samchain/econo-pairs-v1 huggingface dataset:
Let me start at home, so to speak: at the SNB. People frequently call for the SNB to abolish the negative interest rate in order to significantly ease the pressure on pension funds. But if we think things through, would that actually happen? If there were no negative interest rate, the franc would be even more attractive internationally and would appreciate. That would slow down our economy considerably, and unemployment would rise substantially. In this gloomy scenario, long-term interest rates would therefore  Page 5/8  barely increase at all. Instead, the downturn in economic activity would cloud the outlook for Swiss companies – with adverse consequences for share prices as well. So you see, under current circumstances the earnings outlook for the pension funds would not improve significantly if the negative interest rate were to be abolished. On the contrary. Higher unemployment would impact on the economy and the pension system, as it would have the effect of reducing value added and hence the contribution base. At present, it would therefore not be in the pension funds’ interest to abolish the negative interest rate. So if it is not possible in the current situation for the SNB to abolish the negative interest rate, could it not at least use the income derived from it to alleviate some of the pressure on the pension system – for example by distributing this income to the pension funds as ‘compensation’? In our view, this would not be a good idea either.

At the same time, we will also explore data analytics tools for processing the data collected in order to generate useful analyses for furthering our capability to understand and assess the ML/TF risks at the sectoral level, as well as to provide feedback to individual regulatees where appropriate. These will hopefully lead to an evolution and re-shaping of regulatory interface between the HKMA and market practitioners to enhance AML/CFT surveillance capability of all. Regtech for prudential risk management and compliance 23.Another area of focus is on Regtech for prudential risk management and compliance. The often-analytical nature of prudential risk management has created room for technology to im  4/4  BIS central bankers' speeches
Dear ladies and gentlemen, I hope that this project will deliver long-term results, and will strengthen the regulatory and operational frameworks at the Bank of Albania, an institution that makes substantial contribution to the sustainable economic development of Albania. On behalf of the Bank of Albania, let me iterate our readiness and commitment for the successful implementation of the Twinning Project, as we strive with professionalism and responsibility to achieve its objectives. Concluding, I would like to thank the European Commission, for its support in securing funding for this project. I am certain that the Commission will continue to support future initiatives of the Bank of Albania, as we deal with approximation challenges and endeavour to progress toward the European family. I would also like to thank the EU Delegation to Albania for their support and valuable suggestions during the design and consultation phases of the project, as well as the General Directorate for Financing and Contracting, for their insistence throughout the design and selection process for compliance with all EU procedures related to fund management. Special thanks go to Banca d’Italia, an institution that has constantly supported us with their invaluable experience. I believe that the experience and dedication of Mr Gola is an added guarantee in this regard.

At the end of the process, Banca d’Italia and Deutsche Bundesbank were selected to implement Bank of Albania’s project. Banque de France and National Bank of Romania are also part of the team for certain components of the project. We feel privileged, certainly, by this close partnership with these two major central banks. Relations with these two institutions date back to quite early in the history of the Bank of Albania. 1/2  BIS central bankers' speeches  Whether multilaterally or bilaterally, they have assisted for many years the Bank of Albania achieve its objectives and operate like a modern and reliable institution. I am therefore optimistic about the success of this next project, irrespective of the relatively tight agenda and deadlines. Now, let me briefly introduce you to the main components of this project. It will involve eight departments at the Bank of Albania and will address important issues, grouped as follows: 1. Banking Supervision and Financial Stability 2. Monetary Policy and Statistics 3. Internal Audit 4. Payment Systems 5. Other central banking functions such as human resources and European integration For each component, measurable results have been envisaged, which will be translated into regulatory documents, guidelines and specific recommendations related to policies. All outcomes will aim to approximate the final product at a higher level to standards and models of the European System of Central Banks.
Firstly, we understand that the industry is in the midst of finalising a recent independently-conducted Customer Satisfaction Index (CSI) that will be a means to gauge the insurers’ performance against the enhanced insurance industry’s Customer Service Charter which was introduced in January 2018. This survey includes minimum service standards that reflect the guiding principles for good customer service. The results of the CSI survey is expected to be finalised by end-2018. I would urge you to familiarize yourself with the Customer Service Charter of your principal insurers and use it to guide you in your dealings with customers so as to ensure good customer experience. Secondly, the Bank is at a fairly advanced stage of finalising the policy document on fair treatment of financial consumers. This will address the Bank’s increased expectations on financial institutions, including insurers, to cultivate a culture of fair dealing and responsible behaviour. The onus will be on insurers to ensure agents observe new standards to exercise due care, skill and diligence in dealing with financial consumers. We should expect principal insurers to accord greater emphasis on the importance of (1) providing clear and concise product information to customers to enable them to make informed choices, (2) offering products that are appropriate to the customers’ needs and financial circumstances, and (3) providing individualised advice that is in the best interest of the consumer. Let me conclude.

The monetary policy mandates of the Federal Reserve are clear: We must foster monetary and financial conditions that support maximum employment and price stability. Since January 2  BIS central bankers’ speeches  2012, the Fed has set an explicit goal for inflation of 2 percent, as measured by the price index for total personal consumption expenditures, or PCE. So, how are we doing with respect to this 2 percent target and our Zimbabwean risks? Despite many earlier predictions of unacceptably high inflation, total PCE inflation has been hovering around just 1 percent since early 2013. Other inflation measures, notably, the wellknown Consumer Price Index (CPI), are also well below their related benchmarks.1 Forecasters often look at core inflation, which excludes volatile food and energy prices, because it is a better predictor of where overall prices are headed than is total inflation. Our progress toward the inflation target is not noticeably faster by this metric either. Core PCE inflation was just 1.1 percent over the past year and has been at this rate since last spring. Most private sector forecasts and survey measures of inflation expectations have remained well anchored and do not ring any alarms of high inflation. Expectations embedded in asset prices tell a similar story. Sophisticated models that extract inflation expectations from the yield curve show that investors’ inflation expectations at the three-year horizon are below 2 percent and will be below 2 percent for several years. All told, the risk of high inflation seems very low.
These surpluses have declined in the past few years. Oil and gas production passed its peak more than a decade ago. We may find once again that these resources have been underestimated. But the oil price collapse and developments in the Norwegian economy in the past few years have reminded us of an inescapable fact; we must drive forward a larger non-oil tradable sector. We need more legs to stand on. The needed structural adjustments in the Norwegian economy will have to be dealt with against the backdrop of more global challenges. Demographic changes and sagging productivity growth may point towards persistently low growth in advanced economies. Protectionist tendencies and reduced trade in goods and services could put an additional drag on growth. We must also make changes to consumption and production methods in order to reduce greenhouse gas emissions. This evening I will take a closer look at these challenges. Is low growth here to stay in advanced economies? In the long term, there are two factors that determine how quickly an economy can grow: the 2/9  BIS central bankers' speeches  supply of labour and labour productivity. Chart: Working age population The decline in the working age population is weighing on the growth outlook for many countries. The large post-war cohorts are leaving the labour force, and the consequences of a long period of low fertility rates are becoming increasingly clear. At the same time, the proportion of the population who are employed remains low in many countries.

It will therefore be essential to better understand the factors that still constrain the recovery in this market and why investors are shying away, despite proven good performance and very few defaults on European ABSs. The regulatory treatment of ABSs, in particular the  BIS central bankers’ speeches  1  proposed regulatory capital charges for banks and insurers, could be a factor, as could a lack of secondary market liquidity and the relative opacity of the loans packaged in an ABS. In this respect, let me also mention the Eurosystem’s ABS loan-level initiative. In November 2012 the ECB informed the public about the implementation of loan-level data reporting requirements for asset-backed securities as part of the Eurosystem’s collateral framework.1 The ABS loan-level initiative makes use of the European DataWarehouse, the single loanlevel data repository for the handling of loan-level data reporting, which became operational on 3 January 2013. As a consequence, for residential mortgage-backed securities and for asset-backed securities whose cash-flow-generating assets comprise loans to SMEs, the reporting requirements became mandatory as of 3 January 2013. Commercial mortgagebacked securities must comply as of 1 March 2013, and other asset classes (auto loans, consumer finance loans, leasing receivables) as of 1 January 2014. While the ECB launched this initiative in the context of its collateral framework, a positive externality is that the initiative should also support the revival of this market segment by increasing its transparency and therefore investor confidence.
The Islamic financial system in Malaysia operates in parallel with the conventional system. Following the establishment of Islamic banking was the establishment of takaful or Islamic insurance to provide the coverage for Islamic housing mortgages. As these two segments progressed, Malaysia expanded its implementation approach by allowing the conventional banking institutions to offer Islamic banking products and services on a window basis. To preserve the integrity of the system,  BIS Review 3/2004  5  firewalls between the conventional and Islamic funds were put in place. It was made mandatory for the Islamic banking operations in these institutions to be separated from the conventional banking operations, either electronically or through other designated means. This move created more players in the Islamic financial system and provided the platform for the establishment of a vibrant Islamic money market. The Islamic money market served as a platform for the Islamic financial institutions to manage their short-term portfolio adjustments. Recognising the importance of the capital market, Malaysia initiated the development of a private Islamic financial securities market in the early nineties. The Islamic financial system today has emerged as an important component of the overall Malaysian financial system that contributes to the growth and development of the Malaysian economy. Malaysia has also adopted legal reform, self-regulation and measures to encourage market-based regulation. New measures have been introduced to further improve the level of governance among banking institutions.

Cambodia is considered a small open economy, one which realized average GDP growth of about 10% from 2005 to 2008 and gradually increased the level of international reserves to a level which can ensure 3.8 months of imports. The financial system in Cambodia, which is dominated by the banking sector, is considered strong. This is reflected in figures from the end of 2007 which show that total banking assets increased by 53.6%, bank deposits rose by 59.4%, and loans to the private sector went up by 52%. However, with the global financial crisis that has affected most of the continents, Cambodia’s total banking assets declined a bit in the last quarter of 2008 and the economy is expected to have very little growth in 2009. The National Bank of Cambodia still manages its reserves in a conservative manner, with principle strategies prioritized by: first, safety; second, liquidity; and third, returns. This conservative strategy is appropriate in light of the current financial turmoil. But with gradual increases of reserves, one’s portfolio should be well diversified and reserve managers should have a solid risk management and analytical skills. Therefore, capacity building needs to be continuously strengthened. BIS is the best counterpart in capacity building for central banks, especially for the National Bank of Cambodia. Every year BIS provides on-site training to our reserve managers and I hope the BIS continue providing this kind of training and cooperation in the future.
44  For MPC, this is a quarterly Inflation Report; for FPC, a semi-annual Financial Stability Report; for the PRA, an Annual Report. 6  BIS central bankers’ speeches  policy regime is one of “constrained discretion”. 45 Each of these constraints can, in turn, be seen as an institutional response to the behavioural biases discussed earlier. Behavioural biases in policy So let me now link these institutional features to each of the behavioural biases. And let me also try to provide some evidence on how successful these features have been in leaning against these biases. With elements of this policy framework still fledgling, it is too early to reach definitive conclusions on some of its features. Preference biases The policy frameworks of the MPC, FPC and PRA Board share the feature that targets are set ex-ante in legislation by Parliament acting on behalf of society. The policy mandates of the MPC, FPC and PRA are those of the principal (society), not the agent (the Bank). The Bank is not setting its own exams. Nor, ex post, is the Bank marking its own exams. For example, if the MPC fails to meet its 2% inflation target by one percentage point in either direction, it is required to write an open letter to the Chancellor, setting out why this happened and how the MPC intends to respond in returning inflation to target. And the Bank’s regular policy reports set out the MPC, FPC and PRA’s intended actions and are subject to Parliamentary scrutiny.

Durmuş Yilmaz: Press conference for the presentation of the Inflation Report Speech by Mr Durmuş Yilmaz, Governor of the Central Bank of the Republic of Turkey, at the press conference presenting the third issue of the Inflation Report, Central Bank of the Republic of Turkey, Ankara, 28 July 2008. *  *  *  Distinguished Guests and Members of the Press, Welcome to the press conference for the presentation of the third issue of the 2008 Inflation Report, one of the most important communication tools of the full-fledged inflation-targeting regime that we have been implementing. In this conference, I would like to give you a short summary of our evaluations and the Central Bank’s inflation forecasts in the Inflation Report which will be posted on our website later today. 1. Inflation developments  Esteemed Members of the Press, I would like to start with a general assessment of inflation developments in the previous period and share with you the factors impeding the disinflation process in the first half of the year. Distinguished Guests, In April, both the Open Letter and the Inflation Report issued by the Central Bank of Turkey presented a detailed explanation for the factors impeding the disinflation process. The source of inflation has not changed in the past quarter. In the second quarter of 2008, prolonged increases in food, energy and other commodity prices continued to exert significant upward pressures on headline inflation.
In some market segments, especially in more complex ones, a large share of trading volume is attributed to HLIs. However, measured by assets under management, the HLI industry is still small compared to traditional investment funds and the trading books of large international banks. Because of its modest size, its  14  See also The President's Working Group on Financial Markets, 2007, recommendation 5. BIS Review 74/2007  5  heterogeneity and its absence from the field of financial intermediation, the HLI industry is no direct threat to financial stability. Nevertheless, there are two channels through which a shock occuring in the HLI industry could be transmitted to systemically relevant banks. First, banks are exposed to HLIs in their role as counterparties and creditors. Second, in periods of stress, banks may suffer from a lack of market liquidity and a decline in prices, and this may be aggravated by HLIs. Potential regulatory measures should therefore focus on the link between the HLI and the banking industry. Of particular importance is that banks simulate their risk exposures to HLIs and the liquidity situation in periods of stress. We encourage the private sector to take the initiative and come up with measures which will enhance market discipline and strengthen banks' resilience to losses from HLIs and adverse market situations. At present, we do not see a need for direct regulation of HLIs.

At the regional level, it plays a significant role as an anchor and is the vector of a culture of stability. The increasing role of the euro at the international level is due to the development of its use as a financial instrument and as a medium of exchange (A) and of its role as an anchor for exchange rate regimes (B). A  The euro is an essential financial instrument and a key medium of exchange ·  •  The use of the euro as a financing and an investment currency on the capital markets has increased. In the first half of 2004, the euro accounted for almost 36% of the gross issuance of long-term international debt securities, compared with 24% in 2002. The share of the US dollar was down from almost 50% in 2002 to 39%. •  Another significant development is the emergence of a corporate bond market in the euro area, whose volume has increased significantly in the last few years. The outstanding amount of quoted shares issued by euro area residents was EUR 4,035 billion in 2004 as against EUR 3,118 billion in 2002. •  As a settlement currency, the role of the euro is expanding. In 2003, between 50% and 60% of goods and services traded between the euro area countries and the rest of the world were settled in euro. This is true for both exports and imports.
James D Rogers: Accountability, transparency and governance in Sierra Leone Keynote address and statement by Dr James D Rogers, Governor of the Bank of Sierra Leone, at the Second Audit Risk and Governance Africa Conference, Zanzibar, Tanzania, 17-20 July 2007. *  *  *  Mr Chairman, Conference Organisers, Distinguished Ladies and Gentlemen, I wish firstly to thank the conference organisers for their kind invitation to deliver the keynote address at this conference on this very topical and important subject. My remarks will be in six parts. After an Introduction, the First Part will consider the Meaning and Scope of Accountability, Transparency and Governance. The Second Part will examine the relationship between Governance and Development. Part Three will present Aspects of Governance in Sierra Leone. This will be followed by General Remarks in Part Four. Part Five concludes. Introduction Accountability and transparency have occupied a very high lead in discussions of state management. Hardly would a speech be delivered, at domestic or international gatherings, articles written, in the popular press or in professional and academic journals, on issues of state management, without at least an allusion to, if not an extensive treatment of, these concepts. Indeed, serious examination of these concepts takes us into the complexities of governance, aid conditionalities and effectiveness, international economic cooperation, sovereignty of developing countries, economic development, achievement of the millennium development goals, and associated issues. It is within the context of these considerations that a fuller analysis and understanding of these concepts can be obtained.

The beginning of the 21st century is being shaped by a greater ideological debate about the nation-state and global governance, about the legitimacy of the use of power, and about public policy at the local, regional, national and supranational levels, all against a backdrop of huge inequalities in wealth, income and power that divide the world." Conclusion There certainly are governance challenges in Africa, which must be addressed. Fortunately, action is in progress with respect to many of these. Weak administrative structures, outmoded legal systems, poor financial management, corruption and impunity can only further stifle and impede the attraction of investment, the provision of public services, and alleviation of the plight of the bulk of our populace. The extant approaches to resolving these problems, as championed by the international donor community, may not be adequate. We must consequently continue the international  BIS Review 109/2007  7  development dialogue in a bid to find more acceptable modalities for improvement in governance that will recognise, respect and incorporate legitimate concerns of aid recipients. 8  BIS Review 109/2007