samchain/econo-pairs-v1 huggingface dataset:
Also, I invite you to maintain your positive approach to expand financing to the Albanian economy in addition to qualitatively increasing the banking products in a quantitative manner. *** Dear ladies and gentlemen, Year 2022 as well triggered some unexpected shocks for the banking sector (the war in Ukraine, fluctuations in markets of financial instruments and recently the increase in interest rates). The banking sector, despite the lingering effect of these shocks on the profitability rate, re-affirmed once more the stability and the security this sector provides to depositors and investors. Throughout 2022, the activity of banking sector recorded a prudential increase across all indicators, above 6% growth of total assets and similar expansion rates in main items. The funds of individual depositors, who preferred the foreign currency as the main instrument of their savings, largely underpinned this upturn. The financing manner of credit portfolio and the upsurge in the foreign currency investments in securities reflected the ample supply in foreign currency. The amount of non-performing loans reduced again this year, by around ALL 2 billion, thus strengthening the stability of this multi-year trend, further down to 5%, from 5.68%. In 2022, the portfolio of financial instruments - unlike the previous years - provided a negative contribution to the overall level of banking system profitability. The interest rate hikes and the uncertainties caused by the war in Ukraine yielded subsequent shocks to the market values of these portfolios.

The implementation of these measures, beyond the approximation of our regulatory framework with the EU Acquis, ensures a stronger resilience of banking system against the above-stated shocks, and the continuation of the provided financial services, already being integrated in the daily life of citizens and businesses. The consolidation of banking system and the increase in the number of banks with a high share in the banking system impose differentiated addressing of the latter for mitigating systemic risks and the effects on the taxpayers' money in case of possible crisis in the future. Concluding, I take the opportunity to re-assure that the Bank of Albania, in carrying out its function as supervisor and regulator, will continue to support you and be your partner both in good and rainy days, by providing transparency, cooperation and objective assessment of your requests and proposals in every decision making. I wish you a successful and prosperous new year! 4/4  BIS - Central bankers' speeches
In the realm of monetary policy, the conventional wisdom before the crisis, based on the long-standing success of former Fed Chairman Alan Greenspan, was that monetary policy should stay away from direct financial stability responsibility, particularly the management of asset price bubbles, and let the financial markets take care of themselves. And if things go wrong, policymakers can always clean up the mess after a bubble has burst by cutting interest rate aggressively. As we all know, the severity and the costs of this global financial crisis have very much discredited the so-called Greenspan Doctrine. Talk of risks to financial stability has now been mentioned frequently in several central banks’ monetary policy statements. Equally important, signs of financial imbalances have become parts of a watch list for many central banks. These developments stood in sharp contrast to the pre-crisis orthodoxy where financial stability would factor into monetary policy decisions only to the extent that it affected growth and inflation. The changing consensus on monetary policy does not mean that central banks will be using interest rates aggressively to fight off asset price misalignments and financial imbalances, however. By all means, interest rate policy is probably too blunt to be a “corrective” tool for financial stability given that, to materially impact asset prices, a substantial increase in the interest rate is required. Using the policy interest rate to actively steer asset prices would therefore have adverse consequences on the economy as a whole.

Only by doing so, we could lay the grounds for a second assessment in a three-year time, which shall not only observe the accomplishment of these recommendations, but also determine new priorities towards financial system development. Thank you! 2  BIS Review 88/2005
This is the component of demand that lags the most and, at the same time, contributes to increase potential growth, helping to avoid price pressures and thus generating a more gradual convergence of inflation. Although the latest data shows an improvement in investment, and our projections assume that this variable will increase more than GDP in the 2018/2020 triennium, this is not assured. For it to materialize, some conditions are necessary, including an efficient financial system and authorities maintaining a favorable climate, helping projects to meet the environmental, urban and social standards adopted by the country. It is always important to be aware that investment is very sensitive to changes in the external and internal scenarios and depends strongly on having favorable conditions for projects to develop. In a more medium-term view, even in a scenario where the economy behaves as expected in the coming quarters, the fact that activity grows steadily at a faster-than-expected pace requires some changes of a more structural nature. Under current conditions, it is not possible to think that the Chilean economy can sustain growth rates above 3% to 3.5% in the long term, which is our estimate for trend growth in the medium term. In September of last year, we presented the Senate a document in which we gave an account of the factors producing this estimate of potential growth and possible ways to improve it.

On the other hand, they confirmed that the economy performed better in the second half of the year, accumulating two quarters of increasing growth, a significant recovery of investment and sustained export growth. What is behind this economic improvement? Certainly, the substantial impulse from monetary policy has played a part. In addition, external financial conditions have been improving steadily over the past year and investment has recovered, all within a context of improved expectations. It should be noted that this growth in activity in the past few quarters obeys to a recovery within the dynamics of the business cycle. We anticipated these improvements in our projections quite some time ago (figure 1). The evolution of our forecasts shows that at least as far back as a year ago we estimated growth for 2018 significantly stronger than in 2017; this projection did not change much throughout 2017. Private growth expectations for these years, albeit with some lag, gradually aligned with our own. 1  Overall, the upward correction to the 2018 growth forecast is important and responds to several factors. For one, the higher growth of the second half of 2017 gives a higher base for the beginning of the year. Also, there is a further improvement in external conditions, as reflected in stronger growth of Chile's trading partners (3.7% average for 2017/2019 in this Report vs. 3.5% in December) and commodity prices that remain above projections (figure 2).
The potential downside risk - and one can debate just how big a risk it is - is that the macro-economic stability  BIS Review 53/2002  3  framework - while based upon the same general philosophy as here in the UK - would in this case be directed to stability in the Eurozone as a whole. Monetary policy would be decided collectively by the ECB, and fiscal policy would be constrained by the European Stability and Growth Pact - so that the policy stance may not always necessarily be consistent with the particular macro-economic policy needs of individual member states. The essential purpose of the Chancellor's assessment of the famous five tests is of course to weigh the balance between these potential benefits and possible risks, and it will then be for the Government and ultimately the people of this country to decide. The outcome could have a bearing on the macro-economic context both for the UK as a whole and here in the West Midlands, but it is very difficult to predict what the effects might be. Whatever the outcome of the euro debate, you will be operating in a market economy within a stability-oriented macro-economic framework. The crucial point then is that the overall rate of growth that we can hope to sustain - which is the key to our future prosperity - will depend upon the vigour and flexibility of the supply-side of the economy.

The business opinion survey conducted here in the West Midlands earlier this year by the Institute of Chartered Accountants and the IOD - which had over 85% of respondents agreeing that red tape and bureaucracy are stifling business - suggests that some of you have noticed! But for the most part such regulation doesn't tell us what activities we can and cannot undertake, rather it sets the criteria we must meet and the standards we must observe in doing whatever it is we choose to do. It leaves more room for both consumer and producer choice, and more room, and more incentive, therefore for competition and innovation. Our experience in the UK is, of course, just part of a very much broader and continuing evolution internationally - often associated with increasing political democracy - from varying degree of centralised administration to an increasingly open, market-based, approach in all parts of the world reflected also in increasingly free international trade and investment. At the macro-economic level the economic advantages of freer market competition are familiar. No one could claim that it's perfect - especially in the light of the current volatility! But profitability is the best means that we have so far discovered for directing resources - whether human or material or financial resources - into those activities in which they can be most productively employed.
The establishment of new firms, changes in operating parameters and rationalisation in a number of industries may have contributed to this. In the first round, heightened competition affects companies’ profit margins. But enterprises will respond by reducing their costs. This will occur in part in the individual business, but subcontractors will also be required to reduce their prices and enhance efficiency. Increased competition therefore usually triggers higher productivity growth in the economy. Low inflation may thus be matched by higher productivity. In recent years, declining inflation has also been a feature in the other Nordic countries, where some of the same factors have played a role. Even though consumer prices have been low and, in some cases, falling in Norway and abroad, commodity prices in particular have shown a sharp increase. The price of coal, for example, a commodity you are well acquainted with, has shown a marked rise over the past year. Although the rise in commodity prices measured in US dollars is to some extent the result of the fall in the value of the dollar, it also reflects an increase in demand for commodities, which in turn is partly related to strong output growth in China. Prices for domestically produced goods and services are expected to rise in the period to 2005 due to higher capacity utilisation in the Norwegian economy. At the same time, domestically produced goods and services are affected by exchange rate changes, albeit with a longer lag than is the case for prices for imported consumer goods.

Instead the objective was to assess their capital needs under a deeper and longer recession than was the consensus in early 2009, and then require them to meet these capital needs in the very near term, before the adverse scenario developed. One important rationale for the program was that the presence of the additional capital would make the adverse scenario less likely. The credibility of this strategy was dependent on the availability of the U.S. Treasury’s Capital Assistance Program to provide capital if the private market was unable to do so. Moreover, a brave decision was made to be transparent about the procedures the supervisors were using in their assessment and to pre-commit to disclose detailed results. In addition, the main measure of capital needs would be in terms of common equity rather than the preferred equity that was used in the U.S. Treasury’s Capital Purchase Program. BIS Review 81/2010  7  The assessment process took just under three months to complete. It involved many innovations in the supervisory process that will continue to influence the approach to the supervision of large complex financial institutions in the future. The results of the assessment were striking. Under the more adverse scenario of a longer and deeper recession, the twoyear loss rates on average across the 19 banks were projected to be as high as experienced during the Great Depression. Further, this average hid an incredible amount of heterogeneity across both banks and asset classes.
For one thing, credit creation by the banks is continuing to be slow-moving. For another, the growth of the money stocks is considerably influenced by portfolio shifts, which are likely to be reversed once economic activity accelerates and interest rates begin to rise. We shall, however, continue to keep a careful eye on this development. As already stated, there are still certain risks that the economic development will not be sustained. The upswing in Switzerland should not be jeopardised by a premature changeover to a more restrictive monetary policy. We shall therefore continue our expansionary monetary policy and in this way further bolster the economic recovery. We are convinced that we shall have sufficient time to keep inflation within the bounds of price stability by tightening monetary policy at a later point in time. Should a possible marked appreciation of the Swiss franc vis-à-vis the euro threaten to cause an undesirable tightening of monetary conditions, we would again take decisive action. 2  BIS Review 58/2003  Inflation Forecast December 2003 with Libor at 0.25%  2003  2004  2005  2006  Annual average inflation in %  0.6  0.4  1.0  2.3  Inflation forecast of December 2003  New National Bank Law in the making On 3 October, the two Federal Chambers passed the new National Bank Law. We are very happy with the course of the parliamentary debate: only minor amendments were made to the draft of the Federal Council. The deadline for a referendum is 22 January 2004.

In mid-2005, it will reach 1%, in mid-2006 2% and near the end of 2006 a rate of 3%. This increase is a little flatter than forecast in September. It rests on the notion that in the next few years the output gap will narrow somewhat more slowly than predicted in September due to the productivity gains the upswing is expected to bring. From mid-2006 onwards, forecast inflation will no longer lie within the range that the National Bank equates with price stability. It must, however, be noted that, as always, our forecast is based on an unchanged three-month Libor rate, i.e. on the assumption that monetary policy will remain as expansive as now during the next three years. It is also important to understand that the uncertainty of the forecast increases with the length of the forecasting horizon. Continuation of expansionary monetary policy In the past two years, we have changed over to a strongly expansionary monetary policy. In so doing, we have reacted rapidly and unequivocally to the deterioration in the economic situation and the upward pressure on the Swiss franc. The favourable development of inflation provided us with the necessary leeway for the interest rate cuts we implemented. Between March and July, the Swiss franc weakened considerably vis-à-vis the euro, and the economy is gradually beginning to gain momentum again. The expansionary monetary policy was accompanied by growing monetary aggregates. The strong increase in the money stocks, does not, however, present a significant risk for price stability at the present time.
However, the literacy rate of the project beneficiaries had increased to 97%, very much higher than the national average, by 2005. •  The Survey 1997 revealed that 80% had crossed the poverty line within 6-7 years of joining the project, while a further 2% had increased income, but was still in poverty (1997). By 2005, the poverty levels measured in terms of the threshold income used by the Department of Census and Statistics of Sri Lanka had increased, but still  23  When the project formed limited liability people’s companies at a later stage, all the positions of directors were filled by women having been elected by the shareholders. Not a single man could get elected as a director. Since the constitution required having at least two male directors, two women directors elected by shareholders had to step down to pave the way for two males in terms of the constitution. 24  One such partner of the Isuru Project, viz., Thrift and Credit Cooperative Societies or SANASA, has since formed its own specialized bank under the name Sanasa Development Bank. 25  The first survey conducted in 1997 surveyed a sample of 1425 beneficiaries, while the second survey conducted in 2005 had a sample size of 5238 beneficiaries. The first report is in the form of an unpublished internal document (Survey 1997), while the second one has been published under the title Report on the Impact Assessment Survey of the SFLC Project 2005 (Survey 2005).

Hong Kong received a good FATF score card in 2019, but that only means that we are capable of doing more, sharing more, and contributing to better outcomes globally in a continuous manner. 19. Going forward, I believe that being adaptable in our implementation efforts will require changes in the way we do things. More specifically, while the pandemic continues to challenge all of us, I think it should be a catalyst for the wider adoption of latest technology, in the form of Regulatory Technology (Regtech), as well as more efficient and effective AML/CFT measures. Those I believe are also the views of David Lewis, Executive Secretary of the FATF who also said “As AML professionals, we all need to take more risks and stop just ticking the boxes.” I think he is referring to the much needed adaptability in our implementation efforts. The guidance from the FATF is reassuring in this regard, and this leads to my second point. The AML/CFT Regtech adoption is a journey for banks and we should begin to drive more effective outcomes in better leveraging that process. 20. We have seen in the past two years an increasing trend for regulators globally to call for, and through their actions, enable more innovation and flexibility in combatting money laundering and financial crime. That I think is a very welcome development. 21.
Norman T L Chan: What does it take to build a “Hong Kong Brand” for financial services? Welcoming remarks and keynote speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the Treasury Markets Summit 2016, Hong Kong, 6 September 2016. *  *  *  Good morning, Ladies and Gentlemen, 1. Today I would like to talk about building Hong Kong as a “Brand” for financial services. So what is a “Brand” made up of? For merchandise goods, “quality” and “credibility” are two major components of a “Brand”. Quality 2. Quality means the product or services are suitably designed, structured and built to meet the needs of consumers/customers. In the field of fashion or luxury goods, customers’ taste is evolving all the time but very often the “Brand” actually takes the lead in shaping the trend. 3. In the context of financial services, the concept of “quality” entails the availability of a wide range of financial products that can adequately and effectively meet the needs of customers with vastly different financial needs. For individual customers, such products range from the basic banking services for the mass market, to very sophisticated private wealth management services for high net worth customers. For corporate customers, quality products range from the basic transactional banking for the SMEs, to the very diverse and sophisticated services in treasury, hedging, and equity and debt financing for the very large corporates. 4.

The bank proved incredibly successful, leveraging its brand affinity and customer loyalty to acquire over 300,000 customers within their first 24 hours, one million within five days, and reaching six million customers within a year. 14 Thus, within a year of opening, Kakao Bank had a third of the number of customers of Shinhan Bank, the largest bank in South Korea. This was despite the fact that Central Bank of Kuwait - Public ‫ عام‬- ‫بنك الكويت المركزي‬  - 10 -  financial inclusion in South Korea was already at 95% at the time. You can imagine how long will it take for Kakao Bank to become the largest bank in the country. This example demonstrates that banks cannot take customer loyalty for granted. They need to ensure that customers engage with them not because they have to, but because they want to. And the only way to ensure that is by not only understanding customers, but also becoming central to their evolving needs. ii. Battle for Value To win the battle for customer loyalty, banks must provide value, which is the second battle. Winning this battle requires banks to adopt a more proactive approach when positioning themselves with respects to their customers. It is not enough to be on the sidelines as, say, a purely auto financing or mortgage provider. Banks need to position themselves at the center of the ecosystem, providing their customers with the best products, services and advice as and when customers require.
Fair value measurement – by its nature – tends to introduce pro-cyclicality into the accounting framework. It requires the immediate reflection of marketrelated information in the financial accounts (thus providing a “snapshot” of the reporting entity’s economic condition). In doing so, all fluctuations in fair value (even if only temporary) are to be reflected, thereby increasing accounting volatility. Downward swings in fair valuations of assets cause entities to sell these assets; these “fire sales” may themselves add to further downward pressure on respective market prices. As a result, further adjustments to the fair values of these assets become necessary, thereby perpetuating the “downward dynamics”. 1 These dynamics may in the end have adverse implications for the “real economy”, e.g. banks may further curb their lending to the economy. In this context, the potential impact of fair value accounting on behaviour, asset price dynamics and subsequently on financial stability should not be underestimated. Pre-crisis provisioning practices delayed the recognition of credit losses inherent in loans. Accounting rules require a specific trigger event, such as a default in payment to take place before allowing an entity to create provisions for credit losses. As a result, major write-offs usually accumulate during severe downturns when the inherent credit losses actually materialise, adding further stress to the financial system. Hence, a more forward-looking provisioning methodology should be developed. This has also been a recommendation of the G20 Leaders. In this context, the ECB welcomes the recent IASB proposal for an expected cash flow approach.

In particular, we need to define a regulatory framework addressing the risks posed by large and complex financial institutions, and to discuss possible measures aimed to ensure a smooth winding-up of ailing systemically important financial institutions. It is crucial that a consistent framework is agreed at international level to avoid conflicting national regimes applied to multinational institutions and regulatory arbitrage. In this context, I strongly support the current work being carried out by the Financial Stability Board and the Basel Committee. 4  BIS Review 58/2010