samchain/econo-pairs-v1 huggingface dataset:
In my view, this internationally harmonized standard needs to have the following basic features to be effective: •  The standard should reflect a very adverse scenario, including a massive loss of confidence from depositors, a disruption of secured funding and a loss of liquidity on major segments of the securities markets. The new standard will only be able to promote stability if the underlying scenario is severe enough. A moderate scenario is not sufficient to bolster confidence in situations of turmoil. •  The standard should require banks to hold a buffer consisting of assets whose liquidity and value is robust to massive disruptions in the financial markets. The presumption should be that government securities form the bulk of the buffer. Overall, the new liquidity standard should substantially strengthen banks’ liquidity base. Banks must be in a much better situation to weather liquidity shocks without having to resort to public support. As a consequence of these higher capital and liquidity buffers, the relevant banks may seem more boring. Their rate of return on equity will be lower. At the same time, their earnings are bound to be less volatile and they will likely be more beneficial for the economy as a whole. With such changes must come a change in banks’ compensation policies and practices. Compensation cannot be a one-way street and must become risk aligned and long-term oriented. Facilitating the orderly resolution of banking problems Prevention is key but it will not be foolproof.

Strong and bold entrepreneurial and political leadership is now required to see the necessary changes for the financial system through, as demonstrated today by the G20 leaders in Pittsburgh. Clearly, there are many areas in financial regulation that can and in many cases should be improved. Given what is at stake, there is clearly a need to prioritize. I have briefly laid out to you this evening where I see those priorities. Thank you for your hospitality and patience. BIS Review 115/2009  5
As at 9 March 2012, the outstanding amount in the Malaysian bond market was RM899 billion compared to RM301 billion at the end of 2001. This represents a 300 per cent increase over the last decade. Within the region, both Hong Kong and Malaysia have participated actively within the EMEAP Group in promoting regional bond market development initiatives such as the Asian Bond Markets Initiative and the Asian Bond Fund. I am confident that this pilot platform will bring benefits, not only to Hong Kong and Malaysia, but the region as a whole. We envisaged that this pilot platform will increase the efficiency of issuance, investment and settlement of bonds through the increased harmonisation of cross-border processes and standards. We expect this initiative to strengthen the cross-border linkages and facilitate the intermediation of surplus funds within the region. This increase in cross-border flow of funds will further enhance the efficiency in the mobilization of surplus funds to meet the rising investment needs of the region. The implementation of this pilot platform is indeed timely and opportune and, will serve as an important catalyst for further development in linking financial markets within this region. This, I believe, is a development that we should all welcome. Thank you. 2  BIS central bankers’ speeches

Christian Noyer: Fostering economic growth in Europe Introduction by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, for the Round Table 3: Bank of France Financial Stability Review “Financing the Economy: New Avenues for Growth”, at the Paris Europlace International Financial Forum, Paris, 20 April 2015. *  *  *  Ladies and gentlemen, The purpose of this third round table is to launch the latest issue of the Banque de France Financial Stability Review entitled “Financing the economy: new avenues for growth” and which basically discusses the need for more market–based financing. I am thrilled to exchange views over this particularly topical issue today in a country that shifted towards market-financing a long time ago and which has a lot to tell us. In the United States, 80% of debt financing takes place in capital markets whereas this proportion is only 20% in the Eurozone. This new edition of our FSR, just like previous ones, brings together contributions from prominent academics, practitioners and policy-makers from all over the world. I warmly thank all the contributors. I cannot mention all of them but Sheila Bair and Barbara Novick among others are with us today. These contributions are very diverse, or even divergent, in their analysis and proposals. This is precisely how we want it to be. It is clear that we don’t necessarily share the views expressed in the articles but we believe in exchanging ideas.
But these are facts of life that hopefully should not stand too much in the way of progress for the benefit of all in the longer term. It is also a fact of life regrettably that minds do not normally become adequately focused until they are jostled by damaging crises. 8. There are of course the multilateral institutions like the IMF and the Bank for International Settlements (BIS), and a number of international groupings of experts, who have a clear mandate or a keen interest in, among other things, promoting international monetary co-operation. They have been invaluable in providing the necessary support and guidance to monetary co-operation in Asia. 9. Nevertheless, some in this region have felt that such support and guidance, particularly from the multilateral institutions, have been less forthcoming than they would have liked, comparing for example the support given to Thailand with Mexico. They also feel that the special circumstances and interests of economies in the region have not been adequately taken into account. Nor do their voices count for enough. 10. Whether or not this feeling is justified, one consequence is for regional initiatives to surface. This is no bad thing and perhaps the pragmatic way forward, given the need realistically to address regional disparities in financial markets, infrastructure and degrees of financial liberalization.

François Villeroy de Galhau: Digital innovation - what role can we play as central banks? Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Singapore Fintech Festival, 8 November 2021. * * * Ladies and Gentlemen, It is always a great pleasure for me to have the opportunity to speak at the Singapore Fintech Festival, and I wish to thank Ravi Menon and the Monetary Authority of Singapore for organizing it. Although I am joining from Paris today, I look forward to coming back to Singapore soon to continue exchanging. Innovation may not be the first thing that comes to mind about central banks. After all, our institutions have been around for quite some time: MAS just turned 50 – and I take this opportunity to congratulate this golden Jubilee –, and Banque de France is more than 2 centuries old. We are more associated with stability than disruption… Yet the blossoming of digital innovation has the potential to transform the financial system in its entirety. We have to embrace these changes, but there are also things that we need to preserve in this process: the stability of the financial system. Innovation and stability can appear as contradictory in the short run; but they are complementary through a common value; a keystone: trust. Trust of the public in money. To be implemented effectively, these dual principles of innovation and stability require a cooperative setting.
In it, the Monetary Policy Committee communicates its views about an uncertain future using methods that draw on the ideas discussed above. In the Inflation Report, the MPC sets out its latest projections for key economic variables. The most important of these is the projection for inflation. The Committee has a clear  17  Morris and Shin (2002) study a case in which a central bank can only reveal a noisy signal. That signal, which is unavoidably inaccurate (e.g. a central bank forecast), is given an inappropriately high weight in private decisions because each private participant expects others to use it, and each wants to ensure that his action is not too far out of line with others’. This is an example where a public communication coordinates on an inferior equilibrium. Morris and Shin also show that public information can crowd out private information. By ensuring that all agents overweight public information in their decisions, that means that other agents observing those decisions can infer less from them about the private information others have that motivated them. In the limit, if everyone took decisions solely on the basis of public information, they could reveal nothing about some private information they may also have, but did not act on. 18  Dale, Orphanides and Osterholm (2008) illustrate how welfare can fall if the private sector overestimates the accuracy of central bank forecasts. 8  BIS Review 36/2010  target to meet, set by government.

Provided the City is properly prepared - as it will be - and here I commend to you the Bank of England’s quarterly reports on the practical, preparations we have been making in London for the introduction of the euro from 1st January next year - available, amazingly, at no charge from the Bank - then there will be a vigorous Euro-euro market in London, from Day 1, just as there are vigorous markets in Euro-DM and Euro-francs as well as Euro-DM and Euro-Yen now. If not our dowry exactly - since we are not entering into the marriage at this stage - it will be our wedding present. The wholesale financial markets in the UK derive their strength from London’s position as a uniquely international, rather than simply a national or regional European, financial centre. This reflects the critical mass of markets and financial services in commercial and investment banking available in London including the strongest financial businesses from all around the world. For instance, there are more banks operating in the City which are incorporated abroad than there are domestic banks, and more than half the total deposit base (over £ trillion) of the UK banking system is denominated in foreign currencies. And, the fact that so many foreign-owned institutions including very many from our European partner countries - continue to build their presence in London, suggests that they share this perception. The City in this capacity is, I know, seen as something of a mixed blessing by some people on the Continent.
The armistice ending World War I took effect on 11 November 1918. This undeniably joyous event was followed by a deep economic recession. In autumn 1919 came the Great Crash, when the price of Iceland’s most important export product – salted herring – collapsed. As the winter advanced, Iceland became virtually unable to sell its fish. Foreign exchange revenues stopped flowing into the country. It was in late summer 1920, when the Prime Minister of Iceland was in Copenhagen intending to pay some outstanding debts, that Danish banks refused to accept the proffered mail order cheque issued by Íslandsbanki, which functioned at the time as Iceland’s central bank. Iceland had no foreign currency and had to ration goods the following winter. The economy took a nosedive – one that turned out blessedly short-lived. The years to follow brought major improvements, until the Great Depression in the 1930s. But that is yet another story. Honoured guests: American author and satirist Mark Twain is quoted as saying “History doesn’t repeat itself, but it often rhymes” – just like a good Icelandic quatrain. Now, a century after achieving sovereignty, we Icelanders are facing many of the same challenges as in autumn 1918. But with one major difference: in 1918 the country was destitute and unprepared – with the authority of a sovereign but without social infrastructure such as a healthcare system. Today we are in a vastly different position.

Fiscal policy followed a cautious line during 2010, aiming to keep budget deficit and public debt in check. Budget deficit until November of this year was 23.1 billion Lekë, marking a reduction of 64%, year-on-year. Reduction of the budget deficit by 4 percentage points of the GDP during 2010 demonstrated a fiscal consolidation both in public revenues, which increased by 9.6% until November, and budget spending reduced by 4.8% during the same period. In particular, budget deficit reduction and public borrowing control in domestic financial market contributed to improved banking system liquidity and reduced interest rates in the financial market. Continuation of this tendency during 2011 would be a welcomed development for the Albanian economy. The Bank of Albania deems that the philosophy of caution pursued in 2010 in budget expenditures and public borrowing should be present for the current year as well. Foreign demand continued to support economic growth even during the third and fourth quarters. January – November 2010 recorded a narrowing of the trade deficit by about 9.2% in annual terms, which came as a result of growth in exports by about 58%. On the other hand, imports marked a more moderate growth – around 6.4 per cent – during the first eleven months. Improvement of trade deficit was favoured by an underestimating tendency of the exchange rate, moderate growth of domestic demand as well as climate and global market structures supporting Albanian exports.
This has not been helped by erroneous suggestions in some prominent newspapers that the replacement of the Liquidity Adjustment Facility with a Discount Window, as one of the seven technical measures introduced last September, has effectively ended the HKMA’s role as lender of last resort. The issue has been further clouded by the equally erroneous academic argument that the role as lender of last resort should not be mixed with the HKMA’s role as operator of a Currency Board system. The Consultants offer a number of other reasons why there should continue to be such uncertainty: the strongest, perhaps, is the fact that, since our establishment in 1993, the HKMA has never had to exercise its function as lender of last resort. I think we would all hope that this will long continue to be the case. And so, in the absence of an actual demonstration of the lender of last resort policy in action, we have to continue to rely on explanations of the principles behind the policy. With this in mind, I shall shortly be sending copies of a detailed policy statement on the HKMA’s role as lender of last resort to the chief executives of all authorised institutions in Hong Kong, and we shall be giving extensive publicity to the policy statement. I shall give here both a summary of, and an elaboration on, that policy statement.

Thirdly, notwithstanding the availability of suitable collateral, there will be a maximum limit on the amount of support provided to an individual institution through repos or the credit facility. This limit would normally be set at between 100% and 200% of the capital base of the institution concerned subject to a cap of $ billion. Exceptions We believe that the provision of these details will go a long way towards removing market uncertainty and improving market liquidity, especially in times of crisis. This is the first time that we have made clear our requirements and parameters in setting out the mechanics for lender of last resort support. The emphasis, both in these details and in the preconditions for support, is on a rule-based approach more than on discretion or constructive ambiguity, and this is consistent with the HKMA’s policy of transparency. It is, however, necessary to stress that the policy still requires the exercise of discretion by the HKMA DWYDULRXVVWDJHV LQ MXGJLQJ ZKHWKHU D V\VWHPLF ULVN H[LVWV IRU H[DPSOH LQ GHFLGLQJ ZKHWKHU DQ institution meets the preconditions for support, and in determining the methods and level of support. Furthermore, any policy that is essentially a contingency plan for dealing with unusual, unanticipated, and undesirable situations must necessarily contain a provision for circumstances that fall outside the framework outlined in the policy. Such a situation might arise where, for example, an institution is unable to comply with the preconditions for lender of last resort support that I have outlined.
Mr. Patrikis discusses the implications of the Year 2000 computer problem for international banking and finance Statement by the First Vice-President of the Federal Reserve Bank of New York, Mr. Ernest T. Patrikis, before the Committee on Banking and Financial Services of the US House of Representatives on 23/6/98. I am pleased to appear before the Committee today to discuss the implications of the Year 2000 computer problem for international banking and finance. I am appearing in my capacity as Chairman of the Joint Year 2000 Council, which is sponsored jointly by the Basle Committee on Banking Supervision, the G-10 central bank governors’ Committee on Payment and Settlement Systems, the International Association of Insurance Supervisors, and the International Organization of Securities Commissions (collectively referred to as the “Sponsoring Organizations”). The international financial community has much work to do to prepare itself for the challenges posed by the Year 2000 (“Y2K”) problem. While much good work is being done and progress in many areas is evident, more needs doing. The Sponsoring Organizations believe that mutual cooperation and information sharing can play a key role in helping individual market participants carry out these preparations and limit the scope of Y2K-related disruptions. Our major concern, of course, will be the possible impact of the Y2K problem on the functioning of the international financial system as a whole.

Each of us will help in coordinating regional Y2K forums or conferences and will publicly promote the goals of the Joint Year 2000 Council in speeches and on conference programs. The Joint Year 2000 Council will also maintain extensive world-wide-web pages that can be accessed freely over the Internet.3 These pages are being maintained through the support the Council has received from the Bank for International Settlements, in particular from the General Manager, Andrew Crockett. These web pages will maintain current information on the activities of the Joint Year 2000 Council. The most extensive aspect of the Council’s web site will be a series of country pages, one for each country in the world. For each country, the page will contain contact information for government entities (including national coordinators), financial industry supervisors and regulators (including central banks, banking supervisors, insurance supervisors, and securities regulators), financial industry associations, payment, settlement and trading systems, chambers of commerce, and major utility associations or supervisors. For each of these organizations, a name, address, phone number, fax number, electronic mail and web site address will be provided. Other relevant information on an organization’s Y2K preparations may also be included, for example, whether it has a dedicated Y2K contact or has taken specific action with respect to the Y2K problem. The motivation for developing these country pages is to increase awareness of the work that is being done to address the Y2K problem and to enable market participants to easily find out more information about the state of preparations worldwide.
I want to build on that track record to do the same for our new tasks because in everything the Bank does, I and my colleagues are conscious that we are accountable to you. The Bank of England has changed radically since that Bank Holiday Monday in 1997 when Eddie George and I sat in the Bank contemplating our new role, unaware of the roller coaster ride on which we were about to embark. The Bank will change again next year with its new responsibilities. But some things don’t change. Here again is Mr. Montagu Norman: AUDIO INSERT: “I would sum up the vital characteristics of the Bank as experience in affairs, cooperation on all sides, independence of judgement. But you know these three things – experience, cooperation, independence – are no good unless people have confidence in you. I like to believe that the Bank, with its long history and tradition, stands high in public esteem. But only by service to the community can that esteem be maintained through times good and bad.” That’s true not just for Montagu Norman’s day, but for today too. The present crisis is far from over, as events in the euro area illustrate weekly. Our own economy is still not back to health. Although inflation has fallen back in recent months, it is still too high. And despite efforts to stimulate the economy, the recovery is proving slower than we had hoped. It will come.

Bancassurance and bancatakaful provide immense potential for further market penetration given the relatively higher level of public confidence in financial  4  BIS Review 123/2007  dealings with banks and the significant spin-offs that can be reaped through data mining arrangements with banks. Although bancassurance has become firmly entrenched in Malaysia (accounting for 45% of new business premiums in 2007), it also continues to develop rapidly in terms of market reach and operational sophistication. Fourthly, with the rapid technological advancements and increasing consumer demands for more efficient delivery of products and services, the Malaysian insurance industry has continued to transition towards information technology-driven solutions, as well as, leveraging on more efficient payment and settlement systems such as e-payments. This has significantly enhanced the delivery of personalized and customized insurance solutions, made possible through the utilization of new delivery channels, including those that are internet-based. In the area of general insurance for instance, the successful implementation of e-cover notes for motor insurance policies led to vast improvements in service efficiency, better enforcement of cash-before-cover regulations as well as reduction in premium collection fraud. In the area of capacity building, human capital development is key to the future development and growth of the financial sector. As competition intensifies, the role of human capital in defining the areas of comparative advantage will become more prominent.