samchain/econo-pairs-v1 huggingface dataset:
First, a three-phased approach to promote Green and Sustainable Banking. (i) In the first phase, we will develop a common framework to assess the existing baseline of individual banks in order to establish how “green” they are. (ii) The second phase is to engage and consult the industry and other relevant stakeholders to develop our supervisory expectation or requirements, particularly on how to incorporate Environmental, Social and Governance (ESG) risk elements in banks’ corporate mandate, risk management practice and financial disclosure. The key objective of this phase is to set tangible deliverables for Hong Kong’s banking industry to become greener and more sustainable. (iii) The third phase will focus on implementation, monitoring and evaluation. During the process, 2/4  BIS central bankers' speeches  we will take into account the unique circumstances, risk profiles, nature and scale of business of each bank. 16. The second measure is adoption of the responsible investment principle by the Exchange Fund. (i) Apart from it being a good cause, responsible investment makes good investment sense. ESG risk has become too significant to be ignored in the investment decision making process. Assets or companies with high ESG risk might see diminishing value over time or even risk becoming “stranded” assets. By integrating ESG factors into investment, we aim to seek better risk-adjusted return in the long run, which is consistent with the objectives of the Exchange Fund.

As outlined in the Financial Sector Master Plan, the strategies to achieve an adequate and effective consumer protection infrastructure involves: •  A comprehensive and structured consumer education programme;  •  Increased transparency by the financial institutions on the products and services being offered;  •  Legal redress for consumers to deal with grievances arising from the purchase of financial products and services;  •  Expansion in the role of the Banking Mediation Bureau to cover the full range of retail banking related consumer complaints and educating banking consumers of the ways in dealing with the available courses of action;  •  The implementation of Anti-Trust regulation to define the process by which abuses that are detrimental to consumers can be addressed; and finally  •  Establishing a deposit insurance fund to not only create incentives for prudent management by the banking institutions but also to assure protection to small depositors. The objective is to promote a more market oriented consumer protection framework. Ladies and Gentlemen, This new millennium brings with it new opportunities and challenges to both the financial institutions and to the consumers. As we advance forward we can expect an increasing array of choices open to consumers. In making financial decisions, consumers require information on a wide range of matters and details about the processes and documentation involved, the relevant fees and charges to be incurred and the risks and benefits of each type of product or service.
According to the academic literature, when interest rates are close to zero, non-conventional monetary policy may come in three different forms: first, management of agents expectations through a commitment by central banks to keep interest rates low for a long period of time; second, increasing the balance sheet of the central bank; and, third, changing the composition of assets in the balance sheet of the central bank. The FED, the Bank of Japan and the Bank of Canada, have made use of the first kind of instruments aimed at managing expectations. Therefore, they have made announcements about the future path of interest rates to affect the agents’ expectations about long-term rates. However, the non-conventional monetary policies more widely used since 2008 have been of the second and third kind, that is, the ones affecting the size and composition of the central bank’s balance sheet. In the euro area, the ECB changed its liquidity tenders to a fixed-rate system, with unlimited amount. In order to remove uncertainty, it increased their maturity up to three years. It also set up a program to purchase covered bonds and introduced the Securities Market Program and the Outright Market Transactions Program to ensure proper transmission of monetary policy during the shocks of the sovereign debt crisis. The Securities Market Program was not a quantitative easing instrument, since purchases were later sterilized.

In particular, the Committee observed an imbalance among the key elements of the credit risk management process, with too strong a reliance upon collateral to protect against credit losses. This undue emphasis, in turn, caused many banks to neglect other critical elements of effective credit risk management, including in-depth credit analyses of counterparties, effective exposure measurement and management techniques, and the use of stress testing. The Credit Approval Process For a bank to make sound lending decisions, it needs to obtain sufficient information about the borrower. Supervisors routinely emphasize the need for banks to have an effective credit approval process consisting of formal policies and procedures, accompanied by documentation of actual credit decisions. I should note that banks’ credit exposure to LTCM was in two forms: the exposure arising from the trading of financial products with LTCM, and the exposure stemming from loans made to LTCM. Banks’ primary exposure to LTCM was through their trading activities. Loans were not a large factor in the events that transpired last fall. Regardless of whether a bank is a trading counterparty with, or a direct lender to, an HLI, it must obtain comprehensive and timely financial information about that HLI’s risk profile and credit quality, and it must perform ongoing credit analysis of that HLI. In addition, a bank must have a clear understanding of an HLI’s operations and risk management capabilities. The Committee observed weaknesses in each of these areas. Let me give a few examples.
Christian Noyer: No one should, nor can, manipulate their currency – interview in Le Figaro Interview with Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, in Le Figaro, Paris, conducted by Ms Isabelle Chaperon, Ms Bertille Bayart and Mr Jean-Pierre Robin on 9 November 2010 and published on 11 November 2010. *  *  *  Interview – On the eve of the G20 in Seoul, the Governor of the Banque de France advocates an “orderly and calm” discussion on the international monetary system. Le Figaro – Last week, the US Federal Reserve pumped USD 600 billion into the economy. This decision has been harshly criticised. How do you view it? Christian Noyer – We raised this issue last weekend at the Bank for International Settlements in Basel. Fed officials explained this action in the light of their mandate, their goal of reviving the US economy and the risk of deflation. They assured us that they had no deliberate intention to devalue the dollar. And I have no reason not to believe them. Le Figaro – The Fed seems much more accommodating than the ECB ... Are the economic situations so different? Christian Noyer – Saying that the Fed is very accommodating and the ECB very stringent does not reflect reality. In Europe, our monetary policy is still marked by the non-standard measures tailored to the structure of our economy.

Many of these standards are implemented through the exchanges’ own business rules to ensure fair and orderly trading. 9. This brings me to the subject of SGX as a self-regulatory organisation or SRO. Singapore’s capital markets operate under a dual-level regulatory framework. The MAS is the statutory regulator, and we have the broad mandate of overseeing the proper functioning of financial markets, including exchanges like the Singapore Exchange (SGX) and newer entrants such as ICE Futures Singapore (ICE Futures) and EUREX. The MAS, as you all know, is an integrated financial supervisor and our Capital Markets Group performs the equivalent regulatory functions as other standalone securities regulators including the SEC in the US, the SFC in Hong Kong or ASIC in Australia; our regulatory powers encompass policy making, supervision and enforcement. 10. The exchanges, with their frontline interface with industry players, traders and investors, perform complementary and important roles in ensuring fair, orderly and transparent markets. The exchanges are accountable to MAS on how they exercise these regulatory responsibilities. 11. Questions have been raised, and quite understandably so, on whether a listed for-profit exchange can discharge its role as a regulator. 12. In Singapore, this issue has been reviewed periodically since the demutualisation and merger of the Stock Exchange of Singapore (SES) and Singapore International Monetary Exchange (SIMEX) in 1999, to form SGX. It is important to be mindful of what the SRO function entails. 13. Let me elaborate. The SRO function goes beyond listings, which has been the main area of focus.
Joseph Yam: Consumer protection and the banking industry Speech by Mr Joseph Yam, JP, Chief Executive of the Hong Kong Monetary Authority, at the Hong Kong Association of Banks’ Half-Yearly Dinner, Hong Kong, 19 June 2001. *  *  *  Thank you very much for asking me to give the speech this evening. The last time I was invited to speak at an HKAB dinner was almost exactly two years ago, and the time before that was nearly nine years ago. Although I am not quite sure whether I could manage the pace if this rate of acceleration were to continue, it is a pleasure to be getting together with you more frequently. It is also most appropriate. The banking industry in Hong Kong is going through a period of rapid transformation. The regulatory system is in the middle of a programme of intensive reform. And the Hong Kong Association of Banks, now in its 20th year, is currently reviewing its role and aims in the light of these changes. As the banking sector’s main representative body, HKAB has an important role to play: I shall suggest later on, that indeed it has an increasingly important role to play as the banking sector continues to evolve and adapt to changing conditions.

For example the National Payment Systems Act which was enacted in 2007 gives powers for the Bank of Zambia to regulate and oversee operations of payment systems to ensure the effectiveness, efficiency and safety of payment systems so as to promote the stability and safety of the Zambian financial system. Further, the Bank of Zambia through the National Payment Systems Vision and Strategy 2007–2011 and the Financial Sector Development Plan, has undertaken various activities that are focused on improving access to financial services for both the banked and unbanked population. You may recall the Topline findings by Finscope on our financial sector development systems and their recommendation to expand access to financial services to the unbanked population in remote areas. The launch of Airtel Money is expected to contribute positively to the financial inclusion agenda which in turn will have a positive impact on the economy at large. In addition, the Bank is in the process of putting in place Electronic Money Regulations that will ensure that e-money transactions are operated within safe, efficient and secure bounds. Distinguished guests, allow me to also comment on the recent B+ sovereign rating assigned to the country by world renowned rating agencies Standards and Poor and Fitch, as well as, the reclassification of Zambia as a middle income country by the World Bank. The rating and reclassification requires the central bank, the Zambian business community and Government to continue enhancing the financial system to ensure that it is robust and reaches the unbanked.
In my view, given the evidence that reforms have been halted in many countries after entering the eurozone, these measures should be taken before the euro area accession. The last twenty years have been unusually good for the global economy. Growth was high and less volatile, inflation fell to low levels in both developed economies and in emerging markets. Real returns enjoyed by investors in bond and equity markets were higher than ever in the post-war history. There are however signs that this “Great moderation” era may be coming to an end. If this is the case then the coming years may prove truly challenging for the central banks in EMU-graduation zone. Let me explain in some detail several factors that justify such claim. 1. Agflation, is the rise of inflation due to increase of food prices. In recent months we have witnessed a significant increase of food prices, grain and oilseeds being the leaders. Prices of food products on international markets has risen by almost 40 per cent within last two years and prices of grain and oil seeds has almost doubled within this period. Many forecasters suggest that this trend will not end in the nearest future. There are several explanations of such situation. Firstly, rising oil prices increase demand for alternative sources of energy, biofuels being high on the agenda in many regions. In effect industrial demand for food commodities will further rise. By the way, it is worth to mention what may be the ecological consequences of growing biofuels production.

Alongside Singapore’s vibrant REIT market, we offer a strong value proposition for real estate players to tap on Singapore’s capital market to finance the rapid growth in the Asian real estate sector. BIS Review 38/2007  1  Singapore’s Real Estate Investment Trust (REIT) market Singapore was the first country in Asia to introduce a regulatory framework to facilitate the offering of Real Estate Investment Trusts (REITs). This framework allows property companies to securitise their completed real estate assets in the capital markets, realise capital gains and re-invest into developing new properties. By offering investors direct exposure to assets with stable cash-flows, REITs tap a new pool of investors who are seeking higher-yielding securities, including pension funds and insurance companies. Since the first REIT listing in 2002, the Singapore REIT market has become the largest REIT market in Asia outside of Japan. Currently, Singapore has 16 listed REITs, making up a total market capitalization of over $ billion. Singapore REITs offer investors access to a diversity of real estate assets including retail malls, office buildings, industrial properties and serviced apartments. In 2006, we also saw the first dedicated hotel REIT as well as Asia’s first healthcare REIT. Several key factors have contributed to the growth of the Singapore REIT market. Our established and robust, yet pro-business regulatory framework and competitive tax regime have drawn the attention of global investors, attracting the securitization of not just domestic, but increasingly offshore assets.
In 1996, when the Board of Governors issued its proposed regulations concerning the applicability of Regulation E to stored-value cards, the Board of Governors explicitly requested that commenters to the proposed revisions indicate whether the commenters believed that part or all of Regulation E should apply to electronic “money” or “value” residing on a computer system or a personal-computer hard drive.12 Similarly, the FDIC, while holding public hearings on its General Counsel Opinion No. 8 on stored-value cards and Federal deposit insurance coverage,13 specifically requested additional commentary on Federal deposit insurance coverage and electronic value represented on computer systems or personal computers. I believe the message is clear: as bank supervisors, we are open to what the banking community has to say on this rapidly evolving market. New ideas and reasoned arguments are welcome. We must try not to restrain important new services developed by the banking industry but should remain vigilant as banking-type services are offered by nonbank institutions. A Payments Systems Overseer’s View From the perspective of a payments system overseer, I see much activity, but thus far, few genuinely revolutionary innovations with respect to banking and the Internet in the United States. Mainly, I see the application of faster, cheaper electronic processing of older, more established paper-based methods of transferring payments between parties. Credit card payments on the Internet are one example.

We support the IMF in scaling-up its work on the macro-critical implications of climate change, digitalization, poverty alleviation, youth employment, and inclusiveness in general. We look forward to the successful conclusion of a new general SDR allocation of $ billion and encourage the Fund to work on options for voluntary reallocations of SDRs for the benefit of poorer members. We welcome the doubling of the New Arrangements to Borrow, as well as the renewal of the Bilateral Borrowing Agreements to meet the members’ high and growing overall demand for Fund resources and the shift towards UCT arrangements. We welcome the work on the 16th General Review of Quotas and reaffirm our commitment to a strong, quota-based, and adequately resourced IMF at the center of the global financial safety net. 2/2  BIS central bankers' speeches
This is to ensure an inflation rate in line with the target and a balanced development in the real economy. But at the same time I considered that the changes in the economic picture were not so great that the interest rate needed to be raised immediately. Let me explain why. In February we believed that growth would continue to be good, although it was expected to be slightly lower than last year. We estimated that cost pressures would rise during the forecast period as employment was expected to increase and wages were expected to rise faster. Higher cost pressures could also lead to inflation rising, but we estimated that the favourable supply conditions would contribute to a relatively modest rate of increase. At the same time, we pointed out that the assessment of wage developments was uncertain. For instance, the rapid upturn in employment and the increased labour shortage implied more rapid wage increases, while the increase in labour supply and continued price pressures from abroad indicated slower wage growth. The assessment in the main scenario was that the repo rate should be raised at a fairly slow pace. We also presented a number of alternative scenarios and the consequences they would have for monetary policy. In one such scenario we investigated the consequences of more rapid wage increases than calculated.

First, it sets out an account of the developments in the economy and the conduct of monetary policy and financial sector policies in the year 2006. It also presents an evaluation of the key sectoral developments in 2006, the policy measures taken and the expected impact of such measures on the country’s macro-economic environment. Second, it examines the challenges in meeting monetary policy objectives and financial stability in 2007 and beyond. Third, the statement provides a detailed account of the Central Bank’s monetary policy strategy in 2007 and beyond, as a major mechanism to drive the economy along a low – inflationary/high - growth path, supported by a series of other policies and strategies. Fourth, it discloses the policies for financial system stability in 2007 and beyond. BIS Review8/2007  1  Fifth, it presents the identified policies for strengthening the economy, through the encouragement of high savings and investment. While we hope you would find our statement of interest, we wish to mention that, in the light of any unexpected external and internal developments, we may sometimes deviate from the strategies or targets as explained today. In such an event, we would, at that time, communicate our reasoning for such deviations for your understanding as well. 3.
There then remains only 1 per cent of the debt of 170 per cent, that is, the net debt service required in the long run to keep the debt ratio constant is only 1.7 per cent of disposable income.16 With this reasoning, a debt ratio of 170 per cent is sustainable with a considerable margin. Figure 3 Capital over assets for households, some large listed companies and Swedish banks Per cent 80 70 60 50 40 30 20 10 0  Sources: Dagens Industri (capital/assets 2011 for listed companies and Swedish banks) and the Riksbank (household net wealth/assets). surplus of disposable income in a “left-to-live-on” analysis – which is described in footnote 17 – is around 58 per cent. The current value of this surplus is then around 1 000 per cent of disposable income. When these figures are compared with a debt of 170 per cent and added to real and financial assets of 510 per cent, households’ leverage ratio and debt-servicing ability undoubtedly appear to be pretty good. 15  Isaksen, Lassenius Kramp, Funch Sørensen and Vester Sørensen (2011). 16  A high mortgage rate after tax could be 5 per cent. A long-run level for the repo rate of 4 per cent plus an historically-high spread of 3 percentage points gives a mortgage rate before tax of 7 per cent and after tax of approximately 5 per cent ((1-0.3)x7=4.9).

Monetary policy can only affect real variables during a limited period of time and means that only for a limited period they can deviate from their long-run sustainable paths of development. As I mentioned earlier, monetary policy has very little effect on housing prices and debt even in the short run. People sometimes talk about the “long-run effects of today’s monetary policy” on household debt, but according to this reasoning, monetary policy has no long-run effect on household debt.11 Monetary policy is stabilisation policy, not structural policy. Influencing household debt in the long run thus requires structural policy, such as fiscal, tax and housing policy, as well as financial stability policy, so-called macroprudential policy. A task for macroprudential policy The large negative effects on the economy as a whole mean that it is hardly possible at present to use the policy rate and monetary policy to influence housing prices and household indebtedness without prejudice to the mandate of price stability and highest sustainable employment. It is better to use other, more direct means, which do not entail such large real  8  Bernanke (2010, 2011) reaches the same conclusion. Bernanke (2010, Slide 9) also shows that for 20 countries the relationship between how expansionary monetary policy is (measured as deviations from a Taylor rule) and how house prices have developed is very weak, not statistically significant, and only explains 5 per cent of the variability in the increase in housing prices between the countries.