samchain/econo-pairs-v1 huggingface dataset:
In other words, these borrowers have been permanently denied of access to formal lending institutions. BIS Review 66/2006  1  There may be others in this group such as the SMEs, the retailers, self-employed and micro borrowers who, for reasons beyond their control, have faced the same fate. Even if a few of them have the potential, in terms of their cash flows or earning capacity, to repay debt at a later time and become honourable customers, the negative label issued by the CRIB would not give them another chance of reaching formal credit institutions. The inevitable result would be to drive them back to the informal sources of borrowing or to seek political redress. There is no doubt that there could be several willful defaulters in this group who deserve to be blacklisted, but among them the influential ones will seek ways and means of getting back into the system. It is well known that the banks and the credit institutions do not report the full list of borrowers to the CRIB. It is also no secret that the institutions cherry-pick the borrowers according to the former’s preference. The affluent borrowers, multi national companies, large corporates, highly connected borrowers and the banks’ other preferred customers do not get reported to the CRIB, even if they default altogether. The credit profiles of the affluent customers will continue to have clean records of regular payments which protect their image.

We need your answers in order to transpose PSD2 quickly and efficiently; we also need your active involvement in order to build the best possible RegTech. 2  2. What are the challenges for the French financial industry? Innovation does not just concern new entrants, of course. For banks as well as insurers, the digital revolution is disrupting traditional customer relationship models. One figure is particularly revealing: the level of footfall in high street bank branches. In 2007, 62% of French people visited their branch several times a month. In 2016, the figure had fallen to just a third of that: 20% – and to as low as 13% for the 18-34 age group.1 Customer journeys are becoming increasingly digitalised: France currently has the highest rate of usage among large European countries for internet banking services (69% of customers).2 But, beyond customer relationships, financial companies need to take a more comprehensive approach if they are to succeed in the digital transition - placing innovation at the heart of their strategic management, as well as rethinking their business models. These are difficult choices that naturally need to be taken by the companies themselves; the answers are not easy or uniform, but I would like to share with you a few avenues for thought.
While a central bank can, in principle, create an unlimited amount of domestic currency, its foreign currency reserves are limited. Recent events have highlighted the importance of an adequate level of foreign reserves for financial stability. 6. Conclusions  I would like to close today by stating that, in my opinion, extraordinary central bank action was indeed justified to counter financial market turmoil, and that it was also successful in halting the developments in mid-March, which threatened to develop into a vicious circle of fire sales and falling asset prices. However, central bank action cannot resolve the underlying problems. It can only provide temporary relief. The solution to the crisis must come from market participants themselves. Central bank action appears to have been relatively successful. But there’s one thing that every economist knows only too well, and it is that there is no such thing as a free lunch. So the question naturally arises, what has been the cost of the recent extraordinary central bank interventions? The first potential cost of recent central bank action is in terms of moral hazard. One of the biggest challenges that lie ahead of central banks and regulators, once the crisis has settled down, is to consider how to reduce moral hazard in financial markets, in order to prevent this factor from becoming the reason for the next – and potentially even bigger – financial crisis. The second potential cost of recent central bank action could be in terms of inflation. The financial market crisis affects inflation in various ways.

Each time, we gave visibility over the next twelve months; and we stuck to the provisional indicative timetable that we set without extending the time limits. I turn now to flexibility. Our sequence is clear but the details of implementation are flexible and state-dependent. We have included several options, such as the precise timing of the first increase in interest rates and the path of policy rates thereafter, or the pace of our reinvestments. There is much speculation for instance on the future trajectory of our interest rates; but at this stage, I don’t see any value in trading off our flexibility tomorrow against more clarity today. Beyond that, as Mario Draghi mentioned today, the question of TLTROs will need to be considered. In the face of uncertainty, one often hears reference to the celebrated Brainard 1 ‘conservatism principle’ (as reinterpreted by Alan Blinder 2. This is not, as the impression is sometimes given, a general warning to move cautiously when the world is uncertain. The Brainard ‘conservatism principle’ says only that you should move cautiously if you are uncertain about the effect of your policy instrument on your objective. But we should go beyond a static view of Brainard’s principle (which focuses on one single small step): a dynamic view would include the time dimension and consider how to manage and communicate a sequence of incremental steps. 2. How can we collectively respond to global tensions? There are increasing tensions in the global environment, starting with protectionism.
In addition, we at the SNB are very carefully monitoring the risk to financial stability inherent in the rise of mortgage debt in Switzerland. As you can see, the topic of the Collegium generale’s lecture series has played a major role throughout my career. I was therefore very pleased to be invited to deliver a speech today on credit and debt. I’m deliberately using these terms in conjunction here. Because ultimately they refer to the same thing. They describe an agreement between two parties. One party, the creditor or lender, entrusts money or other goods to the second, the debtor or borrower, who promises to return the money or goods at a later stage. The borrower’s financial debt represents an asset of the lender’s. And yet, although the terms refer to the same concept, the associations they generate go in opposite directions. In common speech, the word debt usually has a negative connotation. Debt sounds like something to be avoided. Whereas the word credit gives rise to positive associations. Credit opens up new possibilities and is a bedrock of growth. The different way in which the two terms are perceived is also reflected in their etymology (cf. slide 2). Debt comes from the Latin debitum, from the verb debere, which means to owe something, or to have an obligation. The word thus has a moral overtone. Credit for its part goes back to the Latin words credere, meaning to believe or to trust, and creditum, referring to something entrusted in good faith. So which is it?

Among other things, there was considerable uncertainty surrounding trade tensions between the US and China and the UK’s withdrawal from the EU. Despite somewhat lower growth, unemployment continued to edge down in many countries. US unemployment is now the lowest in 50 years. Consumer price 1/3  BIS central bankers' speeches  inflation among trading partners picked up in 2018, mainly owing to higher energy prices. Underlying inflation was fairly stable among our main trading partners. Chart: International interest rates Official policy rates in the US, UK and Sweden were raised in 2018. The US federal funds rate has been raised in several steps in recent years, and the target range is now 2.25 to 2.5 percent. Nevertheless, the global interest rate level remains low, and market expectations indicate a low level in the years ahead. In the euro area, there are prospects that the ECB deposit facility rate will be negative for some time to come. Chart: Oil prices and the krone exchange rate The tailwind from the rebound in oil prices has provided a considerable boost to the Norwegian economy in recent years. Oil prices have more than doubled since the low in early 2016. In 2018, oil prices were highly volatile in periods, primarily reflecting supply-side conditions. Towards the end of 2018, uncertainty about global economic prospects had a dampening impact on oil prices. After rising to above USD 85 per barrel through autumn, oil prices fell to below USD 55 per barrel at year-end. Prices have edged up again since then.
As shown by mobility data and business impact surveys, the number of visitors of retail outlets dropped by 75%, with 45% of all companies forced to suspend business or shutdown altogether, and many more to follow suit most probably in the future. Meanwhile, 44% of landlords also reduced rent as a result of the overall situation, while 64% of those polled reported sentiments of fear, anxiety, and uncertainty. In general, forecasts suggest a drop in private sector revenue as high as 42%, causing cashflow and liquidity difficulties for corporate bodies. This could cause an increase in default rates, and companies failing to pay would trigger high loan-related losses in the banking sector. Companies are expected to need a total of KD 2.4-3 billion to cover their working capital requirements (such as salaries and rent payments). It is also expected that the prolonged lockdown would bring about layoffs and increase unemployment in the private sector. Amongst all nationals employed in the private sector, 86% of them (62,000 Kuwaitis) work in economic sectors negatively impacted by the crisis. Furthermore, 79% of non-nationals employed by the private sector (1.3 million workers) also work in affected sectors. Closing these companies would disrupt supply chains and cause shortages in both the supply of basic goods and services. The drop in spending and the prevalent uncertainty will also deter future investments. Any failure to take swift and unwavering action in response to working capital requirements would have grave economic repercussions on companies, particularly on small and medium enterprises (SMEs).

Irma Rosenberg: The property market, the economic situation and monetary policy Speech by Ms Irma Rosenberg, Deputy Governor of the Sveriges Riksbank, at a seminar on the property and rental market, Karlstad, 11 November 2005. Picture to this speech can be found on the Sveriges Riksbank website, www.riksbank.com. *  *  *  Thank you for your invitation to come to Karlstad and participate in this seminar on the property and rental market. To begin with, I intend to speak about the property market and why it is important for us at the Riksbank to monitor how it is developing. Then I will discuss the economic situation internationally and in Sweden and give my view on inflation prospects and monetary policy. The property market Developments in the property market are important both in view of the Riksbank's function to promote financial stability and of the monetary policy objective to maintain price stability. On account of that we regularly monitor the situation in both the commercial property market and the housing market. That the property market is significant for the Riksbank’s stability analysis is due to the clear linkages that exist with the financial sector. The most important is that property companies are major borrowers from the banks. Moreover, a large proportion of bank lending is secured on commercial and residential property. So if problems were to arise in the property market, they could spill over to the financial sector.
Inflation expectation indicators also remain low over all horizons, far from the ECB’s 2% benchmark. 2  BIS central bankers’ speeches  However, it must be emphasised that monetary policy’s ability to address the challenges posed by a situation such as that we face today is not without limits. Laying the foundations for a sound and long-lasting recovery in activity, investment and employment requires an approach in concert with other economic policies, especially fiscal policy, along with institutional reform, labour and product market reforms and strengthened European governance. Thus, according to their individual circumstances, euro area countries should use the room for manoeuvre provided for in the Stability and Growth Pact to bolster aggregate demand and growth in activity. Admittedly, in many cases, the precarious state of public finances leaves little room for stimulus measures, such as tax cuts or higher public spending, especially because the countries with most spare capacity are also those with the highest levels of public debt. However, fiscal policy’s contribution to growth is not only determined by revenue and expenditure levels, but also by their composition. In that respect, there is some scope (broader in some countries than in others) for a shift in the tax structure towards taxes that are less distortionary and more favourable to growth. A further objective is to make public expenditure more efficient and direct it to those components that are more favourable to growth.

After more than 40 years in banking, many of them in Hong Kong, he is about to retire from the field. He is thus currently much in demand among his many friends within the financial community, who wish to fete him on his retirement. He is also receiving bookings in his new, risk-taking career as popular singer and entertainer – a field in which we wish him every success. I take this opportunity to pay tribute to David for his outstanding contributions to Hong Kong during difficult and challenging times, not just in the financial sphere, but also in the many community and charitable activities in which he is involved. Ladies and gentlemen, it is an honour to welcome Governor Jaime Caruana as speaker, and Mr David Eldon as discussant. I now have much pleasure in inviting Governor Caruana to deliver the seventh HKMA Distinguished Lecture. 2  BIS Review 9/2005
Or: With expanded markets and choice available for high net worth customers, will it make it harder for domestic financial institutions to continue supporting inclusion outcomes that are partly cross-subsidised by high net worth business today? Correspondingly, to what extent will this impact the cost of financial services for the poor, potentially making them even more unaffordable than before? Or: Are there opportunities to bring new technologies and emerging practice into domestic markets and simultaneously create an environment for them to take root and spawn original domestic applications that will create additional multiplier effects? Or: How might easier cross-border access encourage new business partnerships that would enable financial institutions to penetrate untapped customer segments more efficiently and reduce associated information asymmetries? Answers to such questions can be important in how we think about and approach financial integration. Ultimately, behaviour matters, and therefore needs to be explicitly addressed in financial integration strategies. Unless we also turn our attention to the behavioural responses of financial actors in a more financially integrated region, we may find that our best efforts to strengthen the pillars for greater financial inclusion ultimately does not deliver as expected. Financial inclusion and financial integration strategies therefore need to come together through deliberate approaches that are mutually reinforcing.

Nor Shamsiah Mohd Yunus: Advancing digitalisation for recovery, sustainability and inclusion Speech by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the MyFintech Week 2022, virtual, 24 January 2022. * * * Assalamualaikum, bismillahirrahmanirrahim and welcome to MyFintech Week 2022. MyFintech Week is an important event for Malaysia’s financial sector. It is here where changemakers from finance, technology, government, business and other disciplines come together to discuss how we can shape the future of finance through technology and innovation. The theme of this year’s conference is “Advancing Digitalisation for Recovery, Sustainability and Inclusion”. Over the last two years, we have seen an accelerated pace of digital adoption across government, society and business unmatched in recent history. Against this backdrop, this theme aims to tap into the enormous potential of digital technology to transform finance and help build a more inclusive, resilient and sustainable economy of the future. Over the next five days, over a hundred speakers will discuss a broad range of issues ranging from environmental sustainability, the future of money, emerging technologies and the financial health of consumers. At MyFintech Week 2019 two years ago, I spoke about the dynamic shifts that the world was undergoing, and in turn, the opportunities and risks they presented to the financial industry. These included changes in the global economic order, climate change, rising income inequality and the advancement of technology.
Australia, which is slightly bigger than the Netherlands, also has 4 big banks, but they are mainly domestic, smaller than the Dutch although bigger than the Singapore banks. The Australian government maintains a “Four Pillars” policy, under which it will not allow any of the 4 banks to merge or take over any of the others, in order to maintain sufficient competition in the domestic market. But there is debate in Australia over whether this “Four Pillars” policy is sustainable, or whether it will cause Australian banks to lose out in the long run, by preventing them from becoming large enough to be truly viable. Singapore’s economy is ¼ the size of Australia’s. Singapore cannot afford a “Four Pillars” policy. If we tried that, our banks would be like bonsai plants, root-bound by the small pots in which they grow. Our biggest bank – DBS, even after the merger with POSBank, is ranked only 115th in the world by asset size. In banking size is not everything, but size is important. If the local banks fail to achieve enough scale, they will not be able to invest in cutting-edge technology and management systems, or to attract the talent necessary to compete with the best players. Their service standards and product range will not be able to keep up with their foreign competitors. They will find it difficult to diversify their earnings by competing in fee-based businesses, like asset management and cash management.

The 8 Qualifying Offshore Banks will be given priority in the upgrading. Existing Offshore Banks as well as banks that do not yet hold a banking licence in Singapore are encouraged to apply. After these 20 licences are granted, we will review the pace of upgrading the remaining Offshore Banks. Enhancing competition in retail banking In retail banking, we will maintain the momentum of liberalisation by improving on the first package of measures. We will take applications for the two outstanding QFB licenses. We will also expand what a QFB is allowed to do: a. With immediate effect, they will be permitted to establish up to 15 locations (previously 10), of which up to 10 (previously 5) can be branches, and the rest off-site ATMs. BIS Review 61/2001  5  b. From 1 July 2002 QFBs will be allowed to provide debit services on an EFTPOS network. QFBs can negotiate with an existing EFTPOS network such as NETS, Visa or Mastercard, for access on fair commercial terms. QFBs will then be able to provide debit services such as debit cards, and cashback at retail outlets. Using the Visa network alone to provide debit services will open up more than 23,000 terminals to the QFBs. With cashback services, each EFTPOS terminal, whether run by NETS or a credit card company, becomes a potential cash withdrawal point.
4 Figures from Office of the U.S. Trade Representative, UN World Investment Report. 5 Hufbauer and Lowry, “US Tire Tariffs: Saving Few Jobs at High Cost”, Peterson Institute for International  Economics, April 2012. 6/6  BIS central bankers' speeches

Headlines: UK heads for credit crisis. Closed for credit. Credit card sales dive. Facts: bank and building society lending up by 0.7% in the latest month (September) and by 8.8% over the past year. Credit card lending was up by over 26% on a year ago. Headlines: House prices hit as recession clouds gather. Facts: house prices rose by 6.7% over the past year on the Halifax index and by 7.5% according to the Nationwide. Now I say all this, President, not to draw attention to the proclivity of headline writers, and some economic/financial commentators, to sensationalise. My serious point is that, especially at a time of unusual uncertainty as at present, we all need to focus more carefully than ever on the evolving facts, and on the more probable outcomes and not allow ourselves to become preoccupied with extreme, even if possible, outcomes. Against that background, let me offer you my own assessment of where the UK economy has come from and where it is headed. Since the recession of the early 1990s the economy as a whole has, as I say, grown at an average annual rate of just over 3% - well above trend.