samchain/econo-pairs-v1 huggingface dataset:
While there are no indications that banks in Hong Kong are abusing the rules on connected lending, there seems to be uncertainty among some banks as to how the rules work. We have therefore recommended that the board should ensure that the bank fully understands its legal obligations under the Banking Ordinance and establishes a detailed policy on connected lending. •  Third, the board should ensure that it receives the management letter from the external auditor without delay together with the comments of management. We have specified that the management letter should normally be received within four months from the year-end. Of course, this is not something that is totally within the control of the bank. I would therefore put in a plea to any bank auditors in the audience to submit the management letter without delay. •  Fourth, the board should maintain an appropriate level of checks and balances against the influence of management and/or the shareholder controllers in order to ensure that decisions are taken with the bank’s best interests in mind. The key issue here is the number of independent non-executive directors there should be on the board of banks. We recommend a minimum of three to ensure that there is a sufficient pool of independent directors to sit on the various committees of the board and to cover absences. •  Fifth, the board should establish an audit committee with written terms of reference specifying its authorities and duties.

Mr Carse: The importance of corporate governance in banks  Speech by Mr David Carse, Deputy Chief Executive of the Hong Kong Monetary Authority, at The Year 2000 Millennium Dinner of The Association of International Accountants - Hong Kong Branch, Hong Kong Bankers Club, Hong Kong, on 17 March 2000. *  *  *  Ladies and gentlemen, I am very pleased to be here this evening to speak to the Association on the subject of corporate governance in banks. I have chosen this as my theme both because it is highly topical for reasons that I will explain later and because it should be of particular interest to this audience. The Association plays an important role in the training and promotion of the accounting profession; and accountants are a vital component in corporate governance not simply in their specific role as auditors but also as a source of highly trained directors and managers. I will begin by giving you a brief situation report on the banking sector because this is relevant to the governance issue. Clearly, the situation is looking a lot better than it has done for the last two years. As the 1999 results released so far have shown, the performance of individual banks is by no means uniform. Some have done a lot better than others, depending on such factors as the mix of their business and where they are in the provisioning cycle.
These developments could have significant implications, including for financial stability, national security interests, and international cooperation. In my role as manager of the Federal Reserve’s System Open Market Account, I am looking at these issues from the vantage point of monetary policy implementation. And in my remarks today, I will discuss some key issues that digital innovation in money and payments raises for policy implementation. In particular, I will examine how digital currencies might impact interest rate control and central bank balance sheets. In the spirit of this workshop, I won’t speak to the U.S. context specifically, but rather intend to discuss conceptual issues for policy implementation across jurisdictions. And, I won’t take a position on regulation, design choices, or a preference for a private or public solution. As always, the views I express today are my own, and do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.1 Private and Public Innovation I would like to start by describing two types of monetary instruments that could, in the future, be significant for policy implementation. In the private sector, a broad range of digital assets are emerging.

2 Sayyed Abul Hassan Ali Nadwi, Muhammad the Last Prophet: A Model For All Time 3 Imam Al-Dhahabi, Siyar A’lam Al-Nubala’. 3/3  BIS central bankers' speeches
Mugur Isrescu: 30 years of partnership between the World Bank Group and Romania Speech by Mr Mugur Isrescu, Governor of the National Bank of Romania, at the 30 years of partnership between the World Bank Group and Romania event, Bucharest, 7 November 2022. *** Vice President Bjerde, Directors Vincelette, Akhalkatsi and Karadsheh, Prime Minister of Romania, Vice-Chairman of the Senate, Vice-Chairman of the Chamber of Deputies, Presidential Adviser, Your Excellencies, Ladies and gentlemen, Next month we will celebrate the 50th anniversary of the accession of Romania to the World Bank and the International Monetary Fund (IMF) in 1972. Romania was the first among the countries of the former communist bloc that joined the international financial institutions. Unfortunately, during the 1980s the authorities in Bucharest had weakened the relationship between Romania and these two institutions, almost close to severing all ties. The normalization of the relationship, after the fall of the communist regime, led to a new beginning. The opening of the World Bank's office in October 1991 – the moment we are celebrating today – signifies a milestone that marked the start of a new historical point of reference in Romania's relations with the World Bank and our transition towards a market economy. The 1990s were perhaps the most difficult ones. We had benefited from the direct support of the IMF and the World Bank.

The International Financial Corporation (IFC) – an institution member of the World Bank Group that Romania joined in 1991 – has supported the Romanian banking sector by investing in various Romanian banks, especially during the privatization process. I welcome the current involvement of the World Bank in projects that aim to improve the health and education sectors, to reduce poverty, as well as projects focused on climate issues. Lastly, I thank you for the invitation to take part in this event. I am honored to be here, celebrating 30 years of renewed partnership and cooperation between Romania and the World Bank. To the team in Bucharest Office of the World Bank – which I considered, during these 30 years, as being competent and dedicated, aligned with our endeavors – I extend my warmest congratulations. Happy anniversary! At the same time, I would like to take the opportunity to express my appreciation for the management and staff of the World Bank in Washington for their work in pursuing the Bank's mission to foster sustainable development and promote social prosperity around the world. Thank you for your attention! 2/2  BIS - Central bankers' speeches
While all of us agree that crisis resolution is much more costly than crisis prevention, it is easier for the international community to come to a consensus on what needs to be done to resolve the crisis. At the current juncture, policymakers seem to have some policy space as the global recovery has gained traction. But we are not completely out of the woods yet as there are so many uncertainties along the way. Therefore, this is an important moment for the Fund to take the initiative to bring all stakeholders together and adopt a common understanding on what needs to be done. To do so, the Fund needs to approach these challenges in a balanced manner, by candidly identifying the sources of vulnerabilities and fairly assessing the capacity of member countries to make policy adjustments. BIS central bankers’ speeches  3

The National University of Singapore Corporate Governance and Financial Reporting Centre, as well as the Singapore Management University Sim Kee Boon Institute for Financial Economics both publish useful indices that assess the standards of corporate governance in Singapore. Professional associations such as ICPAS, IIA, SAICSA and SID have also been playing their roles in this area. Conclusion In closing, let me reiterate the point that good corporate governance pays – if not in immediate share prices, at least in the resilience of the firm in a crisis. Indeed, one key conclusion from the study by the Senior Supervisors Group3[3] is that financial firms that best rode out the recent crisis were ones with good corporate governance standards, demonstrating "a comprehensive approach to viewing firm-wide exposures and risk, sharing  3  William Rutledge et al. (March 2008), "Observations on Risk Management Practices during the Recent Market Turbulence", Senior Supervisors Group. 4  BIS Review 147/2009  quantitative and qualitative information more effectively across the firm and engaging in more effective dialogue across the management team." Better governance per se does not guarantee that there will never be a crisis, but it can minimise its probability and its impact if it does occur. Singapore has made good progress over the years in our corporate governance practices, but we must press on with continual improvements. As regulators, professional bodies, investors, academics and the media, we each have a role – let us work closely together in this journey.
The journey to best in class payments Speech given by David Bailey, Executive Director for Financial Market Infrastructure, Bank of England  At the Westminster Business Forum Keynote Seminar: The future for payments regulation in the UK – competition, innovation and end-user priorities 28 June 2018  I would like to thank Rachel James, Joanna Bibby-Scullion and Philippa Cohen for their contributions. 1  All speeches are available online at www.bankofengland.co.uk/speeches  Good morning. I would first like to thank the Westminster Business Forum for inviting me to speak at today’s seminar on the future for payments regulation in the UK. When I first spoke at the Forum, three years ago, I highlighted the potential for considerable change in the payments industry in the UK. There was a sense that payments, a sometimes overlooked but vital sector of financial market infrastructure, was no longer going to be so quiet, and an unprecedented amount of innovation and change was on the horizon. Consumer expectations around payments were evolving in response to the proliferation of mobile devices, smart phone technology and the ever-expanding range of services available through ‘apps’. Contactless payment, using a card or mobile device, was becoming a daily reality for many. The term ‘FinTech’ was entering the mainstream. Regulatory change was also underway. The Payment Systems Regulator was gearing up for launch with a mandate to promote innovation, competition and the interests of service-users.

A second observation is that over this nearly twenty five year period, the challenge for monetary policy in many countries has shifted from one of getting inflation down to target, to one of getting it up to target. This has been less marked for the UK, in part because in a more open economy movements in the exchange rate have tended to raise inflation during this period. However we are facing a period of below target inflation today. And this is very different to the challenge of the early days of the MPC. It is important to emphasise that the UK regime of inflation targeting is a symmetrical one, and with very good reason. Both high and low inflation are costly. Put like this, the story is pretty obvious and uncontroversial. An independent central bank with a symmetric inflation target has the same objective either way, whether inflation is above or below target – it cannot throw the towel in. To do so would amount to abandoning our remit and our independence. 1/3  BIS central bankers' speeches  But that is not the end of the story because of late it has been said that central bank independence has been compromised by the actions taken in the face of the pandemic. What this really comes down to is the relationship between monetary and fiscal policy, between the economic policy of the Government and the actions of the central bank.
If changes in the balance sheet are now acting as a substitute for changes in the federal funds rate, then one might expect balance sheet decisions to also be governed to a large extent by the evolution of the FOMC’s economic forecasts. The earlier purchase program, in contrast, did not demonstrate much responsiveness to changes in economic or financial conditions. Indeed, the execution of the program largely involved confirming the expectations that were put in place by the two early announcements. Third, how persistent should movements in the balance sheet be? An important feature of traditional monetary policy is that movements in the federal funds rate are not quickly reversed, which makes them more influential on broader financial conditions. A change that was expected to be transitory would instead move conditions very little. For similar reasons, one could argue that movements in the balance sheet should have some persistence in order to be more effective. Fourth, to what extent should the FOMC communicate about the likely path of the balance sheet? The FOMC often communicates about the path of the federal funds rate or provides other forward-looking information that allows market participants to anticipate that path. This anticipation of policy actions is beneficial, as it brings forward their effects and thus helps to stabilize the economy. For the same reason, providing information about the likely course of the balance sheet could be desirable.

Last year I pointed out that sterling’s exchange rate was at a 15 year low against the dollar, but close to its peak against the euro. In overall terms sterling’s effective Exchange Rate Index against currencies generally had been relatively stable - at around 105 plus or minus 5% - for most of the past 2-3 years. That pattern of  BIS Review 40/2002  1  exchange rates made life particularly difficult for the euro-exposed sectors or our economy, and, given that the eurozone represents over 50% of our external trade, contributed significantly to the imbalance within our economy. Happily, from our point of view, and indeed in the context of the global external imbalance, we have recently seen a significant strengthening of the euro against the dollar, and to a lesser extent against sterling, which will help to ease some of the earlier tensions. Sterling’s exchange rate has recently moved to two year high against the dollar and nearly a three year low against the euro. Sterling has consequently also weakened in overall, effective, terms, from some 107 some months ago to currently around 103 - which is still within the earlier range. It is frankly anyone’s guess whether the recent pattern of exchange rate movements will be extended, but what has happened so far, taken together with the improved prospect for global demand, suggests that the adverse external factors weighing down the UK economy over the past two years or so should now diminish.
Mugur Isărescu: The power of the mind Opening address by Mr Mugur Isărescu, Governor of the National Bank of Romania and President of the Romanian Association for the Club of Rome, at the Annual Conference of the Club of Rome “The Power of the Mind”, organized by the Club of Rome, the Romanian Association for the Club of Rome (ARCoR) and the National Bank of Romania, Bucharest, 2 October 2012. *  *  *  Dear colleagues of the Club of Rome, Honoured guests, Ladies and gentlemen, It is a pleasure and a privilege for the Romanian Association for the Club of Rome and for the National Bank of Romania to be the host of the International Conference of the Club of Rome, here in Bucharest, with such a challenging topic: “The Power of the Mind”. As we all know, 2012 is an anniversary year for the Club of Rome, since we are celebrating the 40th anniversary of the first Report to the Club, which was entitled “The Limits to Growth”. When this Report was published, it created shockwaves all over the world, including the communist countries. I can testify this, because I addressed comments concerning this issue when I was a young research fellow, after graduating the University. Actually, I confessed to my colleagues that my first public appearance in 1973 was related to the Club’s first Report. But the debates were not limited to Romania or to Europe. They were manifest all over the world, and are still continuing today.

We will equally have the opportunity to listen today to Mr. Roberto Peccei’s “The Significance of Limits to Growth for the Work of the Club of Rome”, as well as to the co-authors of the first Report, Dennis Meadows and Jorgen Randers, who will look at the lessons of the first Report nowadays. In the new Report, “2052 – A Global Forecast for the Next Forty Years”, Jorgen Randers underlines the need to use the values or the lessons of the first Report for the future. And actually looking back 40 years, he will look to the next 40 years. We are eager to listen to him to see what the prospects are for the next 40 years. Looking at today’s agenda, I would like to mention the relationship between humankind and nature. We’ll have a special session, where Ernst Ulrich von Weizsäcker will discuss  BIS central bankers’ speeches  1  about “Factor Five: Transforming the Global Economy” and Anders Wijkman about “Bankrupting Nature”. I will also address the topic of transforming the financial and monetary system. I am sure that today’s debate will bring light to our faces and we will find together the best answers to the future of the humankind. I invite the panellists to start the first session. Thank you very much! 2  BIS central bankers’ speeches
Broken line represents the Riksbank’s forecast in the M PR 2008:2. Sources: Statistics Sweden and the Riksbank  Inflation (CPI) Annual percentage change 5  5  4  4  3  3  2  2  1  1  0  0  -1  -1 00  01  02  03  04  05  06  07  08  09  10  11  Note. Broken line represents the Riksbank’s forecast in the M PR 2008:2. Sources: Statistics Sweden and the Riksbank  BIS Review 100/2008  13  Inflation expectations – 1 and 5 years ahead Annual percentage change 4  4 1 year ahead, all 5 years ahead, all  3  3  2  2  1  1  0  0 96  97  98  99  00  01  02  03  04  05  06  07  08  Source: Prospera Research AB  Wages, productivity and unit labour costs Annual percentage change 10  10 Unit labour costs Labour costs per hour Productivity  8  8  6  6  4  4  2  2  0  0  -2  -2 94 95  96 97 98  99 00  01 02 03  04 05  06 07 08  09 10  Note. Broken lines and columns represent the Riksbank’s forecasts in the M PR 2008:2.

In the decade prior to the crisis, in both the euro area and the UK, inflation was low, stable and predictable. Inflation targets were achieved without causing undesirable volatility in output and employment, the so-called “divine coincidence”.1 Both regions experienced continuous expansions in activity. It is not entirely surprising that “end of history” declarations of the Great Moderation were increasingly commonplace. But such nominal stability masked growing financial imbalances and increasing strains in competitiveness. The financial crisis would expose how a healthy focus on price stability had become a dangerous distraction. Central banks had won the war against inflation only to lose the peace. When the music stopped, the consequences for the real economy were dire. In both the euro area and UK, output fell by around 6% and unemployment rates rose initially by 2½ percentage points. It took 7 years for GDP per capita to recover to pre-crisis levels. In response, the financial system and the institutional architecture have been fundamentally reformed. The capital requirements of large global banks are ten times higher than the pre-crisis standard. Liquid assets – 1  See Blanchard, O., and J. Galí (2007). "Real Wage Rigidities and the New Keynesian Model". Journal of Money, Credit, and Banking, 39(1), pp. 35-65. 2  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  2  relative to liabilities that can readily run – are also tenfold higher now than before crisis. We are ending too big to fail and transforming the resilience of financial market infrastructure.
The regulator as well as the external auditor starts their examinations and audits with the financial reporting aspects of companies. The external auditor is basically looking at the financial performance of the company and its compliance with the laws, observance of auditing and accounting standards and rules and regulations set out by the regulator. They also look into aspects such as health of the balance sheet, status of the profit & loss account and the ability of the company to operate as a going concern. The regulator, on the other hand, has to make sure that not only companies adhere to provisions in the governing laws and comply with rules and regulations but also ensure that finance and leasing companies have put in place necessary processes and procedures to mitigate risks, be it credit, liquidity, market or systemic. The regulator makes recommendations to initiate action, if such risk mitigation methods are not considered adequate. The regulator is conscious of not only the viability of the company to operate as a going concern, but also its ability to pay its liabilities to creditors and depositors. Sometimes, there is an over-lapping of the two roles of the regulator and external auditor, but with closer dialogue, coordination and cooperation, the duplication of work can be avoided. The regulator should have quarterly/monthly dialogue with the companies and external auditors which is a healthy practice than working on an isolated basis.

Disregarding such speculation, the competitive position in the housing market is clearly untenable when one player enjoys the same credit rating as the sovereign, does not pay fees for its Treasury guarantees and is exempt from various charges levied upon its rivals. It is quite true that the credit institutions already knew this when they aggressively intensified their participation in the mortgage market. But as I said, this is a secondary consideration now and the task ahead must be to normalise these arrangements as soon as possible. Ladies and Gentlemen: Since becoming Chairman of the Board of Governors of the Central Bank of Iceland I have now moved to a part of Icelandic society that attracts words of concern and caution from all directions. And I have a feeling that it is a sensible arrangement to assign such a role to a single body – but it must have the capability to assess the position and respond correctly. I hope that the Central Bank of Iceland is in such a position. It is certainly true that the Central Bank plays the same sort of role in an economic upswing as an air traffic controller, paying more attention to the landing than to the takeoff. But it is not true, as is sometimes implied, that the Bank does not care whether this landing will be a hard or a soft one. BIS Review 82/2005  3