samchain/econo-pairs-v1 huggingface dataset:
The client’s identification on receiving and using the credit and other obligations he/she has to the banking market is vague, incomplete without giving the opportunity the banking system to have a history on the client’s activity. That’s why I believe that a centralized register, which unlike the previous years became now a necessity, is needed. I would like to highlight that Bank of Albania has included the project of establishing the credit register in its short-term plans and we are deeply committed to execute it within the next year. I use the opportunity to emphasize that this register will be under the administration of Bank of Albania and the participation of banks member of the system will be compulsory. Only in this way, evasion in the statistical information will be avoided, its integrity will be ensured and at the same time available for each bank member of the system. On the other hand, we are aware of the fact that issues dealing with credit are more complex. They have to do with many other obstacles that arise from lack of collateral register, inaccuracy of mortgage, lack of knowledge and the non-functioning on a correct basis of the judiciary system and law, particularly with regard to technical problems that relate to the knowledge and execution of collateral. For this purpose, we shall take the initiative to set up an ongoing communication with the judiciary system, with the intent to organise an open conference in autumn of the current year.

2  BIS Review 39/2005  The main objective remains enforcing legal initiatives that would bring about the modification of legal and sub-legal basis. Modification of regulatory basis of Bank of Albania I have stated even previously that Bank of Albania aims at reviewing its regulatory basis with the sole intent to simplify it and to ease its implementation. For this purpose I have insisted on a continuous basis that the first contacts among mutual technical staffs to raise the banking system concerns on the regulatory framework enforcement should be established. After several discussions we come to the conclusion that the group of the following regulations should be subject of necessary modifications, and I would ensure you that work at the Bank of Albania has already started for this purpose. Methodical guideline on “foreign exchange risks” Observations: inclusion in the calculation of the open position of off-balance guarantees which include as unused credit limit, the financing commitments made and received, and registering of collateral estimated in foreign currency and received for guaranteeing the credit (all banks in the matrix). These are commitments that remain in force and for which, according to the current regulatory framework interpreting, the bank is required to create a real position (within the balance). It is proposed: to reformulate the methodical guideline, excluding the guarantees. Guideline “on bank regulatory capital” Observations: To make clearer systemization for the items being deducted from the additional capital, explaining that on which size deductions are to be calculated.
When it became apparent that impaired loans were in circulation but that no one really knew where they were and to what extent, confidence in the banks disappeared. The market participants stopped lending to the banks. The banks also stopped lending to each other and when it also became impossible to sell previously liquid assets or to use them as collateral for loans the liquidity crisis had definitely arrived. One lesson that we have learned from this is how quickly liquid markets can become illiquid. We also know that the participants and the authorities underestimated how seriously the markets would be affected by the crisis. But, when the price of an asset falls it is no longer possible to borrow as much money on this asset. Participants are then forced to sell the asset to acquire liquidity. If many small – or a few large – participants sell at the same time then prices fall even further. From the point of view of an individual participant it is rational to decide to lend less or to sell the asset. However, the collapse in market prices that is a consequence of these decisions affects everybody. The impact this has on the market is, in other words, a negative external effect. Selling assets at “bargain-basement” prices should normally attract buyers. But exactly the opposite happened. There was uncertainty about the actual value of some complex and untransparent assets, which explains why the buyers disappeared.

In the current crisis, the securitization boom and the easing of monetary policy in the US helped fund the loan growth, while in the case of the Asian financial crisis, it was the large capital inflows in the form of direct borrowing that funded the credit boom. In both cases, however, poor underwriting standard by banks was an important common contributing factor. Looking back, the Asian financial crisis has been an important turning point for policymakers in the region, as the lessons learned from the crisis had led to many important policy reform initiatives, all of which aimed at strengthening the robustness and the risk management discipline of the domestic financial systems, and this brings me to my second point. BIS Review 96/2009  1  In the case of Thailand, after having restored financial stability in the early 2000s, financial reform became a top priority, with emphasis on instilling prudent regulations and strong risk management. We adopted a macro-prudential approach in the early 2000s, in recognition of the systemic linkages between the financial system and the increasingly opened macroeconomic conditions; utilizing our natural institutional advantage as we continue to oversee both monetary policy and financial institutions supervision. Hence, from 2003 to 2006, a series of macro-prudential measures were introduced, aiming at restraining then the rapid growth of credit, especially credit card loans and mortgage loans.
First, the negative impact of a bubble burst will be less severe both for the economy as well as for financial institutions as such, provided that a banking system is well supervised, the level of exposure on this market is low, the system has quality assets and the capital stock is adequate to absorb the effects of the shock. Second, if the bubble expansion reflects the expectations of extraordinary gains, the supervisory policy may substantially diminish the economic benefits from and the scale of speculation, e.g. by way of reducing the LTV ratio, restricting the loan term or introducing the requirement to provide own contribution for housing loans. Third, the supervisory activities – as an instrument preventing asset bubble formation – have the advantage of affecting directly one selected group of entities which may play an important role in bubble formation. Compared to interest rates, those measures have an effect of a conventional intelligent bomb, which is both selective and precise. Supervisory activities pursued in order to prevent the creation of an asset bubble may be especially effective if bubbles occur, among others, as a result of the legislation the sector is regulated by. In Poland, this principle is illustrated by regulations which restrict the investment policy of open pension funds and the impact of those regulations on the stock  5  Crockett A., Marrying the micro- and macro-prudential dimensions of financial stability, BIS speeches, September 2000. Borio C., Towards a macro-prudential framework for financial supervision and regulation?, CESifo Economic Studies, Vol. 49, No.

Krzysztof Rybiński: Innovations in the financial markets – globalization of the infrastructure Panel presentation by Mr Krzysztof Rybiński, Deputy President of the National Bank of Poland, at the conference “Innovations in the financial markets 2007”, Warsaw, 16 October 2007. *  *  *  Ladies and Gentlemen, Since I have little time to deliver this presentation, I will skip the introduction and the anecdote and get straight to the point. The global financial markets have recently reported episodes of strong volatility; liquidity was suddenly lost, some markets failed to perform their functions in an adequate manner, others ceased to operate altogether. The liquidity and solvency of some financial institutions were put at risk, whereas some investors suffered loss. Disturbances originated from underestimation of risk by a number of agents on financial markets, ranging from subprime lenders to institutions which purchased structured credit facilities offered by banks and their vehicles. A thorough review must be performed with a view to examining the role of rating agencies and supervisory authorities, which appear to have underestimated the risk generated by the rapidly expanding market of asset-backed instruments and the market of credit derivatives. It is not yet certain whether the worst stage of disruptions is over. In the light of the above, strong asset appreciation, especially visible on the emerging markets, should be assessed with caution.
Over a period of time there may be marked shifts in relative income levels between different locations – hopefully as the living conditions of the poor advance more rapidly than those of the rich, although sadly there has been less evidence of that than one might have wished for – but there is no reason to expect the great cities of the world to sink out of sight. And if you add Hong Kong to that list, you will see the point I am trying to make. BIS Review 33/2001  1  I'm not sure whether anyone a quarter of a century ago accurately predicted how important a contribution the financial and business services sectors would now be making to the Hong Kong economy. Looking ahead, I am definitely reluctant myself to make any prediction about the mix of activity twenty-five years from now. Ask anyone involved in financial services what path for this particular sector in the years ahead would be best for Hong Kong and he would probably answer that continued expansion would of course be best. Ask the same question to a neutral economist and he would probably decline to commit himself, saying only that the optimal strategy would be to allow the forces of comparative advantage to play out. Whether that favours further development of the financial sector, or of something completely different, who can tell?

Tony Latter: Just another financial centre – or is Hong Kong special? Address by Mr Tony Latter, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Foreign Correspondents Club, Hong Kong, 25 April 2001. *  *  *  A quarter of a century ago many people in Hong Kong were seriously worried about the shrinkage of our manufacturing industry. Other locations in the region were showing signs of becoming increasingly competitive, and there was the emerging prospect of activity migrating across the Mainland border. In retrospect, should we have been worried at all? Hong Kong's economy was performing well enough overall, and the service sector was growing at the expense of manufacturing as part of what proved to be a progressive and relatively painless process. Today people express concern about loss of competitiveness in those very services which have been ensuring our continuing prosperity in the intervening years. Back-office functions, which first migrated from Central to Quarry Bay or Kowloon, are now moving to Guangdong - or maybe India or wherever. Should we worry? What will fill the gap? Is Hong Kong so expensive a place that it has priced itself out of range of any prospective business growth? At the microeconomic level there will always be understandable and, especially in the social context, justifiable concern for the individuals who face uncertainties or job losses as a result of restructuring within the economy. But at the macro level this is part of evolution. The economy cannot progress without it.
Zeti Akhtar Aziz: Migration to E-payments Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Payment Systems Forum and Exhibition 2005, Kuala Lumpur, 28 November 2005. *  *  *  Bismillahhirrahmanirrahim Distinguished guests, Ladies and gentlemen, It is my pleasure to welcome all of you to the Payment Systems Forum and Exhibition 2005. The theme of this inaugural forum is the "Migration to E-Payments" with a focus on the issues and challenges in the transition from paper-based payments to electronic payments in Malaysia. The issues that need to be addressed for a nation to effectively migrate from paper-based payment instruments to electronic means of payments are multi-faceted. This will require changes in the infrastructure and business processes, developing and sustaining users'confidence and inculcating a change among all the relevant stakeholders, including the service providers and the customers. Our objective is to transform the payments system into one that is competitively leveraged on a modern market-based system. Indeed, this will need to be achieved by the cumulative efforts of all parties involved, including the industry and the authorities. This forum and exhibition has, therefore been organised to provide a platform to discuss the range of significant issues and challenges in achieving the common vision of migrating to e-payments in Malaysia and to increase public awareness of the various payment channels available in the market today, as well as to discuss views on the development of services and infrastructure for the next generation of systems.

10.09.2019  Global Imbalances and Capital Flows in the Era of New Technologies Opening Remarks - Banco de España and the Reinventing Bretton Woods Committee Pablo Hernández de Cos Governor  Ladies and gentlemen, I am delighted to welcome you to this conference on global imbalances and capital flows in the era of new technologies. The Banco de España is particularly honoured to be co-organising it in collaboration with the Reinventing Bretton Woods Committee on the 75th anniversary of the Bretton Woods agreements. Indeed, an anniversary to celebrate, and a unique opportunity to praise the merits and achievements of the rules-based system set by these agreements. But it is also high time to reflect on the challenges facing our current framework of global economic governance inspired by the agreements. The core values of multilateralism and international cooperation that guided the Bretton Woods agreements in the past, are at least as necessary today as, with hindsight, they were 75 years ago. Admittedly, the world has changed rapidly and profoundly. In such an evolving context, some “tailoring” to update international economic governance may be warranted, precisely to ensure that the core values that have promoted international cooperation will continue to do so in the future. In particular, over the last few decades we have been witnessing the emergence of new economic, political and geostrategic powers, as well as new challenges: population aging, migrations, security threats, social inclusion, and climate change, to name just a few.
Now - although there are some encouaging signs - frankly no-one can know the answer to that question with any great confidence - we are not blessed with perfect foresight! As the IMF says in one of its documents prepared for the recent meetings: “Striking the right balance for monetary policy in this environment is a difficult challenge.” Well you can say that again! It is hardly surprising against this background that there should be disagreement within the Monetary Policy Committee as to whether or not a marginal further tightening of monetary policy is necessary-in fact I would normally expect there to be disagreement when we are close to where we need to be. But we are all unambiguously clear about where we need to get to in terms of inflation, and it is unrealistic in the circumstances - indeed in any circumstances - to expect us to say what will happen to interest rates in the future. Mr. Chairman, the overall prospect for the world economy - and indeed our own domestic economy - is for continuing growth with low inflation, and we do I think have a clear vision of where we want to go and the policies to take us there. But there are certainly a number of immediately painful blackspots - internationally and here at home - and there are some formidable rocks and potential whitewater further ahead. Navigating through them will not be easy. I only hope that our snail is able to swim. BIS Review 36/1998

Luis M Linde: Recent economic developments in the euro area and in Spain, and important financial system projects Address by Mr Luis M Linde, Governor of the Bank of Spain, at the Annual Conference 2013 of the Asociación de Mercados Financieros, Madrid, 25 November 2013. *  *  *  Let me first thank the Asociación de Mercados Financieros, and its Chairman, my good friend Enrique Prados, for kindly inviting me to accompany you today in this Annual Conference. The Association – which draws together a large number of financial market professionals – performs important work in channeling initiatives aimed at contributing to the better working of those markets. Their active collaboration with regulators in devising rules, their participation in public consultations and their educational role are all to be welcomed. My address today will be brief, so as not to outstay my welcome and encroach on your first course. It shall focus on three projects of particular importance for our financial system in the area of market infrastructures. But allow me first to comment on recent economic developments in the euro area and in Spain, developments that point, as we know, to a turn for the better. To the euro area first. After six consecutive quarters of contraction, second-quarter GDP in the area this year posted positive growth of 0.3% in quarter-on-quarter terms; in the third quarter it has held at a positive rate, albeit one of only 0.1%.
Thank you for your attention. 4/4  BIS central bankers' speeches

It has not yet been established what kind of transition scenario we would have in Sweden. Nor is it yet clear how much time would be required, partly because the political process has not yet chosen a transition scenario and partly because changes are constantly being made in operations and IT systems that affect the time required for a potential transition. Examples of measures that reduce the time required for a potential membership are that IT systems that are being modernised for other reasons are designed to also process euros. Within the Riksbank we are working on reducing the length of time calculated as necessary for the production of Swedish euro coins. The result of our preparations and those of the financial sector are reported, as I mentioned earlier, in regular progress reports. Number 8 will be published in May. Conclusion In the event of a "yes" in a Swedish referendum on full participation in the third stage of the EMU, the whole of society needs to prepare for a cash changeover, and many decisions need to be taken as to how we shall proceed. In this situation Sweden would be under slightly different conditions than the current euro countries, as euro banknotes and coins already exist in the market. This is a circumstance that we must take into account in our planning, but despite this we will have considerable assistance from the fact that twelve countries have already implemented an introduction of the euro. We all have a lot to learn from studying their methods.
Instead of seeing social housing as a passive benefit, we can eventually develop projects which become to an extent self-financing, through a combination of social housing provision and programmes to enhance the employability of individuals, enabling them to eventually pay market rents. The financial sector could play a role here. We have already seen how some banks have partnered with government to offer social loans, which are beginning to decrease reliance on the social housing stock. Going forward, we can see the possibility of other innovative initiatives where the Housing Authority partners with financial institutions to develop social housing projects. Page 5 of 10  At this point, I take this opportunity to inform you that the Central Bank of Malta has set up a lean but highly competent and proactive Social Research Unit to study amongst other issues, access to credit by the lower income groups. Another area where we need to register progress is home equity release. We have a situation where many elderly persons are asset rich but cash poor. They live on relatively modest pensions, while residing in large and relatively expensive homes. This creates issues for financing long-term care, as many find it difficult to sell their homes outright in order to go into a private home.

This should also help to reduce pressure on the rental market, where there is evidence that from being at the lower end of cross-country rent-to-wage ratios, we have moved relatively quickly to being close to ratios found in the most expensive European cities. Besides the impact that this rise could have on our capacity to attract foreign workers, we need to consider its impact on Maltese tenants, which in turn will impact on the broader costs of doing business and, consequently, competitiveness. We believe that, going forward, if we continue to grow at the rates observed in recent years, we will need to have a much more dynamic housing market. But before discussing private provision, let us discuss social housing. Recent developments have reinforced the case for replenishing our social housing stock. However, this expansion needs to be accompanied by a change in approach. In recent years, most of Malta’s benefit system has been changed so as to create clear incentives to shift from benefit dependence to participation in the formal labour market. The only area where this is not happening yet is social housing, where the tendency remains that, once allocated, social housing tends to become a lifetime entitlement. We need to change this so that social housing schemes act to activate individuals and empower them rather than encourage passivity. Such a transition could itself be helpful in financing the expansion of social housing.