samchain/econo-pairs-v1 huggingface dataset:
The CRIB is totally dependent on these institutions for reliable information and given the objective of looking after its client institutions, the CRIB would fix negative labels on defaulting borrowers. The CRIB is not in a position to verify or go into details of the operations of any credit institution and establish the class, creed or social status of the customer. It only fix labels according to what is reported by the credit institution. On the other hand, the Bank Supervision Dept. and Non-Bank Supervision Dept. of the Central Bank of Sri Lanka, within their own regulatory ambit, can detect the non-reporting by institutions to the CRIB, but these departments are not mandated to share such information with the CRIB or vice versa. Hence, the injustice continues and often some of the deserving borrowers are denied access to credit institutions. In such a situation, how can the CRIB ensure social justice and equity in terms of public policy? The CRIB can be fair only if the credit institutions resolve to report on all defaulting customers with no exceptions. This situation clearly indicates that the decision to groom, retain or eliminate a customer rests largely with the bank or the credit institution. The injustice begins when the reporting institutions do not report defaults of all segments of borrowers. The extent to which the banks and credit institutions have done a disservice to some of the deserving borrowers, is known only to the banks and credit institutions themselves.

As we have shown, it is entirely feasible to steer secured money market interest rates effectively in negative territory. This is due in no small part to the fact that the secured Swiss franc money market is efficient, is based on a modern infrastructure, and can count on committed market participants. The SNB will continue to help shape this money market infrastructure in the future. Ladies and gentlemen, many thanks indeed for participating in this event this afternoon. The fact that you have made the effort to tune in, despite the unusual format, demonstrates your interest in the Swiss money market, and we thank you for this interest.
Ian Plenderleith: Monetary stability as a foundation for sustained growth Speech by Ian Plenderleith, Executive Director of the Bank of England, to the National Association of Pension Funds Investment Conference held in Eastbourne on 14 March 2001. *  *  *  The UK economy has embarked on the new millennium with much the same healthy stride as marked its progress through the final years of the old. Over the past year, we have seen the economy continue to achieve steady and sustainable growth. We are, indeed, now in the ninth year of continuous positive growth in output. This remarkable track record has brought with it a steady rise in employment, with the benefits being felt in high levels of job creation throughout the regions of the country; and unemployment has fallen to the lowest levels we have seen in decades. All of this has been achieved with inflation remaining low: the RPIX is currently running a little below our target of 2 1/2% and has averaged 2.4% pa over the nearly-four years since the MPC was given responsibility for managing interest rates. In the process, with inflationary expectations now anchored at low levels, 10-year bond yields have fallen to around 4 3/4%, as low as can be found in any industrialised country except Japan. What is particularly encouraging about the past year is not just that we have been able to continue on the track of steady growth.

Of course, it is never easy to judge what levels of financial asset prices are realistic, and the risk of volatile adjustments remains, as we have seen in recent days, but the important point is that the downwards adjustment experienced last year, which could have been abrupt and might have generated wider economic effects, was in fact achieved without significant repercussions on the real economy. In both cases, the result is a better foundation for the prospects for sustaining growth in the economy. Let me now turn from the year past to the year ahead. I have stressed the encouraging performance of the economy over the past year, and the confidence we can hopefully take in its underlying soundness, because we undoubtedly face serious challenges and a material increase in uncertainty in  BIS Review 22/2001  1  the year ahead. Most notably, we have to manage the UK economy against the background of an international environment in which the US economy has begun to experience a sharp slowdown. Each quarter the Bank of England publishes an Inflation Report which sets out the MPC's considered view of the prospects for growth and inflation looking two years ahead. Let me start from our latest Inflation Report, published last month. That recognises that the weaker outlook in the US will depress global demand and dampen growth prospects in other countries. The UK cannot, of course, expect to be immune to this weakening process.
The recent increase in inflation was to a large extent due to exceptional and short-lived factors – such as particularly adverse weather conditions in some parts of the euro area, which led to increases in food prices – as well as to the anticipated influences of indirect taxes and base effects resulting from developments in energy prices. Taking these factors into account, there is no evidence so far of a significant impact on the price level as a result of the euro cash changeover. Nor do we expect substantial effects in the months to come. There is reason to assume that the physical introduction of the euro banknotes and coins will strengthen competition, thereby supporting the maintenance of price stability. Beyond the short term, the outlook for inflation remains favourable. One important concern, however, relates to forthcoming wage negotiations. If wage moderation is maintained, as we currently expect and in any case consider warranted in order to foster employment growth, and assuming that other determining factors also develop favourably, annual inflation rates should fall safely below 2% this year. They should also remain at levels consistent with price stability. Finally, let me underline the importance which the Governing Council attaches to the Stability and Growth Pact and its strengthening through diligent implementation of the appropriate procedures. The responsibility for these procedures lies with the European Commission and the ministers of finance.

What we want to achieve is to improve people’s ability – to manage money well – through their entire life cycle, and their ability to handle periods of difficulties. Financially literate population – will help to improve the well-being of individuals and households; ensure a sound and competitive financial system; as well as contribute to the sustainable growth of the economy. Let me explain further on the importance of elevating financial literacy: a. For individuals and households – financial literacy has become a key life skill. Those who go through life by making sound financial decisions – will potentially be more resilient and end-up with a much higher standard of living throughout their lifetime, including during retirement. With the right knowledge and skills – individuals can live within their means; manage finances; and improve chances of achieving their ultimate financial goals. A financially literate Malaysian – would be aware of the importance of long-term financial planning and will actively save for the future. b. Empowered financial consumers – is an important element in enhancing market discipline and promoting financial stability. Financially literate consumers can collectively influence the behaviour of financial institutions to operate in a responsible, transparent and efficient manner. Financial institutions would be more competitive and motivated – to provide proper advice and offer suitable products, including that can support long-term financial planning. c. Successful channelling of savings into productive investment opportunities – will also promote better economic growth.
BIS Review 69/2008  3  Any lack of interoperability across mobile operators and across banks will not achieve the required critical mass and will also result in high transaction cost for consumers. It is hoped that market participants will be able to offer new and innovative mobile payment products and services that opens up new markets for mobile service providers and payment operators, offer the convenience at reasonable costs and thus deliver the cost savings and efficiency gains that consumers and businesses seek, and thus allow for the economic benefits to be realised. Industry players also need to work together. An area that needs critical attention is for the industry players to focus on the bigger picture and regard the mobile phone as a mechanism towards achieving a common goal. To promote the significant use of the mobile phone for financial services, the industry has to respond rapidly to address the need for interoperability and collaborate in areas such as developing a common infrastructure, common payment messaging format, as well as common security and authentication standards. Common standards and infrastructure will create an accessible, open and vibrant payment eco-system that will attract a wider consumer base allowing all market participants to reap the benefits of a larger customer base. A shared integrated network with common security standards and common messaging standards will make it easier, more cost-effective, and more convenient for consumers, merchants and service providers to execute and receive payments, thereby increasing the attractiveness of the mobile network as a payment channel.

Jean-Pierre Roth: The Swiss economy and financial centre – successes and new challenges Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Handelskammer Schweiz-Österreich und Liechtenstein (Foreign Trade Chamber for Switzerland-Austria and Liechtenstein), Vienna, 25 February 2008. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  Mid-2003 saw the start of a remarkable, broad-based economic upswing in Switzerland which is still underway, even if business cycle uncertainty has increased in the recent period. A number of factors indicate that the long-term growth outlook, too, has improved for Switzerland. These factors include the increasing globalisation of our economy and the opening up of the labour market to the EU. The Swiss economy is participating in globalisation through increased direct investment as well as growing foreign trade. At the same time, there is more competition on the domestic goods market, although a fair bit still remains to be done in this area to complement the opening up of the labour market to the EU. Globalisation and market opening present companies and economic policymakers with challenges that become particularly acute when setbacks occur – as in the case of the current international financial market turbulence.
As highlighted in a recent statistical study, the growth of the “sharing economy” is creating new opportunities for self-employment: people who work on a shift pattern in a retail store might spend their off-days driving an Uber taxi. This kind of “micro” activity might be less simple to measure than the services of traditional taxi firms, as it may be less likely to show up in earnings data. 4 Measuring investment in a digital economy is equally tricky, as much of it concerns intangible capital. We have now started classifying R&D as investment, which is welcome, but it’s only the most tangible part, i.e. technological innovation, which is typically recorded. Business model innovation is excluded. What’s more, investment in organisational capital and human capital are not recorded in national accounts, even though this will become ever more important part of capital growth as more jobs become automated and skill premia rise. Even more complex is how to measure the value of digital innovations in terms of, say, the time they save for consumers or for national output. How should we value the ability to conduct banking via a smart phone? Or get directions through Google maps? 5 This isn’t just a question of the so-called “consumer surplus”, which is about welfare. It’s a question of whether improvements in quality are being properly valued. And as more and more services are provided in this intangible way, the likelihood of significant mismeasurement of the full value of goods and services in our economies rises.

Yves Mersch: Policy needs, knowns and unknowns in the aftermath of the crisis Keynote speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at UBS, Zurich, 4 February 2016. *  *  *  I would like to thank Valerie Jarvis for her assistance in preparing this speech. Ladies and Gentlemen, I would like to thank Valerie Jarvis for her assistance in preparing this speech. Coming out of a crisis, one of the biggest challenges that policymakers face is uncertainty about the state of the economy. We can respond to this, of course, by looking at stylised indicators, such as inflation or employment. But for a forward-looking monetary policy, that’s not sufficient. We need to know the strength of the inflation pressures building up over the medium-term – that is, whether the economy is over-heating or under-cooking relative to its underlying potential. It is for that reason that central banks have traditionally used the concept of potential output – the level of output consistent with price stability – to gauge inflationary pressures. 1 If actual output is above potential output, there is a positive “output gap” and we can expect upward pressures on inflation. And if actual output is below potential, the opposite will be the case and disinflation will follow. In general terms, I see nothing wrong with this way of thinking. The economy is vastly complex and we need simplifying frameworks for assessing “how it’s doing” overall.
7 The 2007-2008 food price shock was partially considered to be a one-off change in global relative demand and supply, such as the increased use of biofuels that should have no severe medium-term inflationary implications. However, with inflation rising, the monetary policy rate (MPR) was raised by 125 basis points in the second half of 2007, in order to mitigate undesirable second-round effects of the supply shocks (Figure 5). 8 By early 2008, the inflationary situation was still a complex one, but risks had decreased, and inflation was expected to reach its target thanks to the monetary policy actions already in place, lower world growth and a strengthened peso. Trend inflation tempered and monetary policy remained unchanged. During this period we decided to initiate a process of reserve accumulation. Nevertheless, halfway through the second quarter of 2008, the inflation path radically changed; the inflationary trend resumed, unexpectedly, with monthly inflation reaching more than 1%. The risks of inflation remaining above the target beyond the policy horizon also grew strongly. Consistently, monetary policy also had a strong reaction. The MPR was increased by 200 basis points in just four months. By September 2008, before the collapse of Lehman Brothers, the Central Bank estimated that it would be necessary to raise the MPR further, even above market expectations. Finally, inflation reached its 9.9% peak in October.

Philipp Hildebrand: The Swiss National Bank and the financial crisis Summary of a speech by Mr Philipp Hildebrand, Chairman of the Governing Board of the Swiss National Bank, at the Club of Rome Forum, Zurich, 20 January 2011. The complete speech can be found in German on the Swiss National Bank’s website. *  *  *  Since August 2007, central banks have been continually at work, fighting the crisis. They have had to stabilise the financial system and limit the extent of the economic downturn. In many countries, the repercussions of the financial crisis are reflected in both government finances and central bank balance sheets. In Switzerland, these repercussions – i.e. the costs of the financial crisis – have had relatively little impact on the budgets of either the Confederation or the cantons. The costs are mainly to be found in the SNB’s balance sheet, at the moment largely in the form of risks. The SNB balance sheet has significantly lengthened, particularly as a result of foreign currency purchases. Inevitably, the large holdings of currency investments means greater risk. As the SNB announced on 14 January 2011, it is expecting a substantial loss for the year 2010. This is mainly attributable to exchange rate losses on foreign currency investments. In view of these losses, it is very tempting to argue that the SNB should not have purchased any foreign exchange. However, the purpose of the SNB is not to make a profit.
I urge more financial institutions to come onboard these internship programmes, so that we can more purposefully build a strong Singaporean talent pipeline for the financial sector. JOB RETENTION THROUGH UPSKILLING  https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  15/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  The third dimension of our jobs and skills agenda is job retention – to keep the existing workforce employable and relevant through continuous upskilling. We are going about this task in a systematic and rigorous manner. First, MAS and IBF conducted a detailed study on the impact of automation and data analytics over the next 3-5 years on job tasks and skills needs across 121 job roles in the financial sector. This study helped prioritise our eﬀorts in working with FIs to reskill and redeploy 5,300 employees in consumer banking, insurance, and operations, whose jobs were identified as likely to change significantly. To-date, 1,700 workers have completed their training and have been successfully redeployed into new jobs, probably avoiding retrenchments that might otherwise have taken place. Next, MAS and IBF worked with SkillsFuture Singapore to develop a skills framework for financial services, building on IBF’s competency standards for the skills required in financial sector jobs. This framework has become the reference standard for jobs and skills in the financial services sector. What does this mean?

Governments across the world are embracing the jobs agenda more purposefully. Even central banks, hitherto focused almost exclusively on inflation control, are increasingly paying attention to the job market – and rightly so. In Singapore, the government has always been conscious that creating good jobs for Singaporeans is of paramount importance. That is why, in every downturn, the focus of government support has been on sustaining jobs, keeping Singaporeans employed. The record speaks for itself: the resident unemployment rate has averaged 3.5% in the last two decades, one of the lowest in the world. Unemployment has inched up in the face of the COVID-19 economic recession, to 4.7% in Q3 this year: too high for our own comfort but, to view matters in perspective, much lower than in most other countries. Nonetheless, there are anxieties on the ground, whether there will be enough jobs for everyone who wants to work. REACH, the feedback unit under the Ministry of Communications and Information, conducts regular surveys to gauge Singaporeans’ sentiments about the job market. Typically, less than 1 in 3 Singaporeans have negative perceptions about the job market. In August, at the depth of the recession, that proportion went up to 2 out of 3. It is now down to 1 out of 2, not back to normal yet but job anxieties have eased somewhat with the economy gradually recovering. As a country, Singapore needs to double down on the jobs and skills agenda.
The stress tests of the banking sector against unfavourable potential developments – economic and financial ones – indicate that the banking system is capable of coping with them. Banking activity performance during this period has reflected the overall performance of the economy. During the last two years, albeit a negative output gap, the country’s economy has continued its positive growth in the range of 3.5–4.5 per cent. Other macroeconomic indicators have ranged within admissible and expectable values. We believe that this financial and macroeconomic stability reflects the commitment and coordination of core economic policies, the monetary and fiscal policies, over the time. They will continue to support the solid economic growth further on, in light of the world’s economy resurgence. Dear participants, ladies and gentlemen, The world’s financial system faced an extraordinary crisis. Equally extraordinary were the measures that were taken. Naturally, its effects will continue to be present in the global economy, while decisionmakers, experts and scholars will continue to analyse the causes and lessons that may be drawn from it. Taking advantage of being present in this panel of supervisors, I would like to list some of our conclusions:   Macroprudential supervision policies constitute an essential argument of recent discussions. The role of the central bank is a part of them, especially in terms of its  2  BIS central bankers’ speeches  preventive role.

As a central bank governor, I would certainly welcome such a development. After all, the credibility of our monetary policy ultimately depends on whether the public believes that we match our words with our actions. BIS Review 55/2006  3