samchain/econo-pairs-v1 huggingface dataset:
Sweden’s special requirements need to be reviewed  Source: Sveriges riksbank  Without saying anything about what a future floor for risk-weighted assets may look like, I will simply assume in my example that no bank’s risk-weighted assets may be less than 75 per cent of what they would have been if the Basel Committee's standardised methods had been used. I would like to point out that this 75 per cent should not be seen as an indication of any future calibration of a floor for riskweighted assets. I have chosen this figure because 75 per cent lies between the 60 and 90 per cent that the Basel Committee mentioned in its consultation document in March 2016.4 Given this assumption, our most recent calculations indicate that the major banks’ aggregated risk-weighted assets would increase from the current SEK 2,800 billion to around SEK 4,500 billion. This would mean an increase in the current risk-weighted assets of more than 50 per cent. If, and I would like to emphasise if, Sweden retains its national special requirements in the future, the banks’ CET 1 capital requirements will increase by more than 50 per cent, or around SEK 300 billion. This would of course be a significant increase from the current capital requirement levels.

4  See the BIS publication “Consultative Document -Reducing variation in credit risk-weighted assets – constraints on the use of internal model approaches”, http://www.bis.org/bcbs/publ/d362.pdf  9 [12]  Time to start a review of Sweden's special national requirements Some of the special Swedish requirements have arisen over the years following the financial crisis, as Finansinspektionen and other Swedish authorities have assessed that Swedish banks need more capital than the current minimum requirement supplies. These special Swedish requirements are thus not the result of international agreements. It is therefore reasonable that we should review our current special national requirements when Basel III will be introduced in full in Sweden, especially in the perspective that Basel III will imply higher minimum requirements of the major Swedish banks than before. Although no decision has yet been made on when Basel III shall be fully implemented in Sweden, my assessment is that we will have plenty of time to review our special national requirements and assess what level they should be at when Basel III is introduced in Sweden. One conclusion of this analysis may be that today’s CET 1 capital requirement of 18 per cent of risk-weighted assets for the major Swedish banks in total needs to be changed in future. Under these circumstances it is too early to make any precise analysis of how, for instance, Swedish GDP will develop or how borrowers’ interest rates will be affected by the coming changes in the regulations.
These efforts can complement initiatives at a national level such as the National Employment Portal, MyFutureJobs, which facilitates ease of job matching based on skills and competencies. With a strong foundational strategy in place, workers will not only be able to survive, but also thrive in a future-ready workforce. Strengthening business-education partnerships through publicprivate collaboration  3/4  BIS - Central bankers' speeches  Ladies and gentlemen, An interesting insight from the last few decades is how quickly skills become obsolete. We know this will be true going forward. Time horizons for reskilling will continuously shorten, as will the shelf-life of new skills. Just-in-time learning may become the dominant pedagogy, with much shorter training focused on task-specific skills, flexible time commitment and agile curricula. Reviews of existing curriculum can no longer have a fixed lifecycle and must keep pace with future skills needs through periodic reviews. This leads me to my final point. More effective collaboration between the private and public sector is invaluable to enhance talent development at all stages. Partnerships among the education sector and employers can address this by enabling better workforce planning across disciplines, improved academic program design and relevant graduate skillsets. For Malaysia, this results in lower employer training costs, improved productivity and more industry-ready graduates. I'm aware some here have existing tie ups along these lines. Your insights on the success, challenges and way forward today can be invaluable for others in the sessions ahead. Another avenue is through reformation of the technical and vocational education and training (TVET) system.

16.11.2018  Welcome address at the Conference “Economic Policies, Trade Integration and Sustainable Job Creation. A View from the Mediterranean Countries” Banco de España and European Institute of the Mediterranean with the support of the Central Bank of Tunisia Pablo Hernández de Cos Governor  Good morning ladies and gentlemen. It is a great pleasure for me to be here in Tunis to welcome you all to this Conference on Economic Policies, Trade Integration and Sustainable Job Creation, jointly organised by the Central Bank of Tunisia, the Banco de España and the European Institute of the Mediterranean (IEMed). Let me start by thanking Governor El Abassi for his kind words and our colleagues from the Central Bank of Tunisia and the European Institute of the Mediterranean for their cooperation in organising this Conference. I would also like to congratulate Governor El Abassi and all the staff of the Central Bank of Tunisia for the 60th anniversary of this institution, created just two years after the independence of Tunisia. I wish to convey my best wishes for the future of this institution which, through the attainment of its of macroeconomic and financial stability objectives, can make a decisive contribution to the prosperity of the country and its citizens. Governor El Abbasi, I hope that this Conference will be an initial step towards permanent cooperation between our respective institutions.
Alternatively, more direct supervisory requirements may be necessary for addressing the improvement of information systems or the separability and preservation of critical payment systems. But such measures have costs and I would argue increase the relative benefit of efforts to identify the no doubt very difficult changes necessary in both the private and the public sectors to reduce organizational complexity in financial firms. I note that the CBRG report not only has recommendations largely addressing the four impediments to recovery I described, but also a recommendation to simplify financial firm organizational structures. A final benefit of recovery planning is that it is a prod to concrete action in the near term, when the institution is healthy and provides a ready-made menu of options when the firm is distressed. Moreover, the impediments to recovery are also impediments to resolution. If the recovery plan does not succeed in averting failure, but the firm has acted on the plan, it will enter resolution with better information systems, a reduced risk profile and perhaps fewer intragroup exposures than it otherwise would have. Resolution planning As I mentioned at the outset, the financial crisis validated for many concerns about the adequacy of measures to resolve large financial firms without high costs and destructive externalities. The Lehman bankruptcy reminds us that every financial institution is resolvable, but at a cost.

Those discussions have included both the development of a global liquidity contingency plan and a plan to reduce the risk profile of or “derisk” the financial firm by winding down or selling business operations or financial assets. The intention is to have recovery plans, as well as resolution plans, in place by the end of 2011. Recovery planning has several important benefits. The first is to bring about a discussion of the firm’s response to very severe stress scenarios. In addition, the principal supervisors of the firm are present together with the firm to discuss the plan as it evolves, contributing to a common base of understanding of the firm among the supervisors. The second benefit is the identification of impediments to the firm’s recovery. In our discussions with U.S. institutions, four important impediments have surfaced and the same themes, all familiar concerns for supervisors and resolution authorities, have surfaced in other discussions led by members of the Cross Border Crisis Management Group. The difference this time is that the issues are being raised by the firms themselves. The first is the availability of sufficient financial information by legal entity. It begins with simple housekeeping – records that accurately record the legal entities of both the firm and the customer involved in a financial transaction, an asset holding or a liability.
The Global Outlook Speech given by Mark Carney Governor of the Bank of England  Financial Times event in Frobisher Hall, the Barbican 12 February 2019  I am grateful to Clare Macallan, Daisy McGregor and James Benford for their assistance in preparing these remarks, and to Thomas Viegas, Cian O’Neill, Ambrogio Cesa-Bianchi, Jon Bridges, Simon Whitaker, Emil Iordanov, Anina Thiel and Robert Gilhooly for background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/speeches  It sometimes seems that everything in our world is connected. It is a pleasure to meet in Frobisher Hall today. This hall is named after Sir Martin Frobisher, an English navigator who explored Canada’s eastern arctic coast in the 16th century in search of new trade routes. His connection to the Barbican is that most of him is buried in the St Giles-in-the-Fields churchyard. (His heart and entrails are in St Andrew’s Church in Plymouth). Martin Frobisher is perhaps more famous in Canada than in his native land. One of the great bays in the eastern arctic is named after him. The capital of Nunavut, Iqaluit, lies at the innermost end of Frobisher Bay. Nine years ago this month Iqaluit hosted the G7 meeting that marked the start of the euro crisis. Events that still reverberate today including in the environs of the Barbican. While the debate in the United Kingdom has been understandably dominated by Brexit, the world has been otherwise engaged.

This specific point highlights the more general progress that has been made improving the resilience of the core of the financial sector. Banks in most regions are now more likely to be stabilisers rather than amplifiers of shocks. Regulation has made banks less complex and more focused. They lend more to the real economy and less to each other. Trading assets have been cut in half, and interbank lending is down by one-third. And their resilience in most jurisdictions has been transformed. For example, UK banks have CET1 ratios of about 15%, more than three times their pre-crisis level. Their aggregate MREL is 26%. They hold £ trillion  21  Based on all widely traded CLOs in the US and Europe. 12  All speeches are available online at www.bankofengland.co.uk/speeches  12  of high quality liquid assets, a four-fold increase over the past decade. And their short-term wholesale funding has fallen from 15% to 4% of balance sheets. There is also greater supervisory scrutiny, not least through stringent stress tests. Indeed, in the past few years, major UK banks have been tested against all the major risks I will cover today (from China to inflation scares plus a few others for good measure). The Story Thus Far While there are pockets of risk and global growth is still decelerating, the combination of the policy response and the state of the current imbalances in advanced economies suggest that global growth is more likely than not to stabilise eventually around its new, modest trend.
Miguel Fernández Ordóñez: Presentation of the 2009 Annual Report Testimony of Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, to the Parliamentary Committee on Economic and Financial Affairs, on the occasion of the presentation of the 2009 Annual Report, Madrid, 22 June 2010. *  *  *  Ladies and gentlemen, The presentation of the Banco de España Annual Report for 2009 – the reason behind my testimony today – has taken place at an exceptional time for both the Spanish economy and the Economic and Monetary Union. The economic and financial crisis spanning 2008 and 2009, from which most European countries had started to emerge in recent months, has given way to a crisis in the euro area which was triggered by a specific episode, namely the Greek fiscal crisis, but whose systemic implications are proving most severe. In particular, the Spanish economy, along with that of other countries, has been seriously affected by these tensions and it is still too early to know whether the measures adopted in Europe to safeguard EMU and those currently under discussion will be capable of fully dispelling the doubts that have emerged in recent months over the soundness of this institutional framework. The responsibility of national authorities in this respect is also crucial. In recent years the diagnosis by the Banco de España of the Spanish economy pointed to the presence of major imbalances, which had progressively built up in the long expansionary phase from the mid-1990s to 2007.

This amount has to be repaid within five years (extendable to seven years) and earns the market rate of interest (at least 7.75%). The figure is not final because four processes have yet to be authorised. In addition, Cajasur will receive the aid finally resulting from the competitive procedure. BIS Review 92/2010  5  Furthermore, the savings bank DGF, which is financed by contributions from savings banks, undertook to provide € billion to Caja Castilla-La Mancha. These amounts, while substantial, are small compared with those provided by the taxpayers of other countries. Therefore, it is fitting at this point to recall that Spain is now enjoying the benefit of the decision in 1999 to oblige banks to record a general provision: since January 2008 our banks have used some € billion of this provision to cushion the impact of the crisis on their income statements. As can be seen, this amount is more than the sum of the funds used or to be used by the FROB and the savings bank DGF in the operations described above. Thus the main decisions have already been taken on the required restructuring and downsizing of the savings bank sector. One task remains in connection with these credit institutions: a legal reform to enable them to issue instruments eligible as top-quality own funds and to provide formulas conducive to improved governance and professionalisation of savings bank management.
This is in addition to financing loans granted by Saudi Credit and Saving Bank to young people and small businesses, as well as the financial support of the Centennial Fund and the program of “Bab Rizq Jameel” of Abdul Latif Jameel which provides material support to the youth’s projects and training courses. Dear Brothers and Sisters, Today, SIMAH project for assessment of SMEs emerges as an important plan in order to encourage banks to finance these enterprises in a scientific and systematic way that takes into consideration the prevention of risks related to its financing, and helps banks to diversify their portfolios, which adds a new area to the main finance areas in the Kingdom. For example, the corporate finance granted by banks exceeded Rls 800 billion at the end of the 2nd quarter of 2011, the individuals’ finance was Rls 217.5 billion and the public sector’s finance amounted to Rls 250.5 billion at the same period. Today, through this project, we endeavor to make the SMEs’ finance a tributary of finance in the banking sector to achieve the development objectives that the Kingdom seeks to realize for its economy.

Moreover, they are characterized by low administrative and marketing costs, low employees’ salaries, easiness of procedures within their structure, high effective communications and quick access to information required for work, and the use of non-sophisticated production and operation means. They are also able to adapt to changes, especially in keeping up with consumers’ desires and preferences or change in the structure of labor force or policies of production, marketing and finance, enabling them to overcome economic changes and cycles. SMEs are also characterized by the freedom to enter and exit the market, thanks to their fixed and total assets and liabilities. Finally, they are flexible in geographic spread. Regardless of these advantages, growth and development of SME sector faces a number of challenges that might be greatly similar, not only at the level of a single country, but at the global one as well. The most important of these challenges are the high cost of capital due to high interest rates compared to large enterprises, difficulties in obtaining adequate finance due to lack of guarantees and their modest credit record, inability to compete and influence market forces and utilize economies of scale, inability of applying and facilitating government procedures to expand their activities, humble financial expenditure on development research, non-separation between ownership and management (80 percent of SMEs are run by their owners).
They point to the probable and desired direction, but the exact figures should probably be taken with a pinch of salt. An important balancing act At the same time, it is important to realise that the problem that constantly lies below the surface is how to find an appropriate balance between what one could call diversification and clarity: On the one hand the central bank wants to benefit from the fact that the decisions are made by a committee. We are not supposed to be cast in the same mould. There should thus be a sufficient degree of freedom and scope for individual members to make their own analyses, draw their own conclusions and make decisions as they see fit. 8  For arguments in favour of this hypothesis in research, see for instance Blinder, A. S., and J. Morgan, (2005), “Are Two Heads Better Than One? Monetary Policy by Committee”, Journal of Money, Credit, and Banking, vol. 37, pp. 789–812. BIS central bankers’ speeches  9  On the other hand, this should not mean that monetary policy becomes unclear, that it is characterised by more or less loose opinions – and that it thus becomes more difficult to understand and thus to assess. Ultimately, it is the confidence of the general public that is at risk here; the legitimacy of monetary policy. This was strongly emphasised when the inflation-targeting regime was introduced.

Seven years of unparalleled macroeconomic stability have been followed by seven years characterised by financial instability and a deep recession. It was a salutary lesson for those, like me, who thought we had successfully cracked the problem of steering the economy, and highlighted the need to put in place an effective prudential framework to complement monetary policy. Policy making today consequently looks a much more complex problem than it did fourteen years ago. In Genesis, following his interpretation of Pharaoh’s Dream, Joseph is made the most powerful bureaucrat in Egypt, in which position he ensures that enough grain is hoarded during the seven years of plenty to provide sustenance during the seven years of famine that followed. That is a parable on the value of prudence that the central bankers of the future would do well not to forget. Thank you for your attention! 7  8  Jeremy Stein (2013) “Overheating in Credit Markets: Origins, Measurement, and Policy Responses”, speech at the Federal Reserve Bank of St. Louis, 7 February. BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11  12  BIS central bankers’ speeches  BIS central bankers’ speeches  13  14  BIS central bankers’ speeches  BIS central bankers’ speeches  15
I believe that, when all banks have the proper incentives, Basel II will improve our abilities in risk management more broadly; it will ensure that capital supervision continues to serve effectively as a cornerstone to safety and soundness in the banking system; and it will strengthen the stability of our financial system overall. Those benefits are worthy of all of our efforts. Thank you. 6  BIS Review 66/2004

Some of the ideas that I have just mentioned will take time to materialise. Some may need a testing ground to pilot before being scaled up. On this, the Guangdong-Hong Kong-Macao Greater Bay Area or Qianhai could function as pilot zones in the Mainland to test new crossboundary initiatives with Hong Kong. The Wealth Management Connect is a case in point. Conclusion 21. Ladies and gentlemen, what I have presented to you is a very brief summary of our thoughts on the role of Hong Kong in promoting the international use of RMB, but even that, I am sure you will agree, is already quite a menu. And we are already actively exploring some of these policy initiatives with our Mainland counterparts. But we cannot do it all on our own. While we need to create the necessary policy headroom, the market should be the one driving the process of RMB internationalisation. The active participation of market players is critical. I would therefore warmly welcome views and suggestions from Members of TMA and its subcommittees on ways to enhance the liquidity, to expand the product diversity and to build an efficient infrastructure in order that we can further develop the role of the Hong Kong markets in the process of the internationalisation of the RMB. 22. With its 76 institutional members and over 3,000 individual members, the TMA has been providing broad-based support to foster market development in Hong Kong. We believe the HKMA and the TMA’s relationship can also be a mutually beneficial one.