samchain/econo-pairs-v1 huggingface dataset:
The Exchange Fund Ordinance also provides for the Financial Secretary to appoint a person as the Monetary Authority, to assist him in the performance of these and certain other functions. Moreover, the Financial Secretary delegates various of his duties under the Exchange Fund Ordinance to the Monetary Authority. In fact, the Monetary Authority is a public officer and therefore formally just a single person, but the Ordinance provides for other persons to be engaged to assist him in the discharge of his duties. This gives rise to the institution which is known as the Hong Kong Monetary Authority. The upshot of all this is that it is the Financial Secretary who ultimately determines monetary policy, albeit having taken advice from the Advisory Committee. And it is the Monetary Authority who carries out monetary policy on a day-to-day basis and in accordance with any delegations to him. This does not mean, however, that the Monetary Authority is divorced from the formulation of policy – rather the opposite in practice, since the Monetary Authority has a major influence on the determination of policy through close liaison with the Financial Secretary and membership of the Advisory Committee.

We should be the ones to be thankful to you. Finally, let me express a special “thank you” to the teachers here for making this event happen, and for the wonderful guidance and support you have given to your students. Let me also add a “thank you” to some people who are not here, who are your families, for the support they must have given to you to be able to reach such an achievement today. You are very lucky to be so well taught – even if you might not have realised it; or even if your teachers might not be aware of how much good they have given to you; or even if your families are not aware of how much good they do to their children. It just comes with being a father or a mother. So again, let me congratulate you and congratulate everyone who has been involved in your success. Let’s now open our discussion. Thank you. 2/2  BIS central bankers' speeches
On the contrary, there are several examples to show that Swedish banks’ service range fares relatively well in an international comparison. On the whole, it appears that Swedish banks are organisationally efficient and good at adopting new technologies in their distribution of services, but are less advanced when it comes to developing new products and services. Flexibility and long-term competitiveness In the long run, a company’s competitiveness is determined by its ability to adapt to changed conditions. How well-positioned are the Swedish banks to meet the banking and financial markets of tomorrow? I do not intend here and now to try to predict what the banking market will look like in ten years – that would be doomed to failure. But I would still like to take the chance to reflect on some of the trends that we nonetheless can perceive and what these might entail for Swedish banks. Here, I would like to highlight two such trends that are somewhat related. The first is disintermediation, which entails that banks’ role in the loan market is changing from own lending to only providing loans for which another investor assumes the risk. The other trend is commoditization, which means that certain kinds of financial contract – e.g. loans, funds or insurance – are becoming increasingly standardised and difficult to distinguish from one another. With that, the price should become the crucial factor in the consumer’s choice of product. These kinds of trends should be taken with a pinch of salt, of course.

Lars Heikensten: Swedish banks in an international perspective Speech by Mr Lars Heikensten, Governor of the Sveriges Riksbank, Royals Vinterträdgård, Grand Hôtel, Stockholm, 10 November 2005. Diagrams for this speech can be found on the Sveriges Riksbank’s website www.riksbank.com. *  *  *  Swedish banks' competitiveness I would like to begin by thanking the Bankers' Association for inviting me to participate in this panel discussion on Swedish banks' competitiveness. Before I set about giving my view on the matter, I think it is important to stress that there are several different perspectives on competitiveness and competition. So, the conclusion will vary depending on the angle from which you look at the issue. The composition of the panel reflects these different perspectives well, which should guarantee an interesting discussion. I would like to define a bank’s competitiveness as a measure of how efficient the bank is at providing a given quantity of financial services at a certain level of quality. For the Riksbank, the competitiveness of Swedish banks is important both from a stability point of view and an efficiency perspective. Competitive banks have greater resilience to different kinds of pressures regardless of whether they stem from increased competition or poorer economic performance. They also are more efficient and can provide more and better financial services at a low cost. How to measure competitiveness, though, is by no means self-evident.
In particular, the speed with which the economy recovers depends largely on the flexibility of the labour market and on job mobility. When salaries develop in line with the regional economy and a potential for direct investment exists, regionally diverse shocks may be more easily absorbed despite a uniform monetary policy. The mobility of the workforce is also a helpful factor. If a workforce is mobile, there will be some who will leave a country suffering from a crisis and settle where job prospects are better. An illustration of how useful such flexibility can be was provided by the 1990-91 recession in the United States. Following substantial cuts in military expenditure, the economic downturn in particular affected regions with a high proportion of military bases and arms manufacturers. Notably in California, the unemployment rate rose much more markedly than in the rest of the country. Thereupon, between 1993 and 1994 more than 250,000 employees (in net terms) emigrated from California, while in the previous boom year 200,000 persons had been attracted to this region. Even if the adjustment process was painful for many people, the flexibility of the US labour market dampened the costs of this asymmetric shock. Coming back to the European currency union, it might be objected that monetary policy is not the sole economic policy instrument. Fiscal policy measures such as a tax reduction or an increase in public expenditure are also a means of boosting overall demand.

If I had to choose three words, I would say robust, trusted, and purposeful •  robust, in the sense of building resilience against shocks and managing risks prudently;  •  trusted, in the sense of staying clean and imbibing a culture of fair dealing with all stakeholders; and  •  purposeful, in the sense of generating real value, creating opportunities for people, and serving the economic needs of Singapore and the region. This vision cannot be realised by MAS alone. It is through active partnership with the industry and associations like IMAS, that we can make this happen – Singapore as a premier financial centre in the emerging landscape of tomorrow. I wish you all a fruitful conference. Thank you. BIS central bankers’ speeches  7
The ECB is obliged and can be trusted to always fulfil its role and deliver on its Treaty mandate, and this is above all to secure price stability in the euro area as a whole, which consists of 17 countries. And there are clear limits to what the central bank is entitled or even able to do. It is impossible for the ECB to provide guarantees or assurances concerning future funding amounts or interest rates over the medium term. Certain tasks should and can in Europe only be dealt with by the Member States, and not by the ECB or the Central Bank of Ireland. Our common objective therefore must be to reduce over time the reliance of Irish banks on central bank funding and in particular on the emergency liquidity assistance. The Irish government has the capacity to further consolidate and implement the necessary reforms, so that there will be no lingering doubts about the sustainability of government debt. I am thus confident that Ireland will continue to fully implement the necessary adjustment and reforms, and that on this basis, Member States will continue to show solidarity towards Ireland. I understand that Minister Noonan has said that champagne corks will be popped on the night the Troika leaves Dublin. As long as Ireland continues to implement fully its programme and preserves its credibility as a State that honours all its obligations, I think that day will come in the not too long future, at the end of this programme in 2013.

In every meeting with you, I will highlight the need of strengthening the control on the business of the institutions you are governing. In addition to the fact that only this way the personal philosophy of each of you with regard to the development of the institution will come true, this process is vital to the well-functioning and safety of its business, even more given its rapid growth. In this context, the control structures should act rightly and extend to all the bank’s activities. Given the absence of a good collection, processing and reporting process of the business data, the control process on the institution’s activity finds itself jeopardized. The process of the banking sector’s data collection and processing has improved over the recent years as a result of investments in modern technological systems. In many cases, however, it is observed that the adoption of these systems is made only partially and hastily. Their full potential is not used and the banks’ personnel may not be fully familiar to their use; hence, weakening the necessary human control on these systems. Consequently, the control process on the institution’s activity is segmented, and the process of data collection, processing and reporting at the required quality and time is hampered. As a result, you being heads of commercial banks and us the system’s regulatory authority, risk to take decisions on data which are not fully accurate and furthermore are “old”. Being present in different banks and in different levels, a final solution should be found to this issue.
We expect from all the banks to pursue the necessary measures on their part for the full implementation of BNB Ordinance No. 18. The Cash Services Company is already operating full-scale providing high-quality cheap and very competitive services. Those of you who have not yet fully availed of them are definitely losing. As I believe any one of you will agree, the BNB’s supervisory policy can hardly be described as “regulatory comfort”, as our unjustified critics have recently tried to define it. The Bulgarian banking system is one of the most strictly and conservatively regulated ones within the whole European Union. The consistent anti-cyclical policy pursued by the BNB has initially stimulated the accumulation of capital resources and a liquidity potential for successfully facing the crisis, and later on (since 2008) has implemented a number of measures aimed at supporting liquidity and easing lending. In 2010, our supervision proceeded with the “fine tuning” of regulations and with the BNB’s very careful approach to processes underway in credit institutions. In the coming year, we will continue with the phased-in implementation of all new requirements and recommendations of the EU acquis and of the Committee of European Banking Supervisors, taking into consideration the best practices. The adoption of a new ordinance on the principles of formation of remuneration in banks, which would recognize the risks taken by them, is forthcoming within days. Last but not least, on a day like this we should also speak up our concerns.

FMC members became the bridge between the regulator and the industry at large in the implementation of the many initiatives that have seen us through to this day. I see quite a few of the FMC members tonight and I understand that many have continued to contribute and help Bank Negara Malaysia further shape the development of our financial markets. Thank you to all, and especially to Dato’ Lee Kok Kwan for previously leading FMAM to become the success it is today. The fact is, three years on, we have not only weathered the volatility and challenges then. The financial markets have actually moved from strength to strength. Amidst heightened global volatility, not to mention the many domestic political upheavals and uncertainty of the recent years, it is a wonder that the Malaysian financial market has continued to grow consistently. The onshore foreign exchange market has expanded from an average daily trading volume of USD8.1 billion in 2016 to USD 12.3 billion today. This is mirrored by the growth of the ringgit bond market which stood at RM1.2 trillion in 2016 to reach RM1.5 trillion now. Despite our markets growing larger, stability has been a key feature as witnessed by a moderate level of volatility in the onshore markets. The 1-month USDMYR implied volatility hovers around 3 to 4 percent compared to a high of 12 percent in 2016, supported by a much less disconcerting level of nonresident holdings of government bonds at 22% compared to 34% back then.
Inheritance, insurance or social payments, payments awarded by a court decision, proceeds from the sale of real estate, etc. are cases where we deem it possible to raise the insurance coverage to 10 million rubles. Another aspect of consumer protection is conduct supervision. This is a system that controls whether financial organisations conduct sales, conclude agreements and deliver on their obligations in a reliable manner. Do sellers disclose information about potential risks when they sell their products? Do they provide fair information about returns? Do they impose unnecessary services to customers? Last year, we had to pay attention to the practice of life insurance policy sales. We received a lot of complaints that customers had been lured by high returns, but as a result earned less than they could have earned if they had deposited their money with a bank. Investment life insurance grew at an outpacing rate and the collected insurance premiums reached large amounts. Currently, the market is on a downward trend, shrinking by 27% in the period from 2018 Q1 until 2019 Q1. It is an expected development. This is the result of both the public’s disappointment in the product and the regulator’s tighter requirements. We want the financial market to demonstrate healthy growth rather than to be driven by deception. Moderate growth rates are acceptable if the market develops in a healthy manner. Last year, we established the institute of financial ombudsman. A special law we had discussed for many years was adopted.

These are complex projects, but we believe that they are essential to technology development, and among other things, to raising financial inclusion, so that we could bridge that gap between advanced cities and regions and ones where services are unavailable. To conclude, I would like to say that we are continuing consistent efforts in all areas of the Central Bank’s responsibility – monetary policy, financial market resolution and strengthening, encouraging competition, the development of the national financial infrastructure, and raising quality and reducing costs of financial services for households and businesses. I would like to repeatedly thank the State Duma for its cooperation with the Bank of Russia and massive efforts to improve financial market-related laws. This is a tangible contribution to strengthening our financial system, and its capability to foster economic growth and raise public well-being. Thank you for your time. 7/7  BIS central bankers' speeches
Such a tightening of monetary policy could have severe negative effects on the rest of the economy. Thirdly, at least previously, there existed a view that the negative effects of the bursting of a bubble need not be so dramatic, but can be counteracted or considerably mitigated relatively painlessly by easing monetary policy, or by other measures. These arguments have convinced some that monetary policy should not lean against the wind, but should restrict itself to “cleaning up afterwards”. I am one of those who has “cleaned up afterwards” in a number of countries, and I know how expensive and complicated it can be. These experiences have contributed towards my conviction that ending up in such a situation is something best avoided. This was a point I made at a conference at Jackson Hole a few years ago, where the theme was monetary policy and asset prices. 8 That was before the financial crisis, when criticism of using monetary policy to lean against the wind was significantly stronger than it is today. What it ultimately boils down to is that if one creates money, as a central bank does, and this leads to a high level of mortgaging of properties, it is difficult to discharge oneself entirely from responsibility for what is happening. The dramatic effects of the financial crisis have made their mark on the debate.

Thank you very much. BIS Review 38/2005  5
Besides the question of why export companies would want to switch to euro on a large scale, it is thus not clear that they would be able to pass the exchange risks on to households and suppliers. Large Swedish companies might be interested, on the other hand, in changing over to the euro as their unit of account, including the denomination of equity capital. Some business representatives have made statements to this effect. By reporting equity, deciding dividends and having their shares quoted in euro, companies with transactions in euro might possibly improve their access to the euro capital market and reduce their costs for handling currencies in the management of liquidity. Swedish law does not currently permit the use of currencies other than the krona but the possibility of having other currencies as the unit of account is being investigated. Today, many companies invest their surplus liquidity in Swedish kronor, partly because their dividends are paid out in kronor. If companies choose the euro as the unit of account, this could have consequences for their asset management. One such consequence might be a preference for investing surplus liquidity in euro. This alters their investment portfolio, which brings us back to what I said earlier about short-run exchange rate movements. Presumably, however, the portfolio adjustments would be gradual, leaving the krona’s exchange rate more or less unaffected by the flows.

The national governments can contribute by ensuring that combined fiscal policies in the euro area comfortably comply with the Stability and Growth Pact; this is not yet the case. Measures that improve labour markets can also help to enhance conditions for the success of the monetary union. In the same way, the institutional changes and economic developments in Sweden in recent years herald good conditions for a stable krona. The framework for both monetary and exchange rate policy has been strengthened. The status of the Riksbank is being made more independent and the budget process is now considerably more disciplined. Certain flows in the currency market may be generated simply as a consequence of the new currency’s introduction but what ultimately matters is the economic fundamentals. This suggests that the advent of the single currency - the euro - will not lead to any marked changes either in the krona’s role in the Swedish community or in its value. BIS Review 68/1998
Christian Noyer: The euro area is getting stronger Speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the Paris Europlace International Financial Forum, “Post-crisis growth and investment opportunities in Europe”, New York, 22 April 2013. *  *  *  Mr Chairman, Ladies and Gentlemen, I am very pleased to have this opportunity to speak to you here in New York. I’d like to offer you some views about the euro area from both a short- and long-term perspective. I’ll start with Cyprus. This was certainly a traumatic episode. Obviously, the decision process was not optimal. And the adjustment effort requested from the country, while absolutely necessary, was totally unexpected by the population. As a result, many observers have interpreted the Cyprus crisis as a sign of fragility and uncertainty about the euro. In fact, it’s quite the opposite. Imagine if the situation in Cyprus had occurred nine months ago. Most likely it would have resulted in a new wave of turbulence in euro sovereign markets, with interest rate increases and strong capital flows out of the periphery. This was not the case. There was no contagion, and no spill-over effects from Cyprus to other euro area countries. During the first quarter of 2013, when the Cyprus crisis developed, long-term interest rates in Greece, Portugal and Ireland actually declined by around 270, 120 and 130 bps, respectively.

In the case of Spain, yields decreased by 70 bps, while in Italy, they decreased by 30 bps. This is the first time in three years that a major crisis in one euro area country has not affected others. This sends an important message. The euro area is more robust today than it was a year ago. While challenges remain, the actions taken have increased our resilience to internal and external shocks. Before I move on to other areas of progress, I would like to say a few more words on Cyprus. First, the financial support provided by the euro area countries and the IMF was very substantial, up to EUR 10, 000 for every Cypriot citizen. This should put to rest the claims that the country was unfairly treated and discriminated against. Second, the commitment to protect insured depositors has been maintained in the euro area and, in fact, is strengthened as a result of recent events. Last but not least: Cyprus is a unique case. This was an extreme situation of moral hazard with big depositors looking for abnormal yields in the domestic banking system. And it justified an exceptional treatment. Cyprus is neither a precedent nor a template for future crisis management. It is also important to state that such a banking model has no place in the euro area. And such a situation would not have existed had the banking union been in place.