the day-byday operations, defense of stakeholder interests, conformity to applicable laws and regulations, and care for the interests of depositors. 9. Therefore, the directive applied by the Central Bank reaches beyond the mere relationship of the institution with external stakeholders or the concern with the truthfulness of its financial statements, since it considers all aspects related to the institution’s management and to its internal control systems. 10. In fact, the key to secure efficacy in governing financial institutions necessarily implies an effort to build an effective system of internal controls, able to support stability and continuity of individual activities and, consequently, the systemic stability of the financial system itself. 11. Ladies and gentlemen, I referred above to the fact that Brazil faces more challenges to consolidate good governance in corporate practices compared to more mature economies.

As a final message, I would like to underline that monetary and institutional stability and the effort, not only of the Central Bank, but also of other regulatory agencies, including the Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Commission), the Superintendence of Private Insurance (Susep) and the Complementary Pension Secretariat, and initiatives from market institutions, such as the Novo Mercado implemented by the São Paulo Stock Exchange, in addition to our growing corporate maturity in an increasingly globalized world, enabled us to make significant advances in recent years towards best governance practices, gradually converging to the standards of more advanced economies. There is no doubt that we shall continue to make more and permanent advances, and this is our goal. 2  BIS Review 117/2008
The Labuan IBFC's competitiveness will be further enhanced through a revision of the pricing structure pertaining to incorporation and maintenance fee charges. There will be an annual reviews and prices will be revised in response to competitive market developments. The Labuan IBFC will also leverage on the national strategy of the Malaysian Islamic Financial Centre by promoting Syariah-compliant trusts and foundation. These products will complement Islamic financial products and services already available in Kuala Lumpur. Efforts will also be taken to further develop Labuan's captive insurance business which has enjoyed commendable growth over the years. Conclusion Ladies and Gentlemen, The establishment of Labuan as an international offshore financial centre in 1990 was indeed a bold step in its time. We are now seeing the payoffs from this initiative. With the transformation of Labuan as an International Business and Financial Centre, our ambition will be taken further. The new name signals that Labuan is ready to take on the much broader and larger role. The new name also represents a commitment. A commitment for the future. To demonstrate this commitment, the Government and the regulators have put in place the supportive and enabling environment to promote a more connected and more cost effective environment. Continued initiatives will also be taken to remove any impediments and obstacles to a more efficient delivery system and to advance forward the Labuan IBFC. 2  BIS Review 10/2008  The responsibility for ensuring the ambitions of the Labuan IBFC to be realised, is however, a shared responsibility.

In 2010, the National Bank of Romania adopted the Strategy for IFRS Implementation by credit institutions starting with the 2012 financial year. For its implementation, the updating of the accounting regulatory framework was completed and steps were taken to ensure  BIS central bankers’ speeches  1  transition towards the new standards. Thus, credit institutions will prepare and present action plans whose implementation will be monitored by the central bank throughout the remainder of this year. Also in the first half of 2011, the financial reporting framework suiting the needs of the supervisory authority was updated. The National Bank of Romania, in its capacity as an authority responsible for prudential supervision of the banking system, has recently prepared and sent for public consultation the bills needed to elicit accounting figures reported by banks so that they match the banks’ prudential objectives. I trust this endeavour aimed at broadening the scope of applicability of such standards, serving as the basis for accounting and for preparing individual financial statements by credit institutions in Romania, should be seen as a sine qua non condition to secure effective supervision of the Romanian banking system. Let me stress that the importance of implementing the International Financial Reporting Standards by credit institutions in Romania is also reflected by the new financing agreements signed with international institutions (the European Commission, the International Monetary Fund, the World Bank).
Noteworthy among these fees is the relative increase in fees for selling products such as investment funds, against a backdrop of growing demand for these assets, bolstered by households seeking more profitable investments than deposits given their low returns. These developments have resulted in the ratio of gross income to assets, which includes fees in addition to net interest income, having fallen to a lesser extent than the net interest margin. Banks have also made huge efforts to reduce their operating expenses through branch closures and job cuts, but to date these expenses have declined more moderately than gross income. This was reflected in a continued increase in the ratio between these two magnitudes, that is, the efficiency ratio, until 2017, which underlines the deterioration in their efficiency during this period. This trend seemed to come to a halt in 2018 when this ratio improved slightly. In terms of assets, in 2018 operating expenses were at similar levels to their pre-crisis ones. However, in a setting where the share of credit in assets is currently significantly lower than it was then, these expenses should also be smaller given that the costs associated with the management of non-credit assets are lower. The information in the consolidated statements also shows that the most recent levels of the efficiency ratio are above pre-crisis ones, therefore indicating a situation of lower efficiency.

This has been achieved by sales of large nonperforming and foreclosed asset portfolios, partly as a consequence of regulatory and supervisory pressure. These latest developments have occurred in a favourable macro-financial setting characterised by growing economic activity, falling unemployment and lower interest rates. This has boosted borrowers’ ability to repay their loans, driven up asset values and has also been compatible with substantial deleveraging in the non-financial private sector and with a major consolidation process in the banking sector. 7/13  Spanish banking system earnings are highly cyclical, essentially on account of business in Spain. Banks that are more exposed to business abroad were comparatively less hard hit by the crisis, as they were able to offset the losses on their Spanish business with earnings from their activities in other economies that were less adversely affected by cyclical patterns. Naturally, these international exposures also entail other risks. For example, banks with exposure to the United Kingdom could be affected by the possible negative impact of Brexit and the effects it may have on the UK economy. In addition, the problems facing certain emerging market economies, such as Turkey or Argentina, may affect banks that have exposure to those countries. However, despite these risks, international diversification of the banking business offers important advantages overall and especially, as was apparent in the last crisis, when it is focused on retail banking and is organised on a decentralised basis.
In the rapidly evolving world of Islamic finance, supervisors are also confronted with an even greater task, of keeping abreast with the pace of innovation, taking into account the  BIS central bankers’ speeches  3  uniqueness of Islamic financial contracts in addition to the universal scope of Islamic banking business. This warrants supervisors to recognise the different aspects of risk management in Islamic finance. Islamic financial institutions in most jurisdictions have evolved within the confines of the conventional system and have been accustomed to business practices in their respective jurisdictions. This could result in distinctly different business and risk taking activities. Collaboration among supervisory authorities of such internationally active Islamic financial institutions thus needs to become part of the overall supervisory framework. These efforts would require regular engagement between home and host supervisors to ensure alignment of the supervisory oversight. This will allow for a more holistic evaluation of risks and vulnerabilities for Islamic finance businesses that operate across borders. Effective sharing of surveillance information and assessments of other supervisory issues on Islamic financial institutions is already taking place through bilateral cooperation between supervisory authorities and other informal arrangements. Going forward, a more structured framework for collaboration among supervisors is needed so as to enhance supervisory informational efficiencies, and ultimately, contribute to an effective assessment and early detection of any cross-border risk-transmissions from the group-wide activities. The homehost information sharing can be facilitated through the supervisory college arrangement as an institutionalised mechanism for greater cooperation.

BIS central bankers’ speeches  5  Chart 1  © Globe Cartoon  Chart 2 Switzerland’s foreign trade, 2000−2015  Source: Swiss Customs Administration  6  BIS central bankers’ speeches  Chart 3 Interest and exchange rates, 2008−2011  Chart 4 Monetary base from 2008 to the present day  BIS central bankers’ speeches  7  Chart 5 Interest and exchange rates from 2012 to the present day  8  BIS central bankers’ speeches
The first test that must be applied is to assess whether the public interest objectives could be met by implementing a rapid payout of insured deposits, or any other definition of deposits which the authorities wish to protect via a top-up extension of the deposit insurance scheme. The remainder of the bank would then be put through something known as the bank insolvency procedure. The test of whether this procedure could be used depends in large part on how long depositors would face without access to their funds. At the moment I think few banks could meet an acceptable timetable for payout. Moreover, for bigger banks this would always be too disruptive as an approach. Work is underway to facilitate rapid payout of depositors under the Financial Services Compensation Scheme and I hope that in the next year, banks will be able to meet the objective that they have been given by the FSA to be able to make payouts to depositors within seven days. This is not a trivial task as I readily recognise, and achieving it would not mean that this approach would always be chosen in a resolution. That depends on the situation at the time. If the failure of a bank is determined to have wider systemic consequences that could undermine financial stability, confidence in the banking system or depositor protection, then the SRR provides a range of other tools to be used.

William C Dudley: The US economic outlook and monetary policy Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Economic Club of New York, New York City, 12 November 2015. *  *  *  Jonathan McCarthy, Paolo Pesenti and Joseph Tracy assisted in preparing these remarks. It is a pleasure to have an opportunity to speak here at the Economic Club of New York. As the current chair of the Club, I’m admittedly biased, but this is a great venue to have the opportunity to share my thoughts about the U.S. economic outlook and the implications for monetary policy. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System. Before I start, I want to be clear about one specific issue I will not address today – that is, whether or not I expect the monetary policy normalization process to commence at the next FOMC meeting in December. Let me just say that my view will depend on how incoming data, broadly defined, influences my assessment of the prospects for further improvement in the U.S. labor market and my confidence that inflation will return to the FOMC’s 2 percent objective over the medium term. With that caveat out of the way, how do I assess the U.S. economic outlook?
ahap Kavcolu: Recent economic and financial developments in Turkey Speech by Mr ahap Kavcolu, Governor of the Central Bank of the Republic of Turkey, at the 91st Ordinary Meeting of the General Assembly, Ankara, 28 March 2023. *** Esteemed Shareholders, Distinguished Guests, Before I start my speech, I would like to wish Allah Almighty's mercy on our citizens who lost their lives in the devastating earthquakes in February, I extend my condolences to their grieving families, and I wish a speedy recovery to those who are still being treated. I would like to commemorate again Prof. Yusuf Tuna, our esteemed professor and member of the Monetary Policy Committee, who passed away last year. Before moving on to the agenda items to be discussed at the General Assembly, I would like to share with you our assessments regarding the macroeconomic outlook and our monetary policy implementations. In the last part of my speech, I will summarize our activities in 2022. Distinguished Participants, In 2022, while the negative effects of the pandemic had not yet been fully eliminated, as a result of the Russian-Ukrainian war that took place in Türkiye's immediate region, supply constraints appeared again and particularly energy prices and global commodity and food prices rose rapidly. In addition to the geopolitical uncertainties that emerged due to the war, the supply-demand imbalances that persisted in the aftermath of the pandemic caused inflation to increase rapidly on a global scale, reaching historically high levels.

We used our main policy tool, the one-week repo auction rate, and macroprudential policy tools in line with the Liraization Strategy. Accordingly, we kept the policy rate (the one-week repo auction rate) unchanged at 14% in the January-July 2022 period. On the other hand, we acted in a proactive manner in the face of intensifying risks of a global recession driven by geopolitical developments and global financial conditions. To limit the effects of these risks on domestic supply, investment and current account surplus capacity and to sustain the structural gains in industrial production and employment, we initiated a rate-cut cycle in August. As of November, we had delivered a rate cut of 500 basis points in total, bringing the policy rate down to 9%. With these decisions, we enabled investments that will strengthen Türkiye's position to continue at suitable financing costs at a time when the global economy was facing supply chain and financing problems. In 2022, we also conducted an effective reserve management to reinforce our international reserves. We created a diversity of sources through deposit accounts converted from foreign exchange, YUVAM accounts that we devised for non-resident citizens, FATSI accounts aimed at bringing physical gold into the financial system, and regulations regarding the selling of a portion of export proceeds to the Central Bank. As a result of all these actions, our international reserves rose by 17% from USD 111 billion at end-2021 to USD 128.8 billion at end-2022. Meanwhile, international reserves of central banks decreased by 6% on a global scale in 2022.