samchain/econo-pairs-v1 huggingface dataset:
It is also about looking forward and staying the course for the medium- to long-term. As institutional investors pivot towards alternative assets, Asian private equity, Asian real estate, and Asian infrastructure can provide credible stores of value in the institutional portfolio. And Singapore’s financial centre – with more than 120 global and regional banks, a diverse ecosystem of over 650 asset managers, and extensive connectivity with the rest of Asia – offers an excellent platform to tap into these opportunities. Thank you, and have a good evening. 1 The IMF forecasts refer to the ASEAN-5 economies of Indonesia, Malaysia, Thailand, Vietnam and the  Philippines. 6/6  BIS central bankers' speeches

Financial institutions will be required to keep proper records related to employees and to provide the required information when requested by another institution. This will guard the system against disreputable staff and enact barriers against potential threats to the integrity of the system. As guardians of the system, bankers need to look at these requirements as useful enabling tools or defenses that help with their mission to successfully protect the integrity of the system. Guardians of knowledge and wisdom The complexity scientist, Samuel Arbesman in his study of how knowledge develops, postulates that knowledge behaves like radioactive decay. Every fact has a ‘half-life’ and it will inevitably decay. It means that the frontier of knowledge also changes constantly. What we know today may be untrue tomorrow. This rings true for matters concerning banking. The immediate manner in which our knowledge becomes obsolete certainly ties in with our experience in banking and society at large. For one, the complexity of economic, environmental and social challenges seems to increase exponentially. Furthermore, much of the knowledge frontier remains unexplored. Consider this. We only utilise less than 0.5% of our existing data. There is a long way to go. The potential is enormous. In all likelihood, what we know today will be vastly different in two, five and 10 years into the future. We see this happening already in the banking sector, with the greater use of technology and in particular, more creative use of data analytics to better serve consumers and business needs.
They responded positively to the Bank’s recommendations, and there was no question that credit growth slowed substantially. However, there are now many indications of a return to the earlier situation, so the Bank must reiterate its words of warning. At the same time as the Central Bank announced its interest rate decision yesterday, it published Monetary Bulletin. This outlines the main assumptions behind the Bank’s decision along with indications about its policy in the near future and the viewpoints it considers important to bear in mind for economic policy. In the current edition, major changes were made to the assumptions behind the baseline forecast, which enhance both the credibility of the forecast and monetary policy transparency. By doing so, the Central Bank of Iceland joined the vanguard of the inflation-targeting central banks. Monetary Bulletin reveals that inflation developments have turned rather more favourable than the Bank’s previous forecast had indicated, and although underlying inflation was somewhat higher in February and March than was hoped, the Bank expects both headline and underlying inflation to decrease rapidly in the next months. By both measures, inflation will be close to target from the middle of 2008. There is no doubt that this outcome is largely thanks to the tight monetary stance, which included raising the policy rate by 3.75 percentage points last year. As usual it should be pointed out – and especially in the current climate – that exchange rate uncertainties can complicate this picture.

This is particularly relevant in the current setting of low demand for financing in Spain, in which this trend could contribute to further eroding the net interest margins in some market segments. To conclude, let me sum up the key messages I would like to convey. In recent years, Spanish credit institutions have made sterling efforts to overcome the problems stemming from the crisis and to adapt to the new and stricter regulatory requirements. This has been reflected in the significant improvements in their solvency, profitability and asset quality. However, despite these improvements, Spanish banks continue to face major challenges, largely shared with other euro area banking systems. These include, most notably: (i) stepping up sales of non-productive assets (ii) the need to strengthen capital, (iii) addressing profitability challenges without unduly easing credit standards and, lastly (iv) harnessing new technologies in a competitive environment of potential new competitors. In an economy as highly banked as Spain’s, overcoming these challenges is key to the banking industry gaining a sufficient position of strength from which to contribute to economic growth and job creation. Thank you for your attention. 8/8
These kinds of measures can be effective where they have an impact on expectations relating to the duration of zero interest rate policies, or where the different financial assets in investor portfolios are imperfect substitutes.2 Apart from the Federal Reserve, both the Bank of England and the Bank of Japan have conducted similar, large-scale securities programmes. With respect to Switzerland, the SNB’s extensive repo transactions and foreign exchange swaps, carried out in August 2011, may be viewed as quantitative easing.3 An alternative to quantitative easing is intervening on the foreign exchange market. Apart from the SNB, Japan is an example of a country that has made use of this instrument in recent years. It is perhaps useful to recall that, between the early 1980s and 2009, the SNB’s interventions on the foreign exchange market were extremely rare. Generally speaking, such actions involved very small amounts as part of coordinated intervention by central banks of the Group of Ten countries. This changed in March 2009, after the short-term interest rate had been reduced to practically zero, when the SNB began purchasing foreign currency to stem the upward pressure on the Swiss franc and to prevent an undesirable tightening of  1  In order to simplify the breakdown, quantitative easing includes credit easing – an activity which often focuses on individual segments of the bond market. The breakdown could be simplified even further, since currency purchases from foreign exchange interventions may be regarded as a form of quantitative easing. 2  Cf.

Bank of England  Page 1  The Challenges and Opportunities Ahead for the Mutual Sector − speech by David Bailey Given at The Building Societies Association Conference 04 May 2023  Bank of England  Page 2  Speech Introduction Good morning everyone and I’d like to thank Robin, Mark, Rob and their colleagues at the Building Societies Association for inviting me to speak today. I’m delighted to be able to join the BSA conference in person for the first time and meet members face to face. It’s an added bonus that we are meeting in Liverpool where there is a building sense of excitement and anticipation, not just about this conference but also about the Eurovision song contest next week. In recognition of Eurovision, I did think about peppering my speech with references to famous songs from over the years, but my team told me to “Refrain1” as they said ’David, you’ll have trouble “Making your mind up2”’ so I reluctantly agreed to take a “Better the Devil you know3” approach and stuck with a more traditional format instead. This year's Eurovision theme is "united by music". Whilst the audience today is possibly dressed ‘slightly’ differently to next week’s, it does bring together a wide range of building societies and credit unions who are united by their mutual ownership model and the provision of financial services to a diverse set of members and customers right across the UK. At the PRA we recognise the vital role mutuals play in the UK financial sector.
Since this time last year 10-year government bond yields in the major markets - with the notable exception of Japan - have all risen by over 100 basis points. And with credit spreads widening during much of the summer, the rates that corporate borrowers have faced have shown even greater increases. Despite this, however, it has been another very active year for you all. Over the past few years a notable feature of the international bond markets is that each subsequent year has set a new record in terms of volume, and 1999 has certainly been no exception to this. What is of particular note about issuance in 1999 though is the scale of this increase: up by almost a half from the level of 1998 - a pretty remarkable performance. I think that there are two major reasons for this increase: First, and most obvious, is the successful introduction of the euro. I can best demonstrate this with the fact that international issuance in the euro in 1999 was more than double that of the level that legacy currency issuance reached in 1998. This is a clear indication that the euro has established itself as a currency for international finance in its first year of existence. Not only did the volume of issuance rise, but perhaps even more strikingly, the diversity of issuers increased too.

Mr George paints a broadbrush picture of challenges and change for the markets as the year unfolds  Speech by the Rt Hon Eddie George, Governor of the Bank of England, to the Euromoney International Bond Congress at the QEII Conference Centre in London on 16 February 2000. *  *  *  It’s a pleasure, as always, to have been invited to bring proceedings at this great annual event to a close. You seem to go from strength to strength - from what I hear your sixth Congress has been as lively and interesting as its predecessors. Lively and interesting are pretty good words to describe the last twelve months in the markets too. When we were together here last year there were still plenty of clouds around. The emerging markets in Asia were still only in the early stages of patchy recovery. Russia was still fragile and there were real fears of another round of financial upset in Latin America, particularly Brazil. In the industrial countries, too, the prospects were for slow growth - some were even still forecasting recession. I concluded that we’d all need strong nerves in the year ahead. Well, by and large we kept our nerve, and the skies have brightened over the past year as the clouds of financial instability and global economic slowdown dispersed. The focus now is not on how we keep the ship afloat but how we keep her on a steadier course - which, if you’re a sailor is a comparative luxury.
Looking at the distribution of federal funds rates this year, Figure 11 shows that the rates paid by domestic banks has increased relative to the rates paid by foreign banks. Last year, these two types of firms paid fairly similar rates. My read is that the foreign banks are generally borrowing in the federal funds market primarily to earn a spread between the IOR rate and the rate they pay to borrow funds, while some of the domestic banks, while also sensitive to the rate they pay, are borrowing in these markets to improve their LCRs. It seems like this more motivated borrowing activity helped bid up rates a bit. Figure 12 shows that, since June, we have seen small and brief divergences between rates in the federal funds and Eurodollar markets, which reflects transitory pricing of a premium on LCR-friendly borrowings around a period of heavy payment flows due to a federal tax payment due date. 29 This small effect is a minor illustration of the transitory money market “turbulence” I mentioned earlier. However, since these effects have been small and short-lived, I don’t see them as signaling that we are at or close to reserve scarcity. Taking a step back, it is hard to be definitive on the recent drivers of moves in short-term money markets. The markets have economically complex structures, and in particular, a high degree of concentration within some money market segments.

For additional discussion, see “Domestic Open Market Operations During 2017,” a report prepared by the Markets Group of the New York Fed for the FOMC. 13  4  the FOMC’s future policy stance are properly incorporated into the term structure of interest rates, and thereby appropriately affect financial conditions and the broader economy. To address the rise, the Federal Reserve made a technical adjustment to the IOR rate at the June FOMC meeting, raising it by 20 basis points while increasing the target range by 25 basis points. 14 The technical adjustment worked exactly as we expected. As you can see back in Figure 2, all rates paid on federal funds borrowings, as well as in other money markets, rose by about 20 basis points. This made it less likely that the effective federal funds rate would be above the top of the target range. Let’s spend a few minutes exploring what drivers might have been most significant in bringing about the rise in money market rates relative to IOR. 15 Leading into the technical adjustment, a shift in flows in the Treasury market had the effect of pushing both Treasury bill yields and repo rates higher in February and March. Figure 6 shows cumulative net Treasury bill issuance since the beginning of last year, as well as projections through the third quarter of this year as reported by a private-sector forecaster.
Some of the gains of the past few years have dissipated, and our disposable income might fall by close to 10 per cent in 2009. In periods of substantial uncertainty, investors will seek to repatriate investments in foreign currency. The fragility of the Norwegian krone was illustrated when investors fled the currencies of small countries, and the krone weakened considerably. When speculators withdrew, daily fluctuations increased and hedging against exchange rate volatility became more expensive. The krone fell to a record-low level in December last year, but has appreciated since then. Consumer price inflation reached a peak in October of 2008, but has slowed markedly thereafter and was 2.5 per cent in February. Underlying inflation is still above target and stood at approximately 3 per cent in February. Looking forward, inflation will abate. Norges Bank has over a number of years focused on anchoring inflation expectations around the target of close to 2.5 per cent over time and has given weight to predictability, with a recognisable response pattern. The downturn has not affected long-term inflation expectations to any great extent. According to an expectations survey, inflation expectations five years ahead among experts in the financial industry, the social partners and academia were virtually unchanged from the fourth quarter of 2008 to the first quarter of 2009. After a prolonged upturn, both output and employment are falling in Norway.

It is important that its implementation takes place as swiftly as possible, within a broader international effort, building on the highlevel recommendations developed by the FSB, and that it is expanded in due time to cover in particular the specificities of the DEFI ecosystem. Third, confidence requires maintaining central banks money as the anchor of the financial system. This implies that central banks revisit the central bank money services they provide with the objective of adapting them to the digital age. This is necessary for the services provided in the wholesale sphere, for the settlement of transactions between financial intermediaries, which are the most important from a systemic risk perspective. Today, central bank money is the very dominant settlement asset in that space because it is the safest and most liquid settlement asset on supply. It is essential that tomorrow it remains so, in particular if tokenized finance takes off. These attributes of central bank money cannot be matched by stablecoins or commercial bank money. 2/3  BIS - Central bankers' speeches  Hence our strong and early involvement at the Banque de France in a large-scale experimentation program on wholesale CBDC with a number of market participants; and the announcement by the ECB a few days ago that the Eurosystem will explore potential solutions for central bank money settlement of wholesale financial transactions recorded on DLT platforms. Adapting our central bank money services might also be necessary in the retail space.
These include the two European countries whose banking sectors have greater assets in relation to GDP than the Swedish banking sector – Switzerland and the United Kingdom. In Switzerland, an expert committee has proposed progressive capital adequacy requirements. The larger and more important to the economy a bank is, the higher these requirements will be. The two major banks – UBS and Credit Suisse – have a capital adequacy requirement of 19 per cent, at least 10 per cent of which is to be Common Equity Tier 1. The remaining 9 per cent can be supplied by what are known as contingent convertibles (CoCos) – which is to say debt instruments that can be converted to equity under certain circumstances. In the United Kingdom, the Vickers commission proposes a structural separation of retail and investment banking. Major retail banks will have an extra capital buffer of 3 per cent. The proposal also includes forcing certain debt instruments with long maturities to cover losses when a bank encounters problems – by introducing what are known as bail-in bonds. In total, equity and bail-in bonds in major banks are to amount to 17–20 per cent. It is time to take the discussion one step further Considering the characteristics of the Swedish bank market, historical experiences and international developments, we at the Riksbank feel that there are several areas that still require attention. The Swedish system needs extra-large airbags. We consider that capital requirements for major Swedish banks need to go beyond the requirements of Basel III.

I hope that these reports will be interesting reading and thank you for having me here today. 6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  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
Finally, an important aspect of responsible finance requires strong and effective governance. John Locke, one of the most prominent 17th century theorists, refers to the concept of a "social contract" in describing the origin of society and its inherent need for governance. The erosion of this social contract and of governance would drastically weaken the foundations of society, setting the stage for its eventual decline in the future. This was evident during the global financial crisis. The experience serves as a strong indication that the own version of the "social contract" in finance should not be overlooked. This extends not only to governance but also to trust, which has traditionally been the social bond between finance and humanity. Central to this is the realisation that financial markets cannot operate in the absence of trust, which in turn necessitates minimum standards for governance, ethics and integrity. This involves not only heightened expectations on the fiduciary duty of boards, but the alignment of compensation packages from short-term personal gains towards long-term value creation. In addition, corporate culture also have an important role in entrenching financial goals with ethical values, through the promotion of sound risk taking cultures and ethical codes of conduct. Conclusion Allow me to conclude my remarks. Often at its most defining moments in history, the rise of society has been intricately marked by the strength of its leadership and its people.

On the path to achieve stronger, more balanced and sustainable growth, the potential of responsible finance has therefore become greater than ever. Most important is for finance to be aligned towards its ultimate goal of serving humanity and of uplifting social wellbeing. Thus, more than merely performing its role as a passive intermediary of funds, finance today has the distinct potential of catalysing and shaping social outcomes. As mobilisers of funds towards socially empowering activities in the economy, the financial sector can act as a "social multiplier", significantly expanding the impact of positive finance. This is what responsible finance can achieve. Infrastructure financing, with its focus on longterm and socially impactful considerations, is an area of finance that can be instrumental in filling the vast development needs of many emerging economies, with an estimated global funding demand of about USD57 trillion by 2030, or about USD1 trillion a year. Recognising this, greater attention has been focussed on infrastructure finance, both at the national and international levels. The evolution of the sukuk market, in particular, has been an effective avenue in bridging this financing gap. Since 2003, an estimated USD115 billion of infrastructure sukuk has been issued by more than 10 different countries, which has been vital in contributing towards the long-term development of these economies. In Malaysia, the sukuk market has similarly been pivotal in supporting infrastructure financing, with Malaysiadomiciled infrastructure sukuk accounting for 79 percent of global infrastructure sukuk issuances in 2015.