samchain/econo-pairs-v1 huggingface dataset:
Our regulatory focus going forward will take into account the potential for greater market transparency and competition. Market discipline will be strengthened. The regulatory framework will be improved to ensure that e-payment services remain secure and reliable. Regulators will not be the cause for bankers’ inertia. In the coming months, the Bank will introduce minimum standards for the nascent but growing area of mobile payments. Mobile payment providers will be required to disclose key security features of their services, such as in-app safeguards against malware and protection against unauthorised transactions. This will make it easier for consumers to compare between different providers, thereby promoting greater consumer empowerment to make better informed decisions. Thirdly, enhancing customer awareness of basic safety tips is paramount as a first line of defence against payment fraud. This is particularly relevant for the emerging modus operandi of social engineering, where fraud victims are duped into disclosing confidential information that are used to commit fraud. In this regard, the industry can do much more to educate consumers. Consumer education initiatives have to be more targeted. They should be designed to address specific modus operandi that are known to be prevalent or emerging. The messages should be simple and tailored to the diverse profile of payment users. This should also account for demographic, behavioural and psychological factors that may be at play. Financial institutions must also regularly review and measure the effectiveness of consumer education initiatives. If the results are not satisfactory, then the strategy must be changed.

The Bank will continue to collaborate with the industry in the area of public education and awareness. The Bank will be working with both bank and non-bank players to develop common promotional messages that provide “do’s and don’ts” for e-payment transactions. This will ensure a more cohesive communication strategy to amplify the impact on the public at large. Concluding remarks When I started, I highlighted the lack of public awareness on the payment system despite its importance as one of the key pillars of the financial services industry. Times have changed. Widespread digitisation, disruptive technologies and heightened competition have reshaped and magnified the potential of payment services. We should be bold in taking advantage of this great potential to deliver e-payments for all and realise the aspiration of making Malaysia a cashless society. Before I close, I would like to congratulate the winners of today’s ceremony. May our achievements today inspire even greater ones tomorrow. 5/5  BIS central bankers' speeches
However, these are not the only developments which have the potential to revolutionise our monetary order. Another agent of change is technological progress, which has fundamentally altered the way we pay for goods and services over the course of time, and will continue to do so in future. Moreover, in our direct democracy, sovereign voters make decisions which may alter the institutional foundations of the monetary order. Examples of this are the gold initiative, which we will be voting on in a week, and the plain money initiative, for which signatures are still being collected. Given this situation, you will understand that I cannot make any predictions about what our monetary order will look like in 60 years’ time. In my introduction I stated that sound money is a central pillar of our society. What makes money – or a currency – sound? Money is sound when it fulfils its functions as a means of payment and store of value as smoothly and reliably as possible in people’s everyday lives. A sound currency retains its value and everyone can be sure it will be generally accepted as a means of payment. In Switzerland, the state has played an important role in the development of the monetary order since the foundation of the modern federal state. In this process, the first invariable has been very obvious – it is that efforts to ensure sound money in the interests of the population as a whole have always been a state responsibility.

A second important invariable in our more recent monetary history is the fact that, in this country, this fundamental trust and the culture of stability are deeply rooted. Making money even better? Alternatives to the present monetary order Can we make our sound money even better? In order to answer this question, let us begin by recalling the basic framework of the current monetary order. As an independent central bank, the SNB is required to pursue a monetary policy in the interests of the country as a whole. It has a mandate to ensure price stability while taking due account of the development of the economy. This mandate is the compass that guides all our actions. By guaranteeing price stability in word and deed over the years, the SNB, as an independent institution, has been able to build up its credibility. Credibility is the anchor needed so that the public at large has confidence in our paper currency. This confidence, in its turn, makes it possible for the SNB to react flexibly in the short-term to economic disruptions, because the public does not question its policies aimed at long-term stability. In view of the major economic and social importance of the monetary order, as outlined previously, it is legitimate and necessary that this order be subjected to repeated review. In this sense, we welcome the general growth in interest in the monetary system, following the turmoil of the financial crisis, and the fact that discussion on reform ideas is more lively than in the past.
That moment in 1972 became part of a number of further positive decisions that put Romania in the global economic family: joining the General Agreement on Tariffs and Trade (GATT) in 1971; acquiring preferential trading status with the European Common Market in 1973; being granted the most-favored-nation status by the United States Congress in 1975; obtaining facilitated access to credits from the Export-Import Bank and the Commodity Credit Corporation (CCC). Over the same period of time, mixed capital companies were established in Romania as well as abroad, including, within the banking sector: Banque Franco-Roumaine, Anglo-Romanian Bank, Banca ItaloRomena, Frankfurt Bukarest Bank AG, MISR Romanian Bank. The brand of the American bank - Manufacturers Hanover Trust - was visible in University Square, right in the heart of Bucharest, and in premium data technology RomControlData was operating in the country. Unfortunately, during the 1980s the authorities in Bucharest weakened the relationship between Romania and the West, including those with the Bretton Woods institutions, almost close to severing all ties. After the fall of the communist regime, the normalization of the relationship led to a new beginning. As a partaker to these events, I can say that this process with the IMF and the World Bank was hardly an easy one, especially due to the lack of trust that had fallen over Romania's international economic relations. Part of the normalization of the relations with the international organizations was also joining the International Financial Corporation (IFC) – member of the World Bank Group in 1991.

Mugur Isrescu: 50th anniversary of Romania's entry to the circuit of international financial institutions Speech by Mr Mugur Isrescu, Governor of the National Bank of Romania, on the occasion of 50 years since Romania joined the International Monetary Fund and the World Bank, Bucharest, 31 January 2023. *** Distinguished audience, In December 1972, Romania joined the International Bank for Reconstruction and Development (World Bank) and the International Monetary Fund (IMF). At that time, Romania was the first – and remained until 1989- the only country from the Treaty of Warsaw and COMECON (Council for Mutual Economic Assistance) that had entered the circuit of international financial institutions. To mark this anniversary, the National Bank of Romania has launched into circulation, for numismatic purposes, a silver coin. The obverse of the coin depicts the Old Palace of the National Bank of Romania, the inscription "ROMANIA" in a circular arc, the coat of arms of Romania, the face value "10 LEI" and the year of issue "2022". The reverse of the silver coin has the logos of the International Monetary Fund and the World Bank and the inscriptions in Romanian "ROMANIA'S ACCESSION TO THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK" and "50 YEARS".
Ravi Menon: ASEAN financial integration – where are we, where next? Keynote address by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the ASEAN Banking Council Meeting, Singapore, 12 June 2015. *  *  *  Dr In Channy, Chairman, ASEAN Bankers Association Mr Samuel Tsien, Chairman, Association of Banks in Singapore Ladies and gentlemen, good morning. ASEAN banks have performed well over the last two decades since the Asian Financial Crisis. Asia’s economies and financial systems, including those in ASEAN, generally held up well during the Global Financial Crisis. The near term economic outlook for ASEAN will be shaped by two themes: the ongoing recovery in the G3 economies and the slowdown in the Chinese economy. Barring shocks, overall growth in ASEAN should remain firm this year, at about 5%, not spectacular but very respectable considering the state of the global economy. Macroeconomic conditions are therefore supportive of banks in ASEAN. There are, however, downside risks they need to watch. •  The divergence in monetary policy settings among the G3 economies could pose risks to financial stability that could also potentially hurt growth. •  The anticipated normalisation of interest rates in the US against continuing quantitative easing in the Eurozone and Japan is already causing sharp movements in exchange rates and bond yields. The scenario of a “double whammy” posed by a rise in US interest rates and a strong US Dollar could expose vulnerabilities among some ASEAN borrowers.

Economic and financial integration in ASEAN owes at least as much, if not more, to the natural functioning of market forces as it does to official initiatives like free trade agreements. Integration in ASEAN, more so than it has been in the European context, is a bottom-up, organic process driven by: •  trade and investment flows arising from the production networks of global MNCs spanning the ASEAN region; and  •  cross-border capital flows arising from the operations of global and regional banks. BIS central bankers’ speeches  5  The success of ASEAN financial integration therefore requires active industry collaboration and participation. The industry has an important role to play in working with regulators and governments to identify and clear roadblocks to growing their business across borders. The ASEAN Bankers Association, representing the banking associations across all ASEAN members, is well placed to play this role. •  Coming from the industry, you know what makes commercial sense, where the specific obstacles are, and you know how to persuade your governments and regulators to press on with economic and financial integration. •  I wish you fruitful discussions and look forward to your ideas. Thank you. 6  BIS central bankers’ speeches
At the recent release of the 2018 Financial Stability and Payment Systems Report, Bank Negara Malaysia reported that financial institutions in Malaysia will continue to support economic activity, including to households for affordable housing. Loan disbursements and net financing to households grew healthily last year by around 6.7% and 4.7% respectively. The approval rate stood at 71.3%, with around 70% of loans for first time buyers of properties priced below RM500,000. Finally, for policymakers, our role is to continue pursuing greater coordination with the private sector to build a sustainable housing market. In Malaysia, various initiatives have been announced to support this agenda, including the launch of Bank Negara Malaysia’s Fund for Affordable Homes, the National Home Ownership Campaign, stamp duty exemptions and provision of mortgage guarantees and rent-to-own schemes. While we are seeing a gradual rebalancing of housing supply towards the more affordable segments in Malaysia, it is important that future supply is tailored to the needs of future demand. As such, moving forward, it will be critical for Malaysia to accelerate the establishment of an integrated housing database. The database would be important to provide timely information to help build an efficient housing market through greater transparency and lead to better planning by policymakers and developers. The newly established single authority for affordable housing should play a proactive and strategic role in managing affordable housing in Malaysia. Local authorities and developers should also work together to reduce the cost of building houses.

In addition, there is now a broad consensus on risk measurement approaches. The main point that is still undecided and which continues to occupy the Committee members is the setting of the so-called “output floor” for banks that apply internal models. Let’s be clear: I read and hear the banking industry, and French banks in particular, giving its advice for negotiations on this point. A little restraint would not go amiss, and it is not our intention to defend corporate interests. If an output floor of 75% is not acceptable, it is because this floor – and consequently the standardised approach – would become the constraint for half of the international banks. I must stress that our goal is to  finalise Basel III, based on improved models that remain risk sensitive, and not to move onto Basel IV, which would use the standardised approach. Therefore, an agreement must be reached on a lower output floor along with a tightening of controls over the banks’ internal models, much like the targeted review of internal models (TRIM) that was approved for the Single Supervisory Mechanism and the results of which we are more than willing to submit to peerreview. This stance is shared at the very least by other European countries such as Germany and the Netherlands, and by the European Commission. International cooperation on financial reforms is a common good that has been extremely precious during these past eight years and is crucial to our future.
But if we can preserve stability and GDP growth next year while demonstrating that we can at least begin lifting the capital controls without compromising stability and confidence, our chances for a higher credit rating should improve markedly. Thank you. 1  4  For further information, see: the Governor’s comments at a panel discussion held at a BIS symposium entitled A world without risk-free assets? Bank for International Settlements, Basel, 8–9 January 2013. See: here. BIS central bankers’ speeches

6 By many measures, the global banking system is more resilient. For example, compared to earlier this decade, Common Equity Tier 1 risk-weighted assets of internationally active banks stand at around 13%, from about 7% before. Their leverage ratios average about 6% now, from less than 2% previously. Implementation of post-crisis regulatory reforms 7 We should also remember that the global banking regulatory standards are minimum requirements. National supervisors can use other levers of the Basel framework to apply higher standards or additional requirements on their banks, as appropriate, based on idiosyncratic considerations. 8 There is a general consensus that the financial system is safer than before. But the followon question can be: safer, yes – but is the system safe enough? 9 To say that regulators have addressed all that can go wrong would be great hubris. Indeed, this will be contrary to the evolving and adaptive nature of financial activity. The reality is a recurrence of financial crises in economic history. I would add that no amount of regulations and supervision can prevent crises; what regulators seek to do is to reduce the likelihood and negative impact from one. This will require banking regulators to remain vigilant against emerging risks, and hence the importance of forward-looking supervision to complement regulations. 10 On the other hand, with the last global financial crisis becoming a distant shadow of sorts, there are already calls that “this time it is different” and to dial down the enhanced regulatory requirements – just as all the crises before it.
The authorities may instead extend excessive financial support to the problem bank through the central bank for instance in the form of exceptional liquidity assistance which is sometimes abused to cover solvency problems, or through the fiscal budget. Occasionally, even failing banks’ owners have received public financial support to continue the operations of the defunct bank. The overwhelming evidence from experiences in different countries and situations is that letting problem banks continue to operate without taking adequate action simply means that the problems will increase over time and they may in the end result in a systemic and very expensive crisis. To sum up on the preconditions, these must be taken seriously into account when you modernise your banking system. Where there are shortcomings you must deal with these in the appropriate ways, such as through legislation. While waiting for the preconditions to improve, the authorities and the banks must compensate for the shortcomings. Let me stress this again: Your banks, as well as other financial institutions, cannot operate efficiently and soundly in an environment where the necessary preconditions are inadequate. 4  BIS Review 104/2006  Regulation Banks perform special and unique services to society, such as accepting deposits and transforming them to credits, and for providing payment services. The combination of receiving short-term deposits and extending long-term loans makes banks inherently unstable. For this they may receive some protection by the public, such as the possibility of liquidity support and depositor guarantees.

In line with my earlier views on a flexible financial system my opinion is that such structures should be allowed, provided of course that your laws and regulations allow for effective consolidated supervision of the whole financial conglomerate. The present development toward a blurring of the boundaries between the activities of different financial institutions makes it reasonable to allow financial conglomerates. Broad groups conducting different activities may also be better able to diversify their risks and could thus be more resilient against financial shocks. Are there reasons for retaining state-owned banks? An argument sometimes voiced is that they promote competition and provide services for certain parts of the population which are of little commercial interest to the other banks. The Basel Committee’s core principles accept state-owned banks as long as they are run and regulated on equal terms with other banks. But my own view is that you should avoid having state-owned banks. Simply put: The government is not a good owner and manager of banks since the bank will come “too close to the politicians”. There is always a temptation for the government and parliament to use state-owned banks to provide what mistakenly looks like cheap services to the people. But there will be hidden costs for such services, not least in the form of disrupting competition in the banking sector. The government could certainly provide certain subsidized services if it so wishes, but the costs should be transparent.
(c) The dotted black line is a suggested trigger level for contingent capital calibrated by minimising a loss function which takes into account both Type I and Type II errors. Type I error is the probability that conversion occurs despite capital not being required. Type II error is the event that conversion does not occur despite capital being required. The loss function places greater weight on Type II errors. Note that the loss function takes into account the full range of banks, not just the average score for each set. (d) 30-day moving average of market capitalisation. 24  BIS central bankers’ speeches  Table 1: Estimated subsidy for UK and global banks $  Contingent claims / Kou(a)  Ratings(b)  2007  2008  2009  2010  2007– 2010 average  2007  2008  2009  2010  2007– 2010 average  UK  134  354  622  250  340  9  51  178  58  74  Global  496  1,308  2,294  924  1,256  33  211  528  197  242  a) Calculated using an extension to the Merton (1977) model developed by Kou (2002). It models changes in banks’ assets as being normally distributed with upward and downward “jumps” designed to reflect the possibility of extreme movements in asset values, and “fatten the tails” of the resulting distribution. This model is fitted to the prices of options written on the four largest UK banks’ equities.

There are now signs that may indicate that the turbulence in the financial markets has declined somewhat. The Federal Reserve’s actions to save the US investment bank Bear Stearns appear to have contributed to restoring confidence among investors. Some signs of this are that both access to capital and investors’ willingness to take risk have increased. The CDS premiums, which reflect the market’s valuation of credit risk, have fallen since the end of March. The so-called TED spread (the difference between the three-month interbank rate and the corresponding treasury bill rate) has fallen in the United States and is currently at around the same level as in the euro area. However, the Swedish TED spreads have not fallen back recently, and they are slightly higher than, for instance, the corresponding spreads in the euro area. This is partly linked to the short-term Swedish government rates not having risen as much as the US rates, for example, which is probably due to a reduced supply of treasury bills. In other words, this spread cannot be regarded as a sign that the market has changed its view of the risks in the Swedish bank sector. As always, the Riksbank is closely following this development and has not seen any reasons to take extraordinary measures. The Swedish banks have no problems with funding. However, there is still considerable uncertainty in the financial market, and there is a risk of setbacks.