samchain/econo-pairs-v1 huggingface dataset:
Given that the outstanding balances of lending in the short and medium term are not expected to grow in a similar way to how they did in the expansion prior to the crisis and such that they may offset the reduction in net interest income, the recovery in bank profitability will have to be based on the continuing adjustment of expenses, on the search for alternative sources of income and on improved efficiency. 5/8  In any event, in the search for profitable business, banks cannot ease off in their vigilance regarding lending standards. In the current setting, very high rates of credit expansion, as is occurring in the household bank lending segment for the purchase of consumer durables, might be indicative of an easing of risk acceptance and selection standards which, as past experience shows time and time again, ultimately translates into notable increases in nonperforming loans. Despite the limited weight of this business segment in Spanish banks’ overall credit portfolio, the rise in the volume of non-performing assets in this activity as a result of overly rapid credit growth should strike a note of caution: from being an alternative source of income it should not become a potential source of losses.

It includes a proposal to review capital requirement regulations with a provisioning calendar for non-performing loans, a draft directive for the creation of a secondary market in this type of asset and an extrajudicial mechanism to speed the recovery of collateral, and the publication of guidelines supporting the development of asset management companies. For its part, the Single Supervisory Mechanism published guidelines in March 2017 for the management of nonperforming assets and, more recently, it has released an addendum to this in which it sets out explicitly its supervisory expectations on provisioning, both for newly-arising nonperforming assets and for the existing stock, as part of the supervisory review process. Restoring profitability levels is another of the main challenges the Spanish banking industry faces. While the profitability of Spanish banks has returned to positive figures and stands somewhat above average EU levels, it continues to be down on pre-crisis levels and below those observed in the banking systems of other developed economies such as Australia, Canada, the United States and Sweden. The current low level of the average profitability of Spanish banks is particularly apparent in business in Spain, which was the area most affected by the crisis. The international activity of Spanish banks, concentrated in a very small number of institutions, was a major source 4/8  of risk diversification during the crisis since it enabled them to counter the downturn in Spain’s situation with the sound economic progress in other areas.
At the very beginning of this conference, Jürgen Stark mentioned three issues: First, to what extent is analysis of monetary developments relevant for the conduct of a monetary policy aimed at the maintenance of price stability? Second, how should the analysis of money be organised in the policy process leading to interest rate decisions about the policy rates? And third, how should the monetary analysis and its implications for monetary policy be presented to the financial markets and public? With the benefit of hindsight, let me take stock of what I have learned over the past couple of days. With regard to the first question, Prof. Flandreau has demonstrated that, in assessing the success of central bank policy, the historical context always needs to be taken into account. Political, institutional, and economic circumstances need to be adequately considered. During the run-up to Monetary Union, money and monetary analysis played a crucial role in the experiences of most central banks in Europe. Viewed in this context, the ECB’s choice of strategy was a natural continuation of previous best practice, while at the same time incorporating insights from economic theory and the experience of other central bank. I think it is fair to say that the strategy has served us well. The clearest evidence of this is the high credibility which the ECB has enjoyed since its inception.

Ladies and Gentlemen, although Mobile Money Transfer provides a solid platform upon which to anchor expansion in the coverage of financial services, this goal will not be realised unless all stakeholders participate and play their respective roles effectively. Accordingly, banks and other payment system businesses need to utilise this infrastructure to the fullest extent possible by ensuring that various products are developed to extend financial services coverage. At the same time, households and businesses need to change their attitude towards non-cash payment methods. It therefore goes without saying that financial education will be critical in shifting public attitudes and ensuring that the non-cash payment methods are widely utilised by the target market. In this regard, I am pleased to inform you that the FSDP has prioritised financial education so as to increase the level of financial literacy and awareness of alternative payment methods. I would like to urge all financial service providers to not only take advantage of this initiative but also to design their own programmes to sensitise their customers of the innovative products they offer or plan to offer which promote financial inclusion. Furthermore, as Bank of Zambia we welcome the innovations by the banking sector and other financial service providers aimed at enhancing financial inclusion. However, it is our responsibility to ensure that these services are provided in a safe and efficient manner. In this regard, the Bank of Zambia reviews these banking products before their introduction to ensure that they comply with the existing prudential and statutory financial sector requirements.
It has acquired patterns of behaviour and earned a name for itself. There have been a number of stages in the Committee’s development. Early on the MPC took steps to set out the intellectual framework within which it would be operating, to promote public understanding and enhance credibility. Over time, the Committee’s thinking has evolved, as members have rotated on and off the group, and as the Bank has struggled to understand developments in the wider world. And, as a result of taking more than 100 policy decisions, the MPC has acquired a track record, which has allowed others to draw their own conclusions about its likely behaviour in different circumstances. Practice in other central banks has developed too, as inflation targeting has spread, and all central banks have become more transparent in their communications. This has raised the bar for a central bank that wants to stay at the leading edge of monetary policy practice. Finally, the MPC has acquired an enviably high reputation as a result of its overall performance and the unprecedented stability of the economy over the past decade. In short, the world has moved on, and the MPC has acquired a past and an identity. Ten years is too soon for a mid-life crisis, but middle-aged members of the audience will readily recognise the pressures that advancing years can bring. Sometimes we are tempted to bask in past success, whether or not it is fully earned.

It is for this reason that the Bank of Zambia has all the confidence that today’s consultative meeting will help advance the agenda for the second phase of the FSDP. This forum therefore, brings together the FSDP secretariat, development partners and key stakeholders to discuss the Phase II document and render support, financial and otherwise, to the process as well as facilitate consensus building for the extension of the FSDP to December 2012. During this meeting, the FSDP Secretariat will update stakeholders on the progress to-date as well as outstanding issues and new developments since 2004. The FSDP Secretariat is further expected to highlight some of the key recommendations that were made in the recent Financial Sector Assessment Programme (FSAP) and highlight proposals made by the working groups. 2  BIS Review 131/2009  Furthermore, representatives of Government and cooperating partners will also be at liberty to provide their comments on the programme’s achievements and the policy direction going forward. Finally, it is our view at the Bank of Zambia that the FSDP provides a unique opportunity to enhance contribution of our financial sector to economic growth & poverty reduction as well as deepening and modernising our financial system. However, the ability to move forward will depend on our collective support to achieve the Vision of the FSDP. It is therefore our expectation that this meeting will facilitate consensus among stakeholders on the way forward and update cooperating partners on the need for their continued support of the programme through direct financial support or technical assistance.
I would like to also thank the representatives of the EU Delegation to Albania for their support as they monitored the project. The twinning project was implemented in 6 modules as follows:   Coordination of European integration process    Financial literacy    Supervision and financial stability    Payment systems    Statistics    Inter-bank market  Coordination of the European integration process was implemented with the Bank of France and consisted in developing and mastering the required instruments for coordinating the European integration process with a view to preparing meetings at European level and coordinating Albania’s accession process in the EU. The Bank of France provided its experience in organising meetings at European level and administering the process of approximating the banking legislation with the acquis communautaire. Financial literacy was implemented with the Bank of Italy and consisted in drafting a financial education strategy for the public. Under this module, our research drew on the European experience and was adapted to Albania’s needs. In addition, we established a standard for conducting surveys and questionnaires to assess the public’s awareness and knowledge on financial literacy and the effectiveness of educational activities. Thanks to this project, we have a modern infrastructure for compiling macroeconomic statistics at the Bank of Albania, in particular regarding the balance of payments. BIS central bankers’ speeches  1  The payment systems regulatory framework was reviewed with a view to amend and fully align it with the relevant EU directives and practices.

Fifth, I would like to encourage the Albanian and international media to uphold the good tradition of accurate and real-time transmission of economic and financial developments in Albania, including the activity of the Bank of Albania and the financial sector, which occupy a significant place. Last but not least, I would like the Albanian public to continue to be discreet and have full confidence in the financial architecture we have built. We commend its added prudence, which is reflected in its propensity to increase savings. Therefore, household balance sheets remain positive, an indicator that sends positive signals for a potentially growing consumption in the near and distant future. I take this opportunity to reiterate that optimism shapes our present and our future. The time has come for the consumers’ sentiment to start its take off. This would create the desired chain reaction for accelerating money velocity and circulation of goods in the economy, making the economy recover to its pre-crisis parameters. On my behalf and on behalf of the Bank of Albania, I would like to thank the Bank of Italy and the Bank of France for the assistance and partnership during the twinning project. At the completion of this project, the Bank of Albania has upgraded the organisational and operational framework of its main departments and has approached to its European counterparties. 6  BIS central bankers’ speeches
The forthcoming implementation of Basel II framework also underlines the need to address practical policy issues of supervisory cooperation. 4  BIS Review 81/2006  Are ROEs peaking? Finally, I would like to make my personal bet to the question of the day, "Are ROEs peaking?" I cannot quote the classics as a saying that "sky is the limit" proved wrong some 15 years ago just here in Sweden. At the same time, when one wants to believe the story of an unusually long economic cycle in the region I would say that the return-on-equity has not peaked but stabilised. But of course, as we all know, there is always a factor of uncertainty in every forecast - beauty as a prudence is in the eyes of a beholder. Ladies and Gentlemen: Thank you for your attention. BIS Review 81/2006  5

It goes without saying, however, that as a result of the rapid development of technology, especially in the ICT area, which drastically lowered the cost of the said exchange, the international integration of trade, investment, financial and other services is now more advanced than it has ever been before. The Economic Policy Committee of the European Union 3 points out four factors that have lead to the rapid development of globalisation over the past years: •  multilateral trade liberalisation; the average customs duty has been lowered by ca. 30%  •  successful economic reforms in many developing countries, especially in China and India  •  the technological advancement, especially in the ICT sector and transportation, which has significantly lowered the cost of trade. To give you and example, fees for sea, land and air transportation, telephone calls and satellite calls went down by 21%, 30%, 95% and 88%, respectively. •  the technological advancement has blurred the borderline between what can and what cannot become subject to international trade. Globalisation may create new macroeconomic interdependences to replace the traditional ones that we know from the books on economics. The majority of economists, politicians and investors may still not quite keep at pace with the “seismic changes” that take place in the economy 4 . However, if we really are witnesses to “seismic changes” in the economy, it may be worthwhile to have a closer look and think about their meaning. Globalisation and its impact on the economy may be viewed from different perspectives.
But we also intend to develop the huge opportunities related to the financing of the transition towards a low-carbon economy – up to USD 90 trillion are needed till 2030 –, while preventing the risk of “green washing”. It would certainly make sense to promote a convergence towards a harmonised European standard for green bonds – including UK –, leveraging the Green Bond Principles approach in terms of processes and transparency, and building on the Climate Bond Initiative approach with regard to taxonomy. Much has to be done in the coming years. In that regard, I am very happy to count the Bank of England among the founding members of the Central Banks and Supervisors Network for Greening the Financial System (NGFS) that was launched by the Banque de France last December. This is an enthusiastic and rapidly developing “coalition of the willing”: the nine founding members should shortly be joined by three new members and two observers: the BIS and the OECD. Several other major central banks and supervisors are on the verge of applying. Stephen Hawking once famously said about the Internet: “We are all now connected […] like neurons in a giant brain”. This could also apply to the finance of tomorrow in an interconnected world. Each of us – whether regulators or professionals – is at least a neuron; we need to be connected to other neurons to produce innovative ideas.

In addition, through the supervisory process, we will continue to look for weaknesses in our supervised institutions that expose them to potential fraud. While the Bank of Thailand is here to support institutions in this manner, please keep in mind that the primary responsibility for fraud prevention remains with the board of directors and management. I would be remiss in not addressing the upcoming launch of the revised Basel Capital Accord. Basel II, as it is more commonly known, establishes expectations for financial institutions’ risk management processes. In addition to requiring an explicit calculation of capital requirements for credit and operational risk, Basel II requires institutions to have robust consolidated risk management processes. Institutions are expected to ensure that they have adequate capital for all other risks as well. Through the supervisory process, regulators may also require additional capital for institutions whose risk management processes are not fully compliant. Institutions can best address the expectations of Basel II by maintaining or establishing sound risk management processes. In Thailand, the implementation of Basel II will start at the end of this year, and the preparation for its implementation is progressing on schedule. As our institutions complete  2  BIS Review 52/2008  the implementation of Basel II, I firmly believe that we will see a commensurate improvement in the quality of risk management among our banks, particularly in the operational risk area.
Secondly, even if we believe that the recent disintermediation process was a matter of choice, reflecting firms’ current liquidity, this nevertheless begs the question as to what would happen when the economy slows down and internal funds diminish. We believe that if the disintermediation process goes too far, our resilience to future shocks could be hampered. Whenever activity slows down, firms will tend to cut back on investment and innovation. Moreover as a Central Bank, we have to be concerned that in such an  environment, the transmission of monetary policy, which mainly occurs through the banking channel, could be impaired. This would make it harder for policymakers to react to economic needs. The current situation, with a lot of savings lying unutilised at the Central Bank, seems to me to be a wasted opportunity to leverage our current success in order to build a better future. At a time when everybody agrees that we need to invest strongly in infrastructure and to upgrade the competences of our workforce – both of which are long-term investments –, it is painful to note that we opt instead to pile our savings in what is essentially the most short-term of investments: deposits with the Central Bank. The fact that, despite overall excess liquidity, some smaller banks continue to borrow from us through regular monetary operations, is an indication that the domestic interbank market still faces some structural inefficiencies. A more efficient financial system would facilitate the allocation of capital to its most productive uses.

Page 9 of 10  I believe that the financial services community can and must contribute to change our nation’s mentality. At the interface between our nation’s savings and investment it is best placed to leverage more effectively our current economic success. Thank you. Page 10 of 10
This substantial, but not insuperable, reservation aside, I am confident that, in terms of producing business for Hong Kong’s banks, the creation effect of WTO entry will outweigh any diversion that will arise from the preference of some foreign banks and enterprises for dealing directly with the Mainland. There will still be factors that will encourage international businesses to use Hong Kong as a financial centre. These include the efficiency and sophistication of Hong Kong’s financial markets and the financial infrastructure, the critical mass that goes with being the world’s fourth largest banking centre, and all the qualities that single out Hong Kong, of which an audience such as this needs little reminder: the rule of law, the free movement of goods, capital and information, light government, and a trained and energetic workforce. Globalisation 10. WTO is about globalisation. So let me turn to that subject now. Hong Kong’s openness, and our connectedness to the larger world, place us in an excellent position to take advantage of the acceleration of globalisation that trade and financial liberalisation, and other forces are bringing about. Globalisation is not a new phenomenon. Our ancestors embraced the idea with the opening of trading routes, the building of canals and steamships, and the laying of railway lines and telegraph cables. And for a hundred and fifty years or more, Hong Kong has been a classic example of a global hub – a city at the crossroads of a number of regional and transcontinental trading routes.

The knowledge you have acquired through your training here is only part of the cherished objective. The more important requirement is to conduct yourselves in a sound professional manner, comply with regulations, and invest your capabilities and knowledge to attain real professionalism. May Allah render your knowledge useful to you and your country. I wish you all success, and may God bless you. BIS Review 14/2007  1
7  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  7  This we are now seeing, with price surges across a widening array of goods, services and asset markets. At present, this is showing itself as pockets of excess demand. But as aggregate excess demand emerges in the second half of the year, I would expect inflation to rise, significantly and persistently. There are already some signs of this risk being priced in financial markets. Longer-term financial market measures of UK inflation expectations have picked up to stand around 30 basis points above levels over the past decade. There is no evidence so far of inflation expectations, in the UK or elsewhere, becoming durably or significantly de-anchored from target – for example, among households or businesses. But it is early days. Overall, inflation expectations and monetary policy credibility feel more fragile at present than at any time since inflation-targeting was introduced in 1992. Why do I say that? By the end of this year, I expect UK inflation to be nearer 4% than 3%. This increases the chances of a high inflation narrative becoming the dominant one, a central expectation rather than a risk. If that happened, inflation expectations at all maturities would shift upwards, not only in financial markets but among households and businesses too.

32  18  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  18  For much of the first few hundred years of the Bank’s history, its public communication largely took the form of an annual speech by the Governor of the day to the bankers and merchants of the City of London at the Lord Major’s Mansion House Banquet, literally a stone’s throw from the Bank. The public audience for this singular act of public communication was about as diverse a set of white, male, middle-aged, slightly-pissed financiers as it is possible to assemble. Body language can sometimes substitute for the spoken word. So it was at the Bank of England in the 1920s, when the Governor’s “eyebrows” famously became one of the Bank’s means of externally communicating. The Governor’s eyebrows were, in a way, a primitive form of emoji: sterling crisis – sad face, bad pre-MPC presentation – very sad face. Nonetheless, for even the most malleable-faced Governor, the eyebrows were an imperfect communications medium. Beginning in the 1960s, a sea-change began in central bank communication practices, at first slowly. Speeches by the Governor and other officials increased, by the 1960s averaging around five per year. They were matched by other communication innovations. December 1960 saw the first edition of the Bank of England Quarterly Bulletin, which is still going strong. There was roughly a doubling in the number of speeches by Bank officials in each subsequent decade.