samchain/econo-pairs-v1 huggingface dataset:
Suitable arrangements will also be introduced to ensure that relevant or equivalent experience and expertise in the cybersecurity field will be appropriately recognized. Cyber intelligence sharing platform 8. Last but not least, the third pillar of the CFI is to develop a new piece of infrastructure for the purpose of sharing intelligence on cyber attacks. Just like any conventional warfare, intelligence is the key to success. While individual banks can develop their own intelligence network, the coverage of such intelligence and the timeliness of receiving cyber attack alerts may at times be limited. At the same time, the entry barriers for launching cyber attacks, in terms of costs and the hardware and techniques required, have become much lower. The speed in which hackers may launch cyber attacks, which may well be targeting at not just one bank but several banks at the same time, has greatly increased. So it will be of great help if the banks could collaborate by proactively sharing information and intelligence of cyber attacks or the imminent threats of such attacks. The timeliness of receiving alerts or warnings from a commonly shared intelligence platform will be of immense help for banks to prepare for cyber attacks even before they are launched. 9. I am pleased to announce that the HKMA, in collaboration with The Hong Kong Association of Banks (HKAB) and ASTRI, is going to launch a Cyber Intelligence Sharing Platform, with access open to all the licensed banks in Hong Kong.

Norman T L Chan: Cybersecurity developments for Hong Kong’s banking sector Keynote address by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the Cyber Security Summit 2016, Hong Kong, 18 May 2016. *  *  *  Good morning Mr. M.Y. Wong, Frank, Carrie, Chung Sir, Ladies and Gentlemen, It is a great honour to be invited to speak at today’s Cyber Security Summit. Importance of cybersecurity 1. It is hard for us to imagine how quickly the digital and internet technology has transformed the way in which we live our lives. Twenty years ago many of us were wondering whether internet banking would become widely accepted as a preferred and trusted channel for conducting banking businesses. Now it would be hard to contemplate how a retail bank can survive a single day if the internet or digital banking services are down for whatever reasons. There are very good reasons why internet banking has gained such high popularity as a channel of service delivery in the banking and other financial sectors. In the cyber world, the usual constraints imposed by the physical world no longer exist. Information, messages and transaction instructions can be communicated between banks and their customers easily and almost instantaneously regardless of the location of the parties concerned. The cyber world offers the convenience and speed in accessing banking and financial services that were unthinkable 10 to 15 years ago.
David Rule: Simple, transparent and comparable securitisation Speech by Mr David Rule, Executive Director for Prudential Policy of the Bank of England, at Global ABS, Barcelona, 17 June 2015. *  *  *  Thank you for inviting me to speak at Global ABS 2015. For the past couple of years the Bank of England has been working with the ECB to consider what can be done to foster the development of robust and well-functioning securitisation markets in the EU. Last year we published a joint discussion paper 1 and received helpful feedback from a wide range of commentators. One theme was support for defining the characteristics of simple, transparent and comparable securitisation – more on that in a moment. More recently, we published a joint response 2 in support of the European Commission’s consultation on securitisation and look forward to the Commission’s forthcoming legislative proposals. A key objective of the Capital Markets Union in Europe is a financial system in which stable market-based funding complements bank lending as a source of finance for the economy. Securitisation can be an important part of that stable, market-based funding, alongside other markets such as equities, bonds and private placements. Banks can use securitisation to diversify their funding and transfer risk on underlying loans. Importantly, non-banks can also finance lending through securitisation. Banks and non-banks can use securitisation to help match the maturity of their liabilities to their assets. This is particularly important in the context of housing finance.

There should be a continuing place in the market for many transactions that do not qualify for the STC designation, including synthetic transactions, managed portfolios and pools that do not meet the granularity requirements. Turning to capital requirements, looking at historical losses on securitisation tranches, we think the calibration of bank capital requirements that the Basel Committee published in December is broadly right. But there is a case for some lowering of capital requirements for STC transactions on the grounds of lower structure risk. A stronger argument can be made that Solvency 2 standardised capital requirements for EU insurers are still too high, especially at longer maturities – although it should be noted that these will not apply to insurers using internal models. For banks and insurers, part of the issue with securitisation capital requirements is the comparison with covered bonds, which tend to be treated favourably in EU regulation. Issuers looking to raise secured funding may therefore see covered bonds as a more cost effective alternative to securitisation. Covered bonds have a legitimate role in the market as a source of stable long-term funding. But securitisation has the advantages of risk transfer and lower encumbrance of underlying assets. We would support moves to put securitisation and covered bonds on a more level playing field. To conclude, we support the European Commission’s current work on an EU framework for securitisation as part of the longer-term objective of growth in stable, market-based financing markets alongside bank lending.
Irma Rosenberg: The current monetary policy situation Speech by Ms Irma Rosenberg, Deputy Governor of the Sveriges Riksbank, at Handelsbanken, Stockholm, 29 January 2004. *  *  *  Thank you for the invitation to come here and speak about monetary policy. In recent months there have been many comments on what the Riksbank should decide with regard to the repo rate at the next monetary policy meeting on 5 February. We at the Riksbank have nothing against discussions on monetary policy arising. On the contrary, we find it useful as it forces us to sharpen our arguments and our reasoning and to work on improving our methods of analysis. However, to avoid any misunderstandings, it is important for us to inform others of how we work. I shall therefore begin with some general words on the Riksbank’s inflation target and monetary policy strategy before going into the current situation. The Riksbank’s objectives and working methods Our monetary policy objective is to maintain price stability, which the Riksbank has defined as an increase in the consumer price index of 2 per cent a year with a tolerated deviation interval of +/1 percentage point. When the inflation target was first introduced, it was rather controversial and many regarded it as unrealistic. Now there is general support for the inflation target and we have a good record of target fulfilment. There is also considerable confidence in the inflation target, judging from households’ and firms’ expectations of the future inflation rate.

Such an outcome could be a serious setback to the timely attainment of our dual mandate policy objectives. This risk consideration means that the decision to lift the funds rate from zero should be made only when we have a great deal of confidence that growth has enough momentum to reach full employment and that inflation will return sustainably to 2 percent. We should also proceed cautiously and keep the path of rate increases relatively shallow for some time after we begin to raise rates. This approach will allow us time to assess how the economy is performing under less accommodative financial conditions and reduce the odds of overaggressive rate hikes choking off progress toward our policy goals. History shows that premature exit is a risk Great Depression Past experience with the zero lower bound also counsels patience. History has not looked kindly on attempts to prematurely remove monetary accommodation from economies that are in or near a liquidity trap. The U.S. experience during the Great Depression – in particular, in 1937 – is a classic example for monetary historians: In response to the positive growth and reinflation that occurred after devaluation and suspension of gold convertibility, the Fed raised reserve requirements, the Treasury sterilized gold inflows, and there was a fiscal contraction. Subsequently, the economy dropped back into recession and deflation. During this time, interest rates remained very low. The discount rate was lower after 1937 than before, and Treasury bill rates were less than 1 percent.
In any event, my view is that, as we seek to disseminate the benefits of low and stable inflation to as wide an audience as possible, consistency of the existing index and level is an advantage. Critics of the process often argue that the MPC should have a second target; most commonly industrialists argue that this should be an exchange rate target, seeking stability for sterling against our major trading partners. I well understand the difficulties that, in particular, exporters face given the volatile movements in exchange rates; and the frustration is compounded by the difficulty in explaining such movements purely in terms of economic fundamentals. Nevertheless it should be recognised that the recent historical experience of the UK in operating monetary policy geared to exchange rate stability has been that a conflict sooner or later emerges between the exchange rate objective and other policy considerations, so that the exchange rate objective has to be abandoned. The most recent experience was our membership of the Exchange Rate Mechanism between 1990 and 1992. Fundamentally, there is a problem in operating monetary policy so as to achieve two targets which one has primacy? How would the trade-offs be made? My view remains that a single inflation target objective is a better, as well as much clearer, framework for monetary policy. My next point relates to the transparency of our process. In almost all committees I have served on in the past, the process has been one of trying to achieve consensus on the way forward.

Such fluid arrangements are also being leveraged to build internal capacity building and support transition. A survey conducted by Capgemini reported that more than 60% of businesses fill new jobs powered by AI and automation with fluid workers first, then gradually seek to transfer knowledge from these specialists to other full-time employees in the organisation. These strategies will have important implications for how we build the future workforce from without rather than within. Such strategies can create greater flexibility for organisations to respond to changing business needs, but they also call for a fundamental re-thinking of pre-existing organisational and cultural norms. As we move forward, deepening employee engagements will become more important to enable firms to better anticipate shifting trends and inform approaches to building a future-fit workforce. It is not uncommon today to find up to four different generations coexisting in many workplaces, each with different perspectives on leadership, learning and workplace culture. Recognising these differences within talent strategies will be important to successfully cultivate a future-ready workforce. Closing message: In closing, I am reminded of the words of Mr. Colin Powell, former U.S. Secretary of State who said: "One of the greatest talents of all, is the talent to recognise and develop talent in others". This lies at the heart of building a workforce fit for the future. We all have a part to play – as employers, professional development bodies, training providers and workers – to build a resilient and sustainable talent pipeline for the future.
Let’s be honest, at that time none of us knew exactly what a national budget really means and how the amount of state-collected taxes and public expenditure in practice affect the economy. One thing was clear - public expenditure should not exceed public income or the value of the Estonian kroon would immediately be put at stake. The 1992-1993 strictly balance-oriented strategy helped to create the social foundation that would even to date be suitable for developing a fiscal policy capable of even better supporting the balanced economy. I touched upon the economic policy key issues of the past decade because the same issues that were topical then are on today’s and tomorrow’s agendas. How to achieve better economic efficiency and improve competitiveness? How to avoid the deterrent impact of local lobby-groups on the economic policy and ensure a truly effective and free market? How to develop a truly balanced and forwardlooking fiscal policy? These issues are in the focus not only in Estonia but also in the European Union. Naturally, today’s problems - like the society itself - have a completely different look than 10 years ago. It is not only Estonia that has changed, it is the entire world. However, the key questions - likewise the optimum solutions to them - are, in essence, the same. I would like to offer just a few examples for the illustration of the above-said. In the beginning of 1990s we created in Estonia conditions for truly free competition in the financial sector and the entire economy.

When market participants obtain timely, accurate, realistic and latest information about the institution's performance, their investment and credit decisions can be a means of pressure and incentives for managers and boards of directors for managing their risks soundly. Equally important, the same market participants can penalize firms that fail to manage their risks soundly. Therefore, market discipline must be supported by adequate public disclosure and compliance with sound accounting standards. Knowing a company's risk appetite and its approach and methodologies for managing risk is essential to assessing the institution's future. Progress in the disclosure area, however, requires that accounting standards are enhanced to ensure proper valuation and to reflect innovations, in terms of both new products and modern risk management techniques. Accounting systems serve a variety of purposes, the most prominent of which is helping creditors and investors make rigorous and informed decisions as to which enterprises meet the market needs in terms of efficiency, competitiveness, and profitability. Sound accounting systems also enable investors in assessing the real financial value of enterprises. The systems also assist in attracting capital, both foreign and domestic. Looking ahead, I believe that a major challenge for directors and executive management is to find directors who are sufficiently independent but still knowledgeable about the business of the financial institution. Independence reflects qualities of objectivity, experience, insight, and force of character.
8  BIS Review 6/2004

Still, given the elevated debt levels of the private sector that hovers around 80% of GDP, increase in real estate prices, which in CESEE reached 15.5% - the highest growth since the GFC, as well as  2/4  BIS - Central bankers' speeches  expected further tightening of the credit conditions, it is not time for complacency. One of the key lessons learnt from the COVID 19 crisis is the resilience and it must remain the name of the game for the banking sector going forward. In the current context when the interplay between monetary policy and financial stability is more complex, and trade-offs are larger, macro – prudential management plays an important role. A recent BIS paper finds that prudential policy tightening, ahead or during the monetary policy tightening, reduces the likelihood of financial stress and provides more headroom for monetary policy. Following the pandemics, countercyclical or systemic risk capital buffers were actively deployed across the region. Financial regulators in seven countries, including in our case, intervened with the countercyclical capital buffer4, in six countries (Bulgaria, Croatia, Romania, Slovenia, Serbia and Montenegro) have continued to apply or introduced the systemic risk buffer and in five countries implemented borrower-based measures5, which more directly affect the quality of credit demand and contain risks. Keeping banking sector sound and in good capacity to lend is important in the light of the urgently needed structural reforms in the region.
Information about the state of the Norwegian economy is available earlier than information provided by official statistics, and it is useful to have closer contact with the labour market and business and industry throughout the country. According to the latest reports from the regional network, the situation in Region North-West is very favourable. Enterprises in the network report that employment is high and profitability is rising in tandem with the level of activity. This applies both to manufacturing for the domestic market and to the export industry. The construction industry will soon reach capacity limits. Enterprises in the region envisage a slight rise in prices in the period ahead. Inflation decelerated markedly from summer 2003 and continued to fall in the beginning of 2004. Consumer price inflation has subsequently picked up, albeit at a gentle pace. In September, the year-on-year rise in consumer prices adjusted for tax changes and excluding energy products (CPIATE) was 1.3 per cent. Adjusted for the interest rate’s direct effect on house rents, the year-on-year rise in the CPI-ATE is estimated at 1.5 per cent in September. The CPI rose by 2.0 per cent in the same period. 2/7  Prices for domestically produced goods and services rose by 2.0 per cent in the twelve months to September this year. Higher capacity utilisation is providing the basis for higher margins in some industries. Service prices, which showed little rise last year, have increased again this year.

In addition, the government uses more of the petroleum revenues than before. Growth in public expenditure started to accelerate in 1997 after having been low in the mid-1990s. Spending growth has also been fairly strong in recent years, but perhaps somewhat slower than earlier. 6/7  The fiscal rule for the budget implies that the government can use 4 per cent of the Fund over time. This year, around 6 per cent is being used. The deviation partly reflects an unexpected shortfall in tax revenues in recent years. The government budget deficit is the difference between total revenues and total expenditure. They each account for about half of total GDP in Norway. Even small deviations from expenditure and revenue projections can have a major impact on the deficit. Exchange rate changes will also lead to fluctuations in the value of the Petroleum Fund. For these reasons alone, the use of petroleum revenues may in periods deviate from the 4 per cent rule. Spending was also increased in response to the economic downturn. We can, therefore, safely affirm that the fiscal rule has been normative for fiscal policy. Together with the fiscal rule, the monetary policy guidelines provide the framework for economic policy in Norway. The various components of economic policy have varying effects. This is why they have different functions: •  Monetary policy steers inflation in the medium and long term and can also contribute to smoothing swings in output and employment.
147  2  BIS Review 34//2005  Financial markets and institutions have become more interdependent. The possibility of contagion across borders thereby increases. Cross-border capital flows have increased considerably in recent decades. Equity markets have moved more in tandem, particularly since the mid-1990s. This also applies to bond markets. Investors are increasingly spreading their investments across countries. They are both diversifying risk and seeking high returns. In parallel, governments, banks and companies are issuing more debt externally. The corresponding development in financial institutions, towards an increasing share of large cross-border banks, makes it essential to go beyond a purely national analytical focus. However, this can be a difficult task, as cross-border banks are complex and often part of an even more complex financial conglomerate. Examples:   The Iceland-based Kaupthing Group is present in 10 countries and the group’s total asset holdings at the end of 2004 were almost twice the size of Iceland’s GDP.   The Sweden-based Nordea Group has substantial market shares in all four Nordic countries. While Nordea’s home country is Sweden, Nordea has its largest market share in Finland.   The HSBC Group has 110 million customers world-wide.   Citigroup is present in about 100 countries and territories. The central bank has a special responsibility for analysing and monitoring the financial system. The examples of cross-border integration show how important it is to have a strong international focus in financial stability analysis. Generally, the increasing range of analytical challenges has forced central banks to be more innovative.

Speech at conference on "Monetary Stability, Financial Stability and the Business Cycle", March 28-29,2003, Bank for International Settlements, Basle  9  Heikensten, Lars (2005). “Introduction on monetary policy” Speech to the Riksdag Committee on Finance, Stockholm, 15 March 2005  6  BIS Review 34//2005  and more opportunities in the market. The flip side of the coin is that increased complexity makes the system less transparent and harder to follow. This development is bound to influence the way authorities pay attention to financial stability issues. New challenges have been brought to our attention, new questions have to be raised and new scenarios have to be analysed. As a consequence, new solutions may be required. We should use the opportunity to plan ahead now, while the outlook for financial stability internationally is benign. BIS Review 34/2005  7