samchain/econo-pairs-v1 huggingface dataset:
The tendency of customers towards credit cards of banks with lower interest rates will enhance competition in the banking sector and the interest rates applicable to credit cards will be pushed down. The highest interest rates applicable to credit cards by banks are announced on the Bank’s web site. Distinguished Press Members, The reduced credit costs in an environment of falling inflation has enhanced credit opportunities of firms in the corporate sector and has played an important role in the growth of investments expenditures. Nevertheless, we consider the open foreign exchange position of firms that utilize foreign exchange credits, despite their lack of foreign currency revenues, as a significant risk factor. Therefore, the effective use of risk aversion techniques, taking into consideration the İzmir Derivatives Exchange facilities, is of vital importance. Furthermore, considering the likely implications of Basel II, especially on the financial system, both the banking sector and firms should carry out the necessary studies relating to capital accord and accomplish the necessary initiatives and arrangements for the improvement of their corporate management structures. Distinguished Guests, In 2005, the most outstanding development pertaining to the banking sector, which constitutes 87 percent of the entire financial system, was the gradual acceleration of foreign capital inflows. According to the final figures for share transfers, the share of non-residents in total assets of the banking sector in 2005 was 12.4 percent.

This momentum has an important meaning: supervisors and central bankers have collectively acknowledged that climate change-related risks are a source of long-term financial risk. In April 2019, the NGFS published its first comprehensive report issuing four recommendations for central banks and supervisors, and two additional recommendations for policy makers. Looking down the road, I see three priorities for the near future. First, we will require enhanced disclosures that need to be built on sound taxonomies. The taxonomy framework published by the Technical Expert Group (TEG) on Sustainable Finance of the European Commission on 18 June is a welcome step. Second, we have to better anticipate long-term climate-related risks, through what I call “the video of the risks”. We must push for the development of comprehensive climate stress tests in order to build a forward-looking approach of the impacts of climate risks. Third, green finance needs to mature and upgrade its professional standards. The financing needs for the energy transition are huge; in Europe alone, it is estimated that an additional EUR 177 billion per year will be necessary over the period 2021-2030 to reach the EU’s energy and climate objectives for 2030.3 The European Green Bond Standard proposed by the TEG should ultimately help to further develop the green bond market and channel more investments towards green projects. Furthermore, many proposals have been made to allow monetary policy to play a direct and sector-focused role in financing the transition to a low-carbon economy.
And it should have credibility by ensuring swift and effective mechanisms for addressing complaints on breaches and the ability of the profession to act against errant members. In Malaysia, avenues for customers to address disputes with insurance brokers are being enhanced with establishment of a Financial Ombudsman Scheme that will include insurance and takaful brokers as members of the Scheme in the later part of this year. In closing, the insurance broking sector finds itself today at the threshold of an exciting, but also challenging, new era in which solutions of the past are unlikely to be adequate for the demands of the future. The stakes are higher, and the time is ripe for insurance broking in this region to do its part to contribute to sustainable growth. Thank you very much and I wish you all very constructive and enlightening discussions ahead. 4  BIS central bankers’ speeches

Regarding cross-border trade settlement, in the first 11 months this year, payments from the Mainland to Hong Kong amounted to RMB 180 billion while payments from Hong Kong to the Mainland amounted to RMB 50 billion, resulting in a net inflow of RMB 130 billion to Hong Kong. These RMB funds remain in Hong Kong and constitute a main source of supply in the local RMB market. Of the RMB 50 billion paid from Hong Kong to Mainland enterprises, only about RMB 10 billion was obtained by conversion in Shanghai through the Clearing Bank. In November alone, the payment from Hong Kong to the Mainland under the trade settlement scheme reached RMB 22 billion. However, as the arrangement for conducting RMB conversions in Shanghai was suspended, enterprises in Hong Kong could only purchase RMB funds from the Hong Kong market. Given the abundant supply of RMB funds in the local market, the pricing of RMB funds in the Hong Kong offshore market and that in Shanghai were quite close to each other, with the differential between the two staying within 300 pips for most of the time in recent weeks. This shows that the offshore pool of RMB funds in Hong Kong is serving the function of supplying RMB funds to meet the demand from local enterprises, such that there is no need to rely heavily on the onshore conversion window in Shanghai for trade settlement.
11th International Insurance Conference Paris, 25 October 2019 “Insuring in the long term in a short-term world”  Speech by François Villeroy de Galhau, Governor of the Banque de France Chairman of the ACPR  Press contact: Mark Deen (mark.deen@banque-france.fr). Page 1 of 6  Madam President, Ladies and Gentlemen I am delighted to participate in this 11th International Insurance Conference. This will be my fourth time at this unmissable annual event, but the first for you, Florence. Bernard Delas and I would like to offer you our warmest wishes for success at the head of the Fédération française de l’assurance (FFA – French insurance federation). For our part, changes are also underway and I would like to take the opportunity this evening to welcome the appointment of Dominique Laboureix as Secretary General of the ACPR, with First Deputy Secretary General, Patrick Montagner, whom you know well, at his side. The subject of your 11th Conference – “Insuring in the long term in a shortterm world” – perfectly sums up the real challenge to the insurance profession. I would like to begin by thanking France’s 712 authorised insurers that never waver in playing their key role in the financing of our economy, with EUR 2,600 billion of investments. In 2018, France became the leading European insurance market, outpacing the United Kingdom and Germany in terms of total balance sheet value and non-life premiums earned.

Anita Angelovska Bezhoska: Welcome address - National Bank of the Republic of North Macedonia fintech event Welcome address by Ms Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of North Macedonia, at the NBRNM fintech virtual event, Skopje, 28 July 2021. *** Good morning to all. It is my pleasure to welcome you to this virtual event today. The purpose of the event is twofold: 1) to share with you the results of the activities we are taking as part of our ongoing efforts to support the fintech development and 2) to announce our next steps in fintech segment. This event would not be possible without the European Fund for SouthEast Europe, an institution with a prominent role in promoting responsible financial sector development. We are very thankful for its continuous support in different areas of our activities, including Fintech. I would also like to extend a gratitude to Mr. Jay Tikam, a financial expert who will present the findings from the first national Fintech Survey that we jointly conducted. Let me now shed some light on a couple of important dimensions related to fintech such as the specific circumstances that brought this issue to the fore in the last decade, the benefits it brings to the society, the role of policy makers/regulators in this segment, the current state and the priorities and challenges ahead. Although "fintech" is a relatively new term, technology has always played an important role in the financial sector.
As a global body, an early task will be to respond to the desire of other regional FX markets to associate themselves formally to the Code, and I hope to agree an effective mechanism at our next meeting in November. The voluntary nature of the Code means that transparency of adherence and peer expectation will play a key role in furthering its broad adoption. The short Statement of Commitment appended to the Code provides a means for firms to publicly demonstrate their support, and the GFXC has issued guidelines for organisations 4  interested in developing public registers to make these easy to find. If individual firms come to expect that counterparts will have committed to the Code, and have the means to see whether that is the case, then the Code will become woven into the fabric of the market. Central banks are taking a lead on this, reviewing their own practices and setting clear expectations with their FX counterparts. Three months after launch, I’m encouraged by some of the early signs of adoption within the private sector too. Interest has spread far and wide, with some 20,000 individual downloads of the Code so far. Around 10 market participants have already published commitment statements and many others have publically affirmed their intentions to do so. The development of public registers, too, is in progress – the first was launched last month and I understand other organisations are actively considering following suit.

Seeking broad adoption  So if we have reached the point where a new Code has been launched and there are encouraging early moves on adoption, what needs to follow? Most obviously, it’s important that we maintain this early momentum so that adoption becomes the norm. As I have already implied, virtually all of the firms directly engaged in developing the Code have publically stated their intention to sign up, and members of the various central-bank organised foreign exchange  4  http://www.globalfxc.org/public_registers.htm?m=62%7C379 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  committees across the globe will do so too. This captures many of the large sell side firms and infrastructure providers. The challenge at this stage is to ensure that firms engaging in the full range of wholesale market activities are equally committed to incorporating the Code into their business practices. The audience in this room represents a key constituency: buy-side participants. A traditional, though I hope fading, attitude is to view codes of conduct as the preserve of sell-side firms only. But the Code provides key guidance that is relevant to both sides of any FX transaction. Moreover, an objective behind providing principled rather than rules-based guidance was to encourage market participants to think through how those principles apply to their own business context, and to apply the Code in a manner which is proportionate to that context.
Yves Mersch: Back to stable Speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the Zahlungsverkehrssymposium, Deutsche Bundesbank, Frankfurt am Main, 29 May 2019. * * * The primary objective of the ECB is to ensure price stability. This is also the best contribution we can make to achieving sustainable growth.1 Since the launch of the euro, the ECB has delivered on this commitment and rendered price stability a reality, maintaining an average inflation rate of below, but close to, 2%. And that is why the majority of euro area citizens trust the euro.2 Their trust is contingent on the independence of the central bank. Independence is granted to central banks to prevent politicians from seeking electoral gain through measures which boost economic activity in the short term but damage the long-term health of the economy and the country. It is also recognised that legal tender needs to be issued by a public authority. In the case of the EU, it falls to the ECB to issue the euro and decide on the denomination of banknotes. We could not accept a situation in which, for anti-European or populist motives, certain euro denominations were not allowed to be used in some parts of the EU. This established consensus is being challenged by private initiatives triggered by technical innovation. We are seeing ever more solutions in search of a problem. Bitcoin and other crypto-assets claim to need neither trust nor the backing of a sovereign.

This reflects the systemic impact CCPs can have in situations of extreme stress, by disrupting repo markets or channelling liquidity strains to banks – which are also monetary policy counterparties – thus affecting the circulation of liquidity in payment systems. Ultimately, CCPs may need to rely on central banks as lenders of last resort. Central banks therefore have an important role to play in the regulation of central clearing – a notion which is largely recognised but often misunderstood. In this context, let me say a few words about recent developments in the area of CCP regulation, and in particular the outcome of the legislative process regarding the revision of the supervisory framework for CCPs, the European Market Infrastructure Regulation (EMIR II), and the recommendation to amend Article 22 of the Statute of the ESCB and the ECB. The ECB recommended to EU legislators that its Statute be amended to clarify that the ECB had legal competence over CCPs, which would have allowed it to perform its statutory monetary policy role under EMIR II. We made the case that the ECB needed explicit general competence to monitor and address risks relating to our mandate, including broad discretion to take necessary measures in exceptional situations where the stability of the euro is at stake.
Over the last decade, the pace of ice loss in the Arctic and Antarctic has tripled. This year, wildfires and heatwaves of unprecedented ferocity have swept across Europe, North America, and Australia, while record rainfall in countries ranging from India to America have caused devastating floods. Climate change is happening at a faster pace than predicted by early climate models. It is critical that we stop putting more carbon into the atmosphere by 2050. According to climate scientists, to avoid catastrophic and irreversible climate change, global warming needs to be kept within 1.5 degrees Celsius above pre-industrial levels. This in turn requires that global greenhouse gas emissions must reach net zero around 2050, meaning we remove whatever greenhouse gases we put into the atmosphere every year. This is what more than 190 countries resolved as part of the Paris Agreement in 2015. The world is currently far from a net-zero emissions trajectory. To limit global warming to 1.5 degrees Celsius, global greenhouse gas emissions must peak by 2025 and come down about 45% by 2030 relative to 2019 levels. We are currently not on track to achieve this. Even if all countries follow through on commitments made in the Paris accords, carbon emissions will come down by just 7.5% by 2030. This means 1.5 degrees Celsius is almost out of reach. According to the latest report by the United Nations Intergovernmental Panel on Climate Change (IPCC), global warming has already reached 1.1 degrees Celsius above pre-industrial levels, the warmest in 125,000 years.

However, credibility is about the long term, about consistency, and about actions rather than words. We have the second-highest international reserves in Europe after Switzerland. A strong central bank is now a firm anchor in the economy. Over the next six years, monetary policy should be more restrictive, or rather interest rates should be higher, than in the, say, six to ten years before Covid. We need to motivate people, firms and also the government to save. It's the only road towards less debt. This is the first policy for a strong koruna. Second policy for a strong koruna – fiscal policy Inflation was last at the CNB's target in 2018, a period when public finances were in a surplus. In 2017, the public finance surplus in the Czech Republic was 1.5% of GDP. In 2018 it was 0.9% of GDP and in 2019 it was 0.3% of GDP. That is no accident. 2/4  BIS - Central bankers' speeches  Defeating inflation is conditional on monetary and fiscal policy coordination.6 The key question is: will the higher inflation observed after Covid be persistent? The answer depends not only on monetary policy, but also on the government's credibility regarding its willingness to stabilise debt. If fiscal policy generates rising deficits, monetary policy alone cannot ensure permanently low inflation. If the central bank increases rates, it will cause a recession. In an entitlement economy, the government will attempt to compensate people for the recession with accommodative fiscal policy. This in turn will fuel inflation.
And while the ECB’s (European Central Bank) framework is less focused on quantitative targets, there is little doubt that the ECB’s willingness to expand its balance sheet through lending and through the OMT (Outright Monetary Transactions program) has been a key support to stability. This activism has some observers asking – with some justification in my view – whether central banks are trying to do too much. Concerns are being raised as to whether price stability and financial stability are being put at risk, and about potential spillovers into currency markets. Monetary policy is, after all, a blunt instrument. It supports investment and consumption in the real side of the economy by stimulating financial activity, by lowering borrowing costs and boosting financial wealth. But, as we have learned the hard way, easy monetary and credit conditions are also the stuff out of which credit excesses and bubbles can form So the question many central banks face is whether the benefits of further easing are worth the potential costs: in essence, will we get enough risk-taking on the real side of the economy, before we get too much on the financial side? Of course, this is not a static calculation. Sound structural policy can improve the odds that monetary stimulus feeds through to the real economy. After all, firms’ decisions to invest, hire more workers and expand their operations depend not just on the cost and availability of funds, but also on the opportunities and the uncertainties in the business environment.

When I think of the risks ahead, my concern goes less to countries, institutions or particular markets, and more to the broad set of challenges associated with the eventual normalization of the policy measures which are being taken now, especially in the context of markets that may be frothier than what we see today, and in ways that may not be fully apparent given all the new incentives being created for “innovation” in intermediation and in the nature and location of risk taking. Tightening cycles tend to bring surprises. And in the upcoming cycle, both central banks and markets will be operating in unfamiliar territory. Minimizing potential fallout for markets and for the economy will require deft management, and skillful and disciplined communication on the part of policymakers. That said, at least for now, inflation risks appear contained. Notwithstanding the additional liquidity, inflation in the advanced economies is running toward the low side of desired ranges – and in Japan, well below. Financial markets show little evidence of longer-term inflation expectations becoming less firmly tethered. And when the time comes for normalization, there are a number of powerful tools available to keep them in check. Finally, on the issue of currency spillovers: this is a topic where, at least so far, the rhetoric appears to have substantially outpaced the reality. The talk about so-called “currency wars” strikes me as having gotten a little ahead of itself – better for capturing headlines than for accurately describing recent policy or the current situation.
We will continue to be actively involved in the finalisation of the international reforms. The combined package of national and international reforms represents a decisive step in the process of resolving the ‘too big to fail’ issue in Switzerland. BIS central bankers’ speeches  1  Domestically focused banks: adequate resilience, despite substantial increase in mortgage exposure This brings me to the domestically focused banks. For these banks, whose activity centres on Swiss lending and deposit-taking business, I would like to highlight three developments. First, these banks’ risk exposure to the Swiss mortgage and residential real estate markets rose markedly in 2015, with their mortgage lending volume growing at a similarly robust pace as in the previous year. In addition, they further increased their affordability risk and interest rate risk exposure from maturity transformation, against a background of slightly higher imbalances on the mortgage and residential real estate markets. Second, in 2015, these banks’ interest rate margins stabilised at a low level, after having fallen steadily and significantly since the start of the low interest rate period at end-2008. This stabilisation is remarkable, given that pressure on interest rate margins continued last year. Swiss money and capital market rates fell once again in 2015. At the same time, the interest paid by banks on customer deposits remained largely unchanged. Thus, the difference between these two interest rates – the liability margin – narrowed further.

In view of the fact that risks to financial stability could increase further over the short to medium term, the capital surpluses of domestically focused banks are of particular significance. When defining their appetite for risk and their capital plans, the banks should continue to ensure that they are also able to absorb the losses associated with highly unfavourable but possible scenarios in the future. Even under scenarios of this kind, they should be able to perform their core functions for the Swiss economy – in particular, the supply of credit. The SNB will continue to monitor the situation on the Swiss mortgage and real estate markets closely, paying particular attention to developments in the residential investment property segment as well as to banks’ risk-taking in mortgage lending. As hitherto, the SNB will regularly reassess the need to adjust the countercyclical capital buffer. New banknote series: successful launch I would like to finish my presentation today with a few words on the new 50-franc note, which was released on 12 April 2016 as the first denomination in the ninth banknote series. From the SNB’s perspective, the launch of the new banknote series was an all-round success. First, the changeover at bank counters and ATMs went as planned. According to our information, the general public also encountered no major problems when withdrawing or paying in money at cash machines. Second, reactions to the new banknote were predominantly positive among the public and experts alike.