samchain/econo-pairs-v1 huggingface dataset:
Public perception and trusts for bankers were severely dented. Bankers became a figure of ridicule. We should not let this happen in Malaysia. Both the law and the expectations of the central bank on directors’ role and responsibilities are very clear. Directors are responsible for ensuring the conformance of senior management to the strategies and policies set by the board. They are also ultimately accountable for the financial institution’s compliance with relevant laws and regulations. This includes overseeing the implementation of the financial institution’s governance framework and internal control environment, and periodically reviewing whether these remain appropriate in the light of changes to the size, nature and complexity of the institution’s operations. In addition to ensuring conformance, directors are also expected to drive performance through their oversight involvement in shaping the long-term direction of the institution, anticipating strategic challenges and mentoring senior management. Directors have to achieve this while confronting international and domestic developments that are fundamentally changing the landscape in which Malaysian financial institutions operate. The global economic outlook remains uncertain, with cyclical and structural weaknesses persisting in the advanced economies, more moderate growth in China and continued volatility in the global financial markets. For the last two decades, Malaysia has been becoming more integrated with the regional and global economy. The recent conclusion of the ASEAN Banking Integration Framework and Trans-Pacific Partnership Agreement, if properly sequence and implemented, provide further opportunities for Malaysian companies to expand abroad. But expansion beyond our shores poses new challenges as financial institutions will navigate unfamiliar territory.

Moving forward, we all have a role to play to ensure that boards of financial institutions in Malaysia continue to be served by high-calibre directors who will guide our institutions on a path of sustainable growth in the service of the economy. BIS central bankers’ speeches  3
Concern over how to resolve  BIS Review 6/2004  1  these problems has overshadowed factors that have been pointing to a strengthening of the dollar, mainly the relatively favourable US growth and the investment opportunities that this is likely to bring about. The weaker dollar can be assumed to have implications for the euro area and Japan, where growth has been fuelled in recent years by high net exports. A substantial appreciation in the exchange rate similar to what we have seen now will make it more difficult to increase exports, which means that growth will have to come from domestic demand to an even greater extent than today. At the same time, we must not forget that the depreciation of the dollar has occurred from levels that were generally deemed much too high, and that a change in the dollar exchange rate is likely to be a precondition for resolving the problem of the high US current account deficits in the long term. There has also been some new data on the real economy. As regards the US, the data suggest that economic growth there last year - once again - may have to be revised up. For example, housing construction reached record highs in October and November. In addition, consumption growth was stronger than expected during the same period. One reason for this was that households chose to save a smaller proportion of their income than expected.

Lars Heikensten: Monetary policy and the economic situation Speech by Mr Lars Heikensten, Governor of the Sveriges Riksbank, at Handelsbanken, Karlstad, 26 January 2004. *  *  *  It is nice to meet a group of representatives of the business and social community in this way in Värmland. I would therefore like to begin by thanking the organisers of today’s lunch meeting. When I took office as Riksbank Governor last year I decided that I would leave Stockholm shortly before each monetary policy meeting and visit different parts of the country; both to learn more about developments in various parts of Sweden and to explain the Riksbank’s work and actions. My visit to Karlstad today is the first of these trips. During the morning, I visited the university and spoke about how the Riksbank works. Later this afternoon I will first be visiting coffee manufacturer Löfbergs Lila and thereafter be discussing labour market conditions at the county administrative board. We at the Riksbank make these visits in order to meet the Swedish people and increase understanding for our policy, something that is particularly important today given our statutory independence. In Sweden we have an inflation target, which the Riksbank has defined as 2 per cent with a tolerance interval of plus/minus one percentage point. As I see it, our policy of inflation targeting has worked well. We managed to gain respect for our conduct of monetary policy a lot quicker than many other countries.
Expeditious disposal of legal cases As a further measure, the budget promotes expeditious disposal of legal cases to facilitate the long term viability of banks and financial institutions. To ensure expeditious redress to litigation and avoid delays, new provincial high courts will be set up. Support for capital market and financial sector policies To promote more investments in the capital market and provide assistance to financial innovations, the budgetary framework plans to raise revenue to around 19%, reduce the budget deficit to 5% of GDP and national debt below 85% of GDP by 2009. These measures are intended to provide more resources to the private sector and deepen the capital market. Already the government has permitted foreign investments in Treasury Bonds. National Insurance Trust Fund The budget 2007 also proposes to develop the insurance market in Sri Lanka by setting up a National Insurance Trust Fund which will help to provide risk insurance to affected properties and developing the re-insurance market. While transferring the funds available under the Civil Riots and Commotion Fund, a mandatory cessation of 50% of all re-insurance businesses to the National Insurance Trust Fund is introduced. This too will help save part of the outflow of funds for re-insurance and enhance liquidity in the insurance market. Support for build up of foreign reserves The budget has stipulated a minimum salary of Rs 25,000 or USD 250 for employment abroad requiring all employment agencies to comply with it.

First, I would start with regulations for small and medium-sized banking institutions. As I discussed earlier, we must ensure that the firms whose failure could impose the greatest costs on ordinary borrowers and savers have the capital, liquidity and risk management standards appropriate to that risk. But, the majority of banks in the United States do not come close to falling into this category. For smaller institutions, the regulatory and compliance burdens can be considerably lighter because the failure of such a firm will not impose large costs or stress on the broader financial system. Also, we must recognize that smaller firms have less ability to spread added compliance costs across their business. All else equal, an increase in compliance burden can create an unintended competitive advantage for larger institutions. We should also recognize the important role that smaller banking institutions have in supporting local communities around the country. The ability to lend to local businesses often depends on close bank-customer relationships, and on knowledge that is often difficult to develop when the home office is very distant. 5/6  BIS central bankers' speeches  There have been efforts by regulators at the Federal Reserve and elsewhere to reduce the regulatory requirements for such institutions, and that is something that we should continue to work on. Lawmakers could also evaluate statutory thresholds to see if they should be raised to apply to fewer, larger institutions. For example, the Dodd-Frank Act sets a higher prudential regime for those firms with $ billion or more in assets.
Under such a framework, it would be clear for both banks and the authorities, that measures of increasing intrusiveness would have follow as the financial situation of a bank worsened. An important element of such a regime that limits moral hazard, regulatory forbearance and creditor losses as well, is that authorities are obliged to take over a failing bank before its capital is fully depleted. 4  BIS central bankers’ speeches  Finally, many, including the staff of the IMF, have supported the idea of a European Resolution Authority responsible for crisis management and resolution, probably combined with a European Deposit Insurance and Resolution Fund. This is certainly the most ambitious plan of all, but was always considered as politically challenging and legally difficult to implement. Advancing towards a truly European solution I believe that all these proposals have important elements. In my view, the optimal arrangement for the EU would probably draw on all of these. There should be binding rules for the cooperation of Member States, and measures should be activated according to clear and transparent – although not automatic and not solely quantitative-based – triggers. Indeed, the resolution of a cross-border systemically important financial institution would probably be most efficient if the measures were at least strongly coordinated by one lead authority. Or, if we go a step further in our thinking, the ultimate long-term vision could be to establish one supranational authority, an FDIC-type entity implementing group resolution.

As slide 1 suggests, the combination of macroprudential measures taken between 2012 and 2019, in particular the revisions in the self-regulation guidelines, had a dampening effect on both mortgage lending and real estate price growth in this period. The slowdown in mortgage lending growth was particularly strong at banks that were constrained by the SCCyB requirement. 7 Furthermore, macroprudential instruments have contributed to improve the average quality of banks’ assets. Both the SCCyB and the increase in capital cost for high-LTV mortgages have in fact led to a reduction in the share of newly granted mortgages characterised by high LTV ratios. 8 In recent years, as we will see later in more detail, growth in residential real estate prices and mortgage lending has however increased once again. Overall, evidence abroad and in Switzerland suggests that dedicated macroprudential measures, in particular borrower-based instruments, can help to slow down the build-up of vulnerabilities, but cannot fully prevent their increase. This is one of the reasons why it is so important to ensure adequate banking sector resilience. Let me now turn to this important aspect. Strengthening banking sector resilience  Banking sector capitalisation has increased in many countries since the GFC, thanks both to the capital-based instruments put in place after the GFC and to voluntary buffers held by  6  7 8  Cf., for example, Galati, G. and R. Moessner (2018), What Do We Know About the Effects of Macroprudential Policy?
Jaime Caruana: Risk management trends and the supervisory structure Remarks of Mr Jaime Caruana, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the 31st General Assembly of the Geneva Association, Madrid, 27-29 May 2004. * I. *  *  Introduction and overview  I would like to thank Mr de Castries, Mr Liedtke, and the members of the Geneva Association for inviting me to participate in your 31st General Assembly. As the chairman of the Basel Committee on Banking Supervision, I am honoured to address another organisation that names itself after a distinguished city in Switzerland. It is a special privilege for me to do so here in Madrid, not far from the Bank of Spain. Our organisations may hail from different Swiss cities and different sectors of the financial services industry, yet both organisations monitor trends in risk management and work to encourage advances in that discipline. This is a difficult but enormously important duty for all of us. Financial organisations whether they are insurance companies, securities firms, or banks - compete on their knowledge of their customers. They seek to tailor products and services to each customer’s ever changing needs. To succeed in an environment where products and services must evolve quickly, financial service providers must understand thoroughly the benefits, costs and risks of their current activities, while watching the horizon carefully for future changes that might alter the balance between risks and rewards.

The Joint Forum’s study suggests that no single model for organising an integrated risk management function has become dominant. In some financial organisations, the function may exercise a considerable degree of control over individual businesses. In others - and especially in insurance companies - local business units continue to operate autonomously to a great degree. Yet nearly all firms that establish integrated risk management units are highly dependent on the quality of their information technology to collect, analyse, and report firm-wide data efficiently and effectively. Some participants have found that the greatest challenge in developing a centralised risk management structure lies in constructing compatible and efficient management information systems across all of their businesses. As a result, they devote substantial resources in terms of personnel and expenditures to the maintenance and enhancement of their management information systems. B. Risk aggregation into a single measure. Collecting risk data across many business lines has catalysed further efforts to aggregate those measures of risk by quantifying them in a rigorous fashion. This is the second major risk management trend identified in the Joint Forum report. The quantification of risk is certainly not a new concept in the insurance industry. Actuaries have long sought to estimate the likelihood of various events taking place. In recent years, however, we have seen financial risk managers and researchers apply mathematics, statistics, and modelling to many risk exposures that were previously not thought to be readily quantifiable.
Caleb M Fundanga: Corporate social responsibility - challenges that the private sector in Zambia should overcome Key note address by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Mufulira District Advisory Committee’s 2006 Business Forum, Mufulira, 18 March 2006. *  *  *  CHAIRPERSON, YOUR HONOUR THE MAYOR OF MUFULIRA MUNICIPAL COUNCIL, THE DISTRICT COMMISSIONER, THE TOWN CLERK, DISTINGUISHED INVITED PARTICIPANTS, LADIES AND GENTLEMEN On behalf of the Bank of Zambia and indeed on my own behalf, allow me to thank you for this invitation to Mufulira. It is an honour to be invited to this important Forum to share a few words with the business community on the issue of Good Corporate Citizenship. In view of the growing role of the private sector as a partner in economic development in Zambia, this topic could not have come at a better time than now. In fact, when I was invited to come here by the Municipal Council, I took a bit of time to reflect on the challenges good corporate citizens face. On the outset, it is imperative to realise that despite the moral ethics that come with being a responsible and good corporate citizen, advantages can also be exploited by strengthening the synergies between private sector growth on the one hand and social, economic and environmental development on the other. In view of this, I prepared my address within the context of the underlying theme “Corporate Social Responsibility: Challenges that the Private Sector in Zambia Should Overcome”.

If true, an obvious follow-up question is whether this should be a concern from a supervisory and regulatory perspective. Today, I will discuss the premise that large banks in the U.S. have indeed become more similar and then consider some reasons why this might be a topic of interest for the official sector. I can think of several compelling microprudential and macroprudential reasons why this would be the case: the need for an appropriate risk management framework that is commensurate with evolving risks; the need for supervisors to ensure that our assessments are 1/5  BIS central bankers' speeches  proactive and flexible enough to evaluate evolving firms; the potential for similar firms to become “systemic as a herd,” where a given shock leads to correlated responses and large-scale disruption in the provision of financial services; and the potential for firms to move away from areas of comparative advantage, which could diminish the overall efficacy of the financial sector. I’ll conclude with some implications for our supervisory regime. Environmental Context The performance of financial firms in the decade since the financial crisis has been influenced by a broad range of external forces. I’ll focus on three factors impacting how financial services are provided and their impact on large firm similarity: the regulatory response to the financial crisis, the interest rate environment, and technological innovation.
Second, if these programmes are extended for a very long period to all the economy’s industries and firms they may eventually hamper the reallocation of productive resources that may be necessary after the crisis. Finding the right balance between continuing to provide the necessary protection and maintaining a sufficient degree of selectivity will require the practically constant reassessment and adaptation of these instruments in coming quarters. At the same time, to facilitate structural adjustment, it is necessary to ensure that the various flexibility mechanisms that firms have available in the present employment framework are functioning properly. This is especially important in a context, like the one I have described, that is changing and surrounded by significant uncertainty. 4  There has been a certain recovery from the lows recorded in April (-10.5%). The evidence available from previous crisis episodes, which should be interpreted with caution as it relates to recessions very different from the current one, suggests that there is an appreciable risk that the decline in the number of registered firms in recent months may ultimately cause permanent damage to the Spanish productive system. In particular, in the past there has been a relatively high correlation between falls in the number of firms registered for Social Security and increases in the number of firms filing for insolvency. 16  However, as well as reorientation towards certain groups of agents, another change to the design of the support measures for households and firms that may be necessary in future relates to the specific instruments used.

‘An annuity is a very serious business’1 Speech given by David Rule, Executive Director of Insurance Supervision  Bulk Annuities – The Expanding Market, Westminster and City 26 April 2018  1  Chapter 2, Sense and Sensibility, Jane Austen, 1811  I am grateful to my colleagues in Insurance Supervision for their assistance in preparing these remarks. In particular, Milton Cartwright and Anu Ralhan. 1  All speeches are available online at www.bankofengland.co.uk/speeches  Today I am going to talk about the bulk purchase annuity market, the increasing use by life insurers of illiquid assets – and in particular equity release mortgages – to back these annuities and the significance of the Solvency II matching adjustment. First, though, I want to reflect briefly on the UK life insurance sector as a whole. Standing here in 2018 it is a very different market to the one I might have been describing just 20 years ago. The big change is that most new life and pension products do not guarantee returns. The great majority of savings products are unit linked. And individual pensioners are increasingly choosing draw down products rather than annuities. In both cases, investment risks lie with the policyholders. Other things being equal, that should mean a less risky life insurance sector and fewer sleepless nights for a prudential supervisor like me. The other side of the current life insurance market though is managing the legacy of past promises.
The reality however is that Islamic fintech is still in its infancy and growing – and there is plenty of catching up with conventional peers to do. What is required in making this leap is for leaders to think far across and beyond the industry that we are familiar with today. The transition can be accelerated by challenging conventional wisdom on competition to create new value curve and market spaces. Through this, the Islamic finance industry can strategically leverage on technology to deliver innovative solutions that can create sustainability, including financial inclusion solutions that can help bridge the “digital divide”. The industry can certainly take inspiration from the agility of the non-financial services industry to adopt, adapt and collaborate with fintech players – a strategy proven to be far superior. A good example is the partnerships formed between over 11,000 post offices in the U.K with a couple of fintech startups that have enabled these challengers to extend their simple, transparent online services to in-branch facilities. 3/5  BIS central bankers' speeches  The third imperative – Islamic finance must invest in capacity for the future, in particular in talent – for long term sustainable value creation. The journey ahead is one that is long and complex. This calls for the industry to fight the war for talent relentlessly. The industry can go far if it broadens its talent sphere, by providing top talent careers that are not just financially rewarding but also intellectually stimulating and socially meaningful. This is a win-win strategy.

Dimitar Radev: Achieving the financial stability objective through macroprudential measures cannot be sustainable without understanding the financial cycle Opening remarks by Mr Dimitar Radev, Governor of the Bulgarian National Bank, at the Conference "The Current Global and European Financial Cycle: Where Do We Stand and How Do We Move Forward? ", jointly organized by the Bulgarian National Bank and the Bank for International Settlements on the occasion of the 140th Anniversary of the Bulgarian National Bank, Sofia, 7-8 July 2019. * * * Dear colleagues, Distinguished guests, We are delighted to have you with us to participate and share in our joint BNB-BIS conference organized on the occasion of the 140th anniversary of the Bulgarian National Bank. I would like to extend my special thanks to the General Manager Agustín Carstens and the BIS for their support in organizing this event. This is only a latest example in decades of cooperation between our two institutions. The BNB is among the oldest central banks in the world, 13th by order of establishment1. Today’s conference, therefore, marks a long history of central banking in Bulgaria. Evolution of a central bank’s mandates A central bank is historically associated with the goal of keeping the national currency and prices stable. After the Great Depression of the 1930 s supervision has become a function entrusted to or taken away from central banks in cycles depending on crisis experiences. With respect to supervision as a central bank function, the 2007/2008 global crisis had two effects.