samchain/econo-pairs-v1 huggingface dataset:
Taking into account the available information, our projections, force of action of the monetary policy transmission mechanism and other financial stability considerations, the Bank of Albania deems that the monetary policy will maintain a similar stimulating direction and range within similar parameters, over the medium term. BIS central bankers’ speeches  3

Distinguished clients and invited guests Private investment is a critical source of long-term capital for spurring sustained economic growth and diversification while promoting innovation by supporting the micro, small and medium sized enterprises (MSMEs). Chairperson In order for the financial sector to fully satisfy the credit demands of the productive sector in Zambia, commercial banks must not be overly conservative in terms of their risk appetite for 2  BIS central bankers’ speeches  MSMEs. Rather, Banks should seek to better understand the risks associated with lending to these enterprises. Further, it is important that banks better understand the risk associated with lending to specialized and growth sectors such as agriculture, tourism, manufacturing and mining by deliberately developing relevant human resource skills in these sectors. Ladies and gentlemen In its quest to see the financial sector take up an active role in financing the productive sector and facilitating the flow of investment into the economy, the Bank of Zambia continues to undertake a number of policy and structural reforms. Among these reforms is the new increase in the minimum capital requirement for banks to K520 million and K104 million for foreign and local banks respectively. These capital levels are expected among other things to: i. Make the banking system strong enough to withstand shocks and instability in the economy should they occur;  ii. Enable banks to underwrite big ticket transactions;  iii. Make banks contribute more to the growth of the economy; and  iv.
Are we now in such a state that by helping the rich, the people who have money to invest, and the people who have businesses to manage makes sense - can the trickle down effect be the best way to get the poor richer. We are on the verge where free competition would mean that everybody would do better. Give everybody equal chance in business and clear and known rules. Ensure the poor would be able to compete by giving them a good education such as the new 12-year compulsory free education under the new Constitution. Making sure that the poor have a reasonable chance to compete rather than stopping the rich from competing might well be the best strategy in the country where economy has taken off and will not look back and go back into the feudal age. That is a major question facing all of us who wish well for Thailand and weigh heavily as a consideration on every action that we take. Let me end my statement by talking about something much nearer to the immediate pace of the recovery. The amorphous leadership is dragging us, but every moment we are climbing resolutely out of the morass, and soon I could see the day when NPLs, although still there, would form only a small portion of the total economy, and Thailand could raise its head once more as a leading country and hopefully not repeat its mistake of overconfidence, caprice and greed.

Let me get on to more interesting subjects. Changing yourself is sometime easy and sometime difficult depending on how you manage to tackle the psychology of it. But changing other people is always difficult especially if they are well entrenched, rich, and will not let go of their apparent present prosperity even though they are heading for disaster sooner or later. I am of course talking about changing our banks which we are trying to do through three main approaches: competitiveness, good governance and transparency. Although fully half of our banks will probably be directly controlled by foreign banks, and will have the home supervisory body help making sure that the banks are performing prudently in so far as it can be done remotely from their home base, we still have the problem of supervising the rest of the banks by ourselves. Of course, in nearly all banks there are now major foreign investors who at least will ask piercing questions. But we still have to apply local standards adapted to local conditions, and the best way is to have the host supervisors do a good job. BIS Review 29/2000  2  To ensure competitiveness from all the banks and to enforce an early start by Thai banks, we have already allowed sub-branches or service-points to be opened freely, and so network opening is really rather free and only the account-keeping function needs permission for expansion.
Some observers draw parallels with earlier revolutions in economic history, for example the introduction of steam-engines in manufacturing in the 18th century and the breakthrough for the combustion engine and electric motors in the late 19th century. A closer look at these two earlier industrial revolutions shows that in Sweden the impact of the steamengine was delayed. Developments here had more to do with the transformation and commercialisation of farming in connection with land reforms. It simply took time to build up the institutional arrangements that made a widespread use of steam-engines possible. Sweden did not begin to participate in the first industrial revolution until the middle of the 19th century, when the construction of railways gave steam locomotives a crucial part to play in the new form of communication. At the time of the second industrial revolution, however, when the conditions for production were changed again by the petrol engine and the electric motor, Sweden was in a better position to reap the benefits. In that the social structure was more suited to adopting and utilising the new technology, the pace of modernisation was faster. Production became increasingly efficient as the industrialised society took shape. Electrification, motor vehicles and aviation all left their mark on developments in much of the 20th century. At the same time, it was probably not the new inventions as such that provided the conditions for the rapid economic growth in the 19th and 20th centuries.

There was a great deal of surplus capacity, particularly in the major iron and steel sector. Together with the oil crisis and the collapse of Bretton Woods, the post-war international currency system, this plunged many industrial countries into an acute structural crisis. The extent of the crisis was, of course, influenced by economic policies; I say that as a reminder that the development I have described is not predetermined. The crisis for this former development cluster is sometimes seen as being connected with what we could accordingly call the third industrial revolution, namely the coming of the microprocessor. This has launched a new phase of transformation as the emergence of a new development cluster leads economic developments in new directions. Temporary setbacks not unusual when times are changing The setbacks, however, are not necessarily confined to traditional industries. Other types of economic reversals may also occur in periods of structural change. They may take the form of financial problems of varying severity. During the transformation process, investors and creditors perceive new profitable opportunities. Share prices rise and banks are willing to lend to new enterprises and novel projects. However, as share prices and the supply of credit are governed by expectations of future gains, undue optimism may sometimes cause them to rise too fast. Sooner or later, such bubbles based on expectations will burst and this tends to be associated with problems in the banking sector. The years 1907, 1920 and 1990 are three examples of this.
Ardian Fullani: Inflation targeting in practice Greeting address by Mr Ardian Fullani, Governor of the Bank of Albania, at the regional seminar on Inflation targeting in practice, Tirana, 10 October 2005. *  *  *  Dear participants, It is a great honour for me to address the opening speech of the regional seminar “Inflation targeting in practice” organized by the Centre of Central Banking Studies in association with the Bank of Albania. I am delighted to see that the audience has an international composition. At the same time, I would like to take the opportunity to give my cordial thanks to Mrs. Gill Hammond, CCBS Deputy Director and all speakers accompanying her during the proceedings of this seminar. I would also like to thank the Bank of England and in particular the Director of the Centre of Central Banking Studies, Mr Mario Blejer, an old friend of mine, who continues to give his contribution to the improvement of the Albanian image in the world, just like many years ago. This seminar is being organized in a very opportune time for the Bank of Albania. In less than two months, I shall be once more in front of a very distinguished international audience, to address the opening speech of the Open Forum on “Pre-conditions for launching inflation targeting in Albania".

It is our job to ensure that companies and households can make transactions and calculations using a currency with stable purchasing power. During the time Estonia has been a member of the European Union, the well-being of the people of Estonia has improved. EU membership has meant our economic environment has been more stable and deserving of confidence. In the past ten years, economic growth in Estonia has surpassed average economic growth rates in the European Union, so that Estonian GDP in purchasing power terms has advanced from 55% of the EU average in 2003 to 71% in 2012. The incomes of residents of Estonia have also increased, with real wages up more than 40% in the past decade. EU membership has brought both opportunities and risks. It is the job of those setting national policy to make sure that risks are minimised and that we are best able to profit from opportunities and I am sure that the analysis provided here today by my colleagues will help in guiding the decisions behind that policy. The presentations we will hear today have been prepared thanks largely to the initiative of the European Commission Representation in Estonia to celebrate the tenth anniversary of Estonia’s accession to NATO and the European Union. In summary we can say that in ten years we have made Estonia and the space where Estonian people operate much larger. BIS central bankers’ speeches  1
Suhaimi Ali: Empowering DFIs to bridge funding gaps and drive economic and climate resilience Opening remarks by Mr Suhaimi Ali, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Green Finance Forum for Development Financial Institutions, Kuala Lumpur, 23 June 2023. *** Earlier this year, heavy rainfall flooded five states in Malaysia, forcing over 30,000 victims to leave their homes. In December last year, a tragic landslide in Batang Kali claimed the lives of 31 out of 92 victims. These events resulted in significant financial losses, infrastructure damage, and most tragically, loss of precious lives. Floods, droughts, heatwaves, loss of biodiversity, rising sea levels and coastal erosions are several climate risks we face going into the future due to climate change. Mitigation and adaptation efforts by all parties, including businesses and households, will be crucial to reduce these risks. DFIs have a role to play in this effort. As we navigate the path ahead, it is important that we avoid the pitfalls of hasty actions or inaction, while at the same time strive to preserve and advance decades-long progress in financial inclusion. My remarks this morning will touch on three imperatives, namely: (a) industry partnerships, (b) blended finance, and (c) policy influence; that in my view will sharpen the role of DFIs in contributing to Malaysia's aspiration to achieving net zero GHG emission by as early as 2050. Firstly, DFIs can catalyse change through purposeful partnerships with industry players, government agencies, and financial institutions.

Since its launch, the Financial Education Plan has raised awareness of financial planning and encouraged households to treat savings as a fixed expense, helping them to build up a financial safety net based on what they can afford. Further, the plan also aims to teach the general public, and students in particular, to make responsible use of credit as and when it is needed, and to invest their savings based on sound risk assessments and in awareness of the risk-return trade-off. The Banco de España has redoubled its engagement in financial education, with recent structural changes aimed at reinforcing this function and helping the public to make better financial decisions, including when it comes to their savings and investments. In conclusion, Spanish households’ ability to appropriately manage their savings, based on informed decision-making, is a cornerstone of their financial health and, therefore, of stability for society at large. Thank you very much. 5
Thus, along with more incentives to promote short sales, steps should be taken to facilitate the timely and orderly absorption of these properties back into the market including as renteroccupied housing. An interagency group including the Federal Reserve is working on issues relating to REO-to-rental conversions. Appropriate policies would simultaneously lessen downward pressure on home prices and upward pressure on rents. 8  BIS central bankers’ speeches  Among other steps, investors could be encouraged to purchase REO to be made available as rental housing. Fannie Mae and Freddie Mac could increase the number of loans offered to individual investors, provided the investor puts up an adequate amount of equity for each mortgage. And REO properties in a given locality could be bundled for sale. The government might consider a package of tax incentives for purchases of REO that are used as rental properties. Such incentives might include a reduction of the current 27½ year depreciation period and/or a reduction of capital gains tax liability if the property is held for a minimum period, such as five years. One idea developed by my staff – let’s call it “homes for heroes” – would be to create a new tax credit or other home purchase subsidy specifically for veterans of our foreign wars that would enable these veterans to purchase such properties at a discount.

While this would certainly involve outlays, these would be offset by reduced defaults. Whether there is a net cost or not depends on the reduction in the default rate that would come with principal reduction and how this reduction would affect the performance of the overall housing market and the economy. Based on recent data on borrower behavior,17 my staff calculates that the taxpayer (through the effect on Fannie Mae and Freddie Mac) would be better off with earned principal reduction under a base case of roughly flat house prices and persistent weakness in the jobs market. Under a scenario of modest house price increases, the combination of fewer defaults and shared appreciation also produces a net benefit. This result occurs before taking into account the positive externalities of nudging house prices onto a stronger path, which would reduce the magnitude of losses on loans that do default. On an expected value basis, such a program appears still more compelling, since  17  Lender Processing Services data. BIS central bankers’ speeches  9  Fannie Mae and Freddie Mac are currently exposed to the downside risk of further declines in home prices. Of course, just focusing on the impact on Fannie Mae and Freddie Mac is much too narrow even from a taxpayer perspective. If you believe as I do that improving the outlook for housing would materially strengthen the over economy, one must also include the fiscal benefits generated by stronger economic growth.
Based on the Implementation Group’s work to date, the Committee published a paper last August on the “high level principles for the cross-border implementation of the New Accord”. In this paper, we reiterate our view that the traditional allocation of responsibilities to home and host supervisors will continue. Cooperation will be critical for effective supervision under the New Accord, especially considering the need for an internationally active bank to receive the approval to adopt, and then validate, advanced approaches to credit and operational risk at home and in host jurisdictions. Similarly, supervisors will need to find practical ways to cooperate in the evaluations of capital adequacy under the second pillar and ongoing reviews of compliance with the minimum operational requirements of the New Accord. 4  BIS Review 52/2003  The Implementation Group and the Core Principles Working Group, which is made up of senior regulators from a variety of countries plus representatives of the World Bank and the International Monetary Fund will meet for a second time in December to continue the discussions on issues related especially to the responsibilities and cooperation of home and host supervisors and issues that significant or systemically important foreign subsidiaries may pose for different jurisdictions. Based on the progress that leading banks worldwide have made in adopting more sophisticated approaches to risk management, many countries have indicated that they are planning to implement the New Accord, whether in the short or long run.

Stefan Ingves: Strengthening bank capital – Basel III and beyond Keynote address by Mr Stefan Ingves, Governor of the Sveriges Riksbank and Chairman of the Basel Committee on Banking Supervision, at the Ninth High Level Meeting for the Middle East & North Africa Region, jointly organised by the Basel Committee on Banking Supervision, the Financial Stability Institute and the Arab Monetary Fund (AMF), Abu Dhabi, United Arab Emirates, 18 November 2013. *  *  *  As prepared for delivery Good morning everyone, and thank you for the opportunity to speak about what – among the myriad of recent regulatory initiatives – has probably been the most important: strengthening bank capital. Strengthening bank capital is not simply about asking banks to hold more capital. Rather, it is a broader objective that involves ensuring the functioning of the entire capital regime. The Basel Committee’s approach has therefore been to work extensively on the consistent implementation of the regulatory capital framework. The ultimate goal is to implement Basel III so that it strengthens the quantity, quality, consistency and reliability of bank capital ratios around the world. Quantity and quality of capital As you know, a set of requirements designed to raise the quantity and quality of bank capital lies at the heart of the Basel III reforms. Not only were minimum capital requirements raised, but the increases in capital requirements were focused on where they were needed most: in going-concern loss-absorbing capital, or Common Equity Tier 1.
Measures to gradually open up the equity market to foreigners are also underway. In 1997, foreigners were allowed to participate in Saudi equity market through a country fund, the Saudi Arabian Investment Fund (SAIF), instituted in London. Since November 1999, foreigners have also been allowed to participate in Saudi equity market through open-ended mutual funds offered by Saudi banks. GCC citizens are permitted to directly participate in the Saudi equity market. In 2006, expatriates residing in the Kingdom have been permitted to invest directly in the stock market. There are no restrictions on foreigners' investment in government securities. The role and participation of regional and international banks in the Saudi financial market has evolved over time. Many international banks had presence in Saudi Arabia since the 1950s and their contribution in developing the banking system has been significant. Many other regional and international banks have also been active both as borrowers and lenders to Saudi counterparties. In the 70's and 80's, their main role was to act as a conduit for transferring the surplus funds and liquidity in Saudi Arabia to international financial markets. However, with the expansion of economic activity and increasing demand for credit, many regional and international banks have participated in direct and syndicated loans to Saudi private and government sector and invested in government securities. Looking ahead, the government has identified the expansion of Saudi economy as a major objective to meet the expectations of a rapidly growing labor force.

Michael C Bonello: The challenges facing Malta's banking system Speech by Mr Michael C Bonello, Governor of the Central Bank of Malta, at the Second Annual Conference of Finance Malta, Valletta, 29 May 2009. *  *  *  Introduction This conference about Malta’s financial services industry is being held in the midst of the most severe global financial crisis since the Great Depression and whose consequences for the real economy in terms of output and employment losses are proving to be the most devastating in living memory. It is a crisis, therefore, which cannot but have repercussions on a small, open economy like Malta’s that is highly integrated with the world economy through trade and finance. These circumstances present challenges for the domestic banking system, and in addressing them it is important to recognise the implications for the economy at large. A sound, adaptable and innovative banking system is a prerequisite for sustainable development. The birth of a modern banking system Malta’s recent banking history has indeed tended to mirror policy shifts in the broader economy. The nationalisation of the major banks in the 1970s was itself recognition that the centralisation of economic activity could not be achieved without state control of financial resources, including credit flows. Lending rates were set by the minister of finance while the central bank controlled deposit rates. Nominal interest rates were kept artificially low, often resulting in negative real interest rates.