samchain/econo-pairs-v1 huggingface dataset:
It is highly probable there are individual businesses or marginal players that have relied upon the easy conditions of the past decade, who might struggle to adapt when the new tide comes in. Banks’ executive management and boards should challenge themselves and think ahead about what their firm’s place is in this new world. You can’t stop the waves but you can learn to swim. Aside from monetary and financial conditions, another change that is already long under way is the technological revolution in banking…  Operational Resilience There is a growing tide of digitalisation in financial services, with greater prominence of digital players and assets, and it is altering the way people and businesses transact. One often thinks about tides as constant, a rise and fall of waters caused by the gravitational pull of the moon and sun. But actually it is people who are changing tidal flows by structural changes to rivers, wetlands and nature. The same is true for how digitalisation might change the ecosystem in which banks will have to find their new place. Page 6  Investment banks have operated in the regulated financial sector for a long time and that gives them an advantage over FinTechs, because people got used to trusting their safety as an institution to do business with. That said, FinTechs are competing with banks to develop new, sophisticated, and efficient technology. They are not encumbered by legacy technology infrastructure, and have competitive advantages that have enabled them to innovate quickly.

The prices of commercial properties and private housing are also analysed not least because they reflect the value of the major part of the collateral that is pledged for loans from banks and mortgage institutions. Insofar as your banks conduct activities in foreign countries, stability surveillance also needs to encompass developments in these countries to ensure that negative developments will not destabilise your banks. Second, the major banking groups are analysed in various respects. Profitability trends illustrate the ability of the banks to build up reserves for future unexpected losses. Moreover, there is always the strategic risk that a bank with weak profitability will be tempted to try out new, bold but risky lines of business in order to generate a higher return on equity. Our analysis of the banks’ credit portfolios provides an indication of how loan losses are likely to develop in the coming year or two. Another aspect of the analysis relates to banks’ liabilities. Traditional banking involves accepting deposits and using the funds for making loans. People’s growing propensity to save in other instruments than bank accounts has forced the banks to finance a major part of the growth in credit by borrowing, mostly short-term funds, in the capital market. The structure of bank funding provides an indication of the risks in bank liquidity. Monitoring this is perhaps the most difficult part since the liquidity situation is liable to change very rapidly. 3.
Sabine Lautenschläger: European banking union - the place to be? Speech by Ms Sabine Lautenschläger, Member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the European Central Bank, at the Biannual high-level networking seminar on economic and financial issues, organised by Danmarks Nationalbank, Copenhagen, 14 May 2018. * * * “Getting to Denmark” has become a catchphrase among those who study how societies and economies develop. And indeed, for many countries around the world, Denmark is the place to be – or rather the place to become. After all, Denmark stands for a stable democracy, sound institutions and a strong economy. And that’s not all. Denmark also stands for happiness. The United Nation’s world happiness index shows that, on top of all this, Denmark is also home to a very happy people. This has not gone unnoticed; indeed, there are many who strive to follow your example. Your idea of hygge has become a huge trend in countries as close by as Germany and as far away as the United States. So on many counts, Denmark is the place to be. And I for one am very happy to be here today. But I’m not here to talk about Denmark. I am here to talk about Europe, or rather the European banking union. In my remarks, I will argue that the banking union is also the place to be. Its beginnings, though, were not exactly hyggelig. In 2012, things were not going well in the euro area.

Despite the case for its inclusion in the regulatory regime that I made earlier, some people have questioned the merits of a leverage ratio. But given the very high levels of leverage that could be generated under the risk-based regime, it is a sensible measure to include as a backstop in the regulatory framework. And the case for a leverage ratio will only grow further if risk-weight variability is not adequately dealt with. In sifting through these potential actions and trying to find the preferred policy mix, it is important that supervisors and the industry engage in a constructive dialogue on the best way forward. Banks have a keen interest in ensuring that their risk measurement methods are seen as robust and credible: not only does this affect confidence in the reliability of their capital ratios, but any doubts also call into question their stress-testing results and their risk management systems more generally, since these are invariably all built on the same foundations. Thus the Committee is keen to hear from banks and other interested parties what their preferred course of action is. Recent initiatives by the industry groups, such as the International Institute of Finance (IIF) and by the Global Association of Risk Professionals (GARP), to foster improved understanding of these issues, are therefore very welcome. Concluding remarks Let me sum up some of the key points I have made this morning. First, it is important that bank capital is seen to be of sufficient quantity, quality, consistency and reliability.
Goh Chok Tong: Riding the Asian tide Speech Mr Goh Chok Tong, Senior Minister and Chairman of the Monetary Authority of Singapore, at the Nomura Singapore Seminar, Tokyo, 8 November 2005. *  *  *  Dr Junichi Ujiie, President of Nomura Securities Ladies and Gentlemen 1. Nowadays, it is popular to focus on the awesome transformation of China and its implications when discussing Asia. But doing so risks missing the dramatic changes in another key player - India. My theme is simple: the renaissance of China and India is changing Asia. Other countries in Asia, and in fact the world, will have to remake themselves to seize the opportunities generated by their rise. 2. I expect China and India to power Asia's growth over the next few decades. China's GDP today is one-seventh that of the US. But Goldman Sachs has predicted that China could overtake the US to become the world's largest economy by 2041. Goldman Sachs has also predicted that India's economy, currently about one-seventh of Japan's, could be larger than Japan's by 2032. Never before in history have we witnessed the simultaneous rise of two gigantic countries, which together make up more than one third of mankind. 3. China and India are altering global patterns of trade, investment, production and travel. Because of their sheer size, the earth shakes as the Chinese dragon and the Indian elephant move. 4. What do we do in the face of these developments?

West Bengal has been ruled by the Indian communists for almost 30 years. The Chief Minister wanted to promote foreign investments into West Bengal. His aim was to capture 25 percent of India's IT outsourcing market by 2010. He said that the Indian communists had drawn lessons from the collapse of the former Soviet Union and China's economic reforms. The choice was stark and simple: either perform or perish. 25. The recent bomb attacks in New Delhi have not affected India's growth trajectory. The Indian Government has responded swiftly and with determination. I have full confidence that it will be on top of the security situation. As India grows, the International Monetary Fund (IMF) expects that by 2010, India's exports will more than double, while imports will nearly triple. The consumer market could then be worth $ billion, making it one of the top five globally. To sustain an annual growth rate of 8 percent would require a huge injection of investments, both foreign and domestic, over the next decade. It is this immense demand for infrastructure, education, healthcare and consumer goods that will continue to draw foreign investors and businesses to India. A reinvigorated ASEAN 26. Let me now move on to ASEAN. 27. Prospects for Southeast Asia have brightened considerably. Regional economies have remained stable, despite the recent Bali bombings. 28. With China and India becoming big players in the international market, Southeast Asia has no choice but to respond strategically.
This is best illustrated by the following statistics: •  According to the Bank for International Settlement's triennial survey in 2004, our average daily foreign exchange turnover was close to $ billion, which was the sixth largest in the world;  •  On average, transactions settled through the various RTGS systems in Hong Kong amounted to $ billion each day in 2005;  •  New debt securities issued in 2005 amounted to $ billion; and The total amount of funds raised through IPOs reached $ billion in 2005. 3. Our treasury markets have done well in servicing the financial businesses behind these impressive numbers. Further globalisation of financial markets and financial liberalisation on the Mainland will likely place new and increasing demands on our treasury markets. We need to move with the times, if we are to maintain our status as an international financial centre, and I think the establishment of the TMA provides a good mechanism for us to do so. In my view, there are four key areas which the TMA should focus on: professionalism, market development, codes and standards, and publicity. 4. The professionalism of market practitioners contribute significantly to the competitiveness of a financial centre. An important area of work of the TMA is therefore to enhance the professionalism of the practitioners in the Hong Kong treasury markets.

All this should lead to a more harmonised regulation and supervision across countries, and as a result also foster financial integration. 2  BIS Review 47/2010  For central bankers, the part of the reform which directly concerns them is the establishment of the ESRB, a new independent body that will for the first time carry out a comprehensive macro-prudential oversight of the financial system of the EU. The ESRB will also issue risk warnings, and, where appropriate, recommendations, and follow up their implementation. This body will bring together the central bankers, the heads of the three supervisory authorities, the Commission together with the supervisors of the 27 EU Member States to regularly discuss and assess the financial stability conditions in the EU. In that respect, the ESRB shows some keen similarities with the Financial Stability Council in the proposed financial reform in the United States. The ESRB is expected to support financial integration through its contribution to financial stability in the EU. Indeed, if market participants are confident that the authorities take properly into account the interdependencies between countries and the various components of the financial system, they are likely to fully exploit the possibilities offered by cross-border activities in the EU.
On that note, it gives me great pleasure to open the “Regional Conference on Money Services Business”. I wish you productive discussions over the next 2 and the half days. To our overseas guests, let me welcome you once again to Kuala Lumpur and I hope you will bring home pleasant memories of your brief stay here. 4  BIS central bankers’ speeches

Whenever I speak with colleagues from other countries, I stress that only national authorities can decide when to adopt Basel II. Members of the Basel Committee believe that it is beneficial to move in the direction of Basel II, but no country should adopt Basel II if it feels that it is not yet ready. If a country does decide to adopt Basel II, the timing should be determined by its own circumstances, not the timetable for Basel Committee members. I hope you will pardon my pronunciation, but I am told that there is a Turkish proverb that says “hamama giren terler,” or “he who enters a Turkish bath sweats.” If I understand correctly, the point of this proverb is that you should understand the consequences of your actions. If the result is to be very positive, some work and thus some sweat is required. I don’t know whether adopting Basel II is similar to entering a Turkish bath, but I do know that it is important to understand that this is a high-quality and demanding standard. Unlike the 1988 Accord, which was relatively simple to adopt, Basel II is more complex and demands more of banks and supervisors. Therefore, we don’t expect Basel II to be adopted as widely and quickly as the 1988 Accord, at least at the outset. However, we do believe it is appropriate for all economies, and we expect and hope that the number of countries that adopt the new framework will grow over time.
Money outside banks performance according to the monetary program will also enable the observance of NDA objective of the Bank of Albania. Taking it for granted that the NIR performance of the Bank of Albania will stick to the program, the forecasted NDA realization would be as follows: Table 6. Net Domestic Assets Objective (in Lek billion). December '03  March '04  June '04  September '04  Objective  93.1  80.1  82.1  84.1  2  Forecast  77.0  78.7  82.5  84.7  Difference  -16.1  -1.4  -0.4  -0.6  The annual increase of Lek deposits is forecasted to help meeting the economy demands for domestic monetary assets from commercial banks. The Lek deposits increase in the next year is forecasted to be Lek 14.8 billion, while the demand for monetary assets in Lek of the government and that of the private sector is forecasted to be Lek 14.5 billion. This will provide a stable situation of liquidity in the banking system during 2004. The banking system is forecasted to meet completely the needs of the private sector for loans in Lek as well as the demand of the government for deficit financing up to 62.5 percent of the total financing of Lek 20.0 billion. The Bank of Albania might finance up to 5 percent of the average government revenues in these three last years, or nearly Lek 7.5 billion.

The Bank of Albania - in its recent analyses - has been underlining the fact that its monetary policy has been a careful, financial, budgetary policy, where special emphasis has been given to the budget expenditures control versus the realized revenues ratio. Consequently, the government’s liquidity needs, up to the present moment, have been completely covered by the banking system, and therefore, the Bank of Albania financing was unnecessary. Under these circumstances the fiscal pressures on the monetary policy are weak. Following this reasoning, it could be concluded that the move of both policies (monetary and fiscal) has been in harmony and in conformity with the general economic-financial development program of the country. Domestic budget deficit financing from the banking system during 2003 is estimated to be almost at the same level as the one of 2002, being about 2.2 percent of the GDP. The stable level of the internal government borrowing, facing the rapid increase of Lek deposits, was another factor, which influenced the immediate reduction of treasury bills interest rates. The monetary policy of 2003 has continued to be careful, characterized by smoothing tendencies. This is reflected in the reduction of interest rates three times throughout the year. Watching attentively the inflation performance and the liquidity indicators in the banking system, the Bank of Albania reduced, all in all, the Repos rate by 1.5 percentage points during 2003, bring it by the end of October at the pre-crisis liquidity level of the previous year.
However, a major critique of utilitarian ethics is that it ignores the interests of the minority in favour of the majority, downplays the importance of family and society over individualism and strangers, and prioritises aggregate benefits over other ethical principles such as justice or equality. One could thus argue that the Maqasid Shariah, which underpins the foundation of Islamic Finance and the Islamic Economy, has a more holistic perspective on the pursuit of public interests, in that it aims to leave no one behind in pursuit of prosperity while building a cohesive society. In Malaysia, Islamic financial institutions are leading the sustainability agenda and spearheading 1/5  BIS central bankers' speeches  sustainable finance through the adoption of value-based intermediation (VBI) initiatives. VBI is the vehicle to transform the industry, from one focused on profits and shariah compliance to one that is also focused on positive impact. Through VBI, Islamic finance will bring various stakeholders together to advance the sustainability agenda, encouraging Islamic financial institutions to assess how they create value and impact, particularly in response to changing economic, social and environmental conditions. This will support the socioeconomic development in line with Malaysia’s long-term agenda of economic growth and shared prosperity for all. The commitment by the Islamic finacial institutions has been encouraging.

Disaster risk reduction and disaster management has thus become a focus of Governments to effectively reduce financial and economic losses. In an industry that is exposed to risks both natural and man-made, this Convention’s theme of “Today’s Risks, Tomorrow’s Claims” is highly relevant especially with regards to the challenges of insurance claims. There are three pertinent challenges that I can think of this morning. Let me briefly share my thoughts on these challenges with you. Firstly, the critical role of insurers in the various aspects of the claims management value chain, that is, claims intimidation, fraud detection and prevention, claim assessment and settlement, and complaint resolution are areas requiring close monitoring by insurers and,  BIS Review 53/2010  1  where necessary, timely intervention to detect and prevent leakages. Insurers have to assess their vulnerability and address the risk of fraud efficiently to reinforce a positive image of the industry to the public. Customers must be kept informed of the progress of their claims and be given clear explanation when a claim is rejected or not settled in full. Any delay or perceived delay in claims processing, particularly for claimants in urgent need of compensation, may be misconstrued as a deliberate attempt to delay claims settlement resulting in bad publicity and ill repute for the insurance industry. Each insurer’s claims management philosophy should therefore set out the broad principles for providing high quality service standards.
Personally, I believe that it will be easier to arouse interest in a discussion based on facts, when the euro banknotes and coins appear next year. Globalisation requires stable game rules After this in-depth foray into the world of the euro, I shall return to the more general issues following on from the current internationalisation process. This creates, as I said earlier, the right conditions for a more rapid economic growth, but it does not offer any guarantee that this will be the case and it is important to remember this. The Swedish economic crisis at the beginning of the 1990s is still fresh in most of our memories. That experience provided a clear illustration of the importance of pursuing a long-term, credible economic policy. However, it also showed the importance of building up properly functioning institutions to oversee the financial markets when deregulated. In Sweden it was evident that the supervisory authorities were not prepared for the reality that would prevail after the deregulation of the credit markets in the 1980s. Similar conclusions can be drawn from the crises in for example Mexico and Asia. These also show clearly that countries wanting to participate on the international capital markets must meet the requirements for openness and provision of information.

These agents, together with VPC AB (the Swedish central securities depository) and the Stockholm Stock Exchange, account for the central parts of the payment system. Payment information is sent between the participants through the SWIFT communications system. The Riksbank’s RIX system is the central point on which most payments and payment methods are dependant. This applies to cash payments, card payments, credit transfers, interbank loans, payments of transactions in securities and foreign exchange, etcetera. What I have just described is part of the central financial infrastructure about which most people know very little and see very little – it just exists and is expected to work. The banks are responsible for a large part of the infrastructure that meets the general public, for instance, through ATMs. In recent years, however, the general public has also become part of the infrastructure in that our own private computers can communicate with the banks' Internet banks. The importance of crisis recovery planning Today it is a matter of course for us to have access to different types of payment services. It is therefore easy for us to forget how complex and time-demanding it would actually be if we were suddenly forced to make cash payments directly to all those we need to pay money. Personally, I have many suppliers that I would need to visit at the end of every month to pay my bills.