samchain/econo-pairs-v1 huggingface dataset:
12 In recognition of the serious implications of a withdrawal in correspondent banking services for growth, financial inclusion, and the stability and integrity of the financial system, the FSB is working to advance a four-point Action Plan to address the recent decline. For an update on this work see: http://www.fsb.org/2016/12/fsb-publishes-progress-report-and-2017-workplan-to-assess-and-address-thedecline-in-correspondent-banking/ 7  All speeches are available online at www.bankofengland.co.uk/speeches  7  Seizing this opportunity means considering fundamental rights such as privacy, and practical constraints such as the costs of storage and handling. Ultimately it is for governments and citizens to decide whether – and how – to ensure the benefits outweigh the costs. Third, and relatedly, there are fundamental issues around data protection to consider. Traditionally, financial institutions have sought to protect and use their own customers’ data under well-established legal and regulatory frameworks. In contrast, social media firms regularly collect and sometimes share extensive data from their users (with their consent). 13  The FinTech future envisages the gathering of a broad range of  financial and non-financial data from, and sharing across, a wider set of parties. A more intense debate can be expected about whether there are appropriate frameworks for the gathering, storing and sharing data both domestically and cross-border. Now turning to the most important financial stability risks. 4.

It must be recognised that structural reforms, and specifically financial sector reform, is of crucial importance if this recovery is to be turned into sustainable economic growth. A bank with the mandate to promote development in Asia must surely have a role to play in all this and I look forward to greater involvement of the Bank, in whatever capacity, in maintaining the momentum of structural reforms in Asia. Mr President, the efficiency of financial markets in the region in performing the important function of financial intermediation has been found lacking. There has been notably little disagreement about the desirability of developing domestic and regional bond markets. But there has also been little progress. And there has been no lack of explanation of why this is the case. The often quoted impediments include the lack of clearing and settlement infrastructure, the absence of a broad institutional investor base, the lack of a benchmark yield curve, low liquidity, and so on. While these impediments are recognised and are being tackled earnestly by national authorities, there is one problem that has attracted relatively little attention so far. The problem relates to the generally low credit ratings of the Asian issuers, including the sovereigns, granted by the international rating agencies. 1  BIS Review 38/2000  I do not wish to provoke a debate on the objectivity and reliability of the ratings and the rating process of the international rating agencies.
Given this, there is a lot of international work on trying to alleviate the consequences for the economy when the banking system is subject to shocks. For instance, several countries have developed a framework within the Financial Stability Board (FSB) for how banks in distress can be wound up without too much impact on taxpayers. This framework has been introduced through an EU directive into Swedish legislation in the act on resolution. I welcome these standards. But in addition to these standards regarding resolution, it is important that we conduct global crisis prevention work that reduces the risks that banks will suffer problems. And as I mentioned, this work is largely done within the scope of the Basel Committee. Why are globally-harmonised capital requirements a good idea? Much of the Basel Committee's more than forty years of work has concerned capital levels in the banks, and for good reasons. Then as now, our assessment is that wellcapitalised banks benefit financial stability and contribute to a positive development in society. Banks that are well-capitalised are more resilient to losses and have greater capacity to obtain market funding during times of financial unease. In other words, the risk of a financial crisis declines if the banks are well-capitalised. Up until the end of the 1980s, the regulatory frameworks for banks’ capital levels were relatively different in different countries. In many areas, the existing capital requirements were considered outdated and in need of revision.

On top of these, there are the restrictions in the mobility of factors of production, notably labour and capital, with the asymmetry in capital mobility between the Mainland and Hong Kong presenting the most obvious obstacle. These restrictions may well be there for good reasons, but they do not mean that the development of a working relationship that is beneficial to both financial systems and to the country as a whole can just be left to market forces. There is a clear case for the involvement of the authorities responsible for these policy areas. To be sure, there have been notable co-operative efforts between the two financial systems, both between the authorities and between the private sectors of the two financial systems, and these have been quite obvious since the resumption of the exercise of sovereignty. These efforts have arisen simply out of need, particularly where the free play of market forces has been possible, and through the initiatives of the authorities concerned, where a common understanding can be arrived at concerning the common benefits that could flow from the removal of restrictions. But I think it is fair to say that the process has not always been a smooth one. Neither has the outcome been as productive as it could be, at least when assessed, narrowly some say, against the fundamental objective of making the two financial systems work together for their mutual benefits and in the best interests of the one country.
With respect to the former, in each country or set of countries, processes to establish specific rules must occur to ensure that more local issues are addressed in an appropriate manner. In the United States, as in the EU, that process will be a very formal one. While the national rulemaking is going on, banks and supervisors around the world will also need to think through the practical implications surrounding implementation. To be sure, implementation of the New Accord will require a substantial resource commitment on the part of both banks and supervisors. However, I think it is important to emphasize that the efforts banks will need to undertake to comply with Basel II build, to a very significant extent, on the good work that many large and well-managed banks already have in train to improve their own risk management and measurement approaches. For example, many banks have for some time been devoting increased attention to the tracking of loan performance, and to the more sophisticated assessment of their loan quality. Further, banks have been analyzing their managerial processes - making sure they have the right system of checks and balances, with appropriate use of independent experts who would not gain from overly favorable assessments. Time and effort has also been invested in developing richer and more meaningful data on past, and likely future, credit performance - data that are needed to fuel management information  BIS Review 15/2003  1  and control systems for senior management use.

Senior management, and, to a significant extent, the board of directors, will have to have a good understanding of various key elements of the organization’s ratings process - the design of the rating system, the methods of assigning and reviewing ratings, the process of developing and using the necessary data, the approach to developing reliable quantitative estimates, and ultimately the consistency of the system with Basel standards. Understanding these various elements will be important in assessing the appropriateness and reliability of the measures of credit risk that are developed - measures that are in turn needed for senior management and the board to make more informed strategic decisions. Operational risk is another area where the Basel Committee has developed a new regulatory capital approach. In this area, as with credit risk, the Committee not only attempts to build on banks’ rapidly developing internal assessment techniques, but seeks to provide incentives for banks to improve those techniques, and more broadly, their management of risk, over time. This is particularly true of the Advanced Measurement Approaches to Operational Risk, or AMA. Under the AMA, banks would be able to use their internal methodologies to assess their exposure to operational risk - subject to a series of qualitative and quantitative supervisory parameters that are intended to ensure that the approach used is comprehensive and that it is implemented with integrity. Moreover, the AMA is intended to be sufficiently flexible so as to accommodate the rapid evolution in operational risk management practices we expect to see over the coming years.
Our today’s decision on the key rate will support this trend, increasing the attractiveness of deposits and the propensity to save. Lending still continues to expand at a fast pace. In July, the annual growth rate in corporate lending remained close to its six-year high. Growth in mortgage lending has slowed down somewhat after the conditions of the subsidised programme were changed, but is still close to its peaks as well. Unsecured consumer lending remains a matter of our great concern as annual growth rates in this segment continue to rise still, including due to the base effects. If the current trends persist, we admit the possibility of additional macroprudential measures to cool down this segment of the credit market, besides those provided for beginning from 1 October. Monetary conditions continue to adjust to our decisions. At our next meetings, we will consider changes in interest rates and in credit and deposit activity and assess whether these changes are sufficient in order to create such monetary conditions that would help bring inflation back to 4% and stabilise it at this level. As regards the risks to the forecast, their balance is still significantly shifted towards proinflationary ones. 2/3  BIS central bankers' speeches  The key demand-side risk is persistently elevated inflation expectations, fuelled by, among other factors, the still high inflationary pressure in the global economy.

Higher inflation expectations boost demand and increase the extent of the pass-through of higher costs to consumers. As a result, companies have the opportunity to almost completely pass costs to prices and thereby maintain or even increase their profits, which in turn discourages them to take efforts in order to reduce costs and improve labour productivity. Monetary policy should prevent the inflationary spiral from getting out of control. Therefore, it should respond to transitory factors to the extent they transform into steady factors through higher inflation expectations. This is especially relevant when households’ inflation expectations and companies’ price expectations are at their peaks recorded over several years, as they are now. Third, monetary conditions are adjusting to key rate increases faster. Over the period after our July meeting, the yield curve of federal government bonds with maturities of up to three years has risen. Furthermore, yields on long-term government bonds remain almost unchanged since last March, when we started to raise the key rate. I would like to remind you once again that the stability of long-term interest rates is crucial for the stability of bank rates on investment loans and mortgages. Interest rates in the deposit market were growing in July—August. The demand for bank deposits started to edge up. As of the end of July, the outflow of funds from retail time deposits ended for the first time since the beginning of last year. Moreover, it even reversed to a slight inflow in August, according to recent data.
Consequently, a monetary policy that aims to address potential disinflation risks and maintain medium-term price stability must be implemented in a manner that also ensures the preservation of price stability over the longer term. Financial system reform And this brings me to two final points concerning two other essential conditions for sustainable growth: financial system reform and sound fiscal policy. It is by now generally agreed that there is both a great and urgent need to introduce reforms that prevent the recurrence of episodes of financial market excesses and corrections and that will make the global financial system more resilient to shocks. An extensive and impressive amount of work has been undertaken by national authorities and international bodies, under the auspices of the Financial Stability Forum and, more recently, the G20 process. Concrete proposals have been formulated – and others are currently being elaborated – on how to reduce the cyclicality of the financial system through various measures and reforms, including the enhancement of the scope and effectiveness of financial regulation and supervision. In the EU, the report of the de Larosière Group is a valuable contribution to this end. The forthcoming summit meeting of the Group of 20 in London can mark a further important step in the effective pursuit of this reform agenda globally.

Jean Claude Trichet: Welcome Malta! Speech by Mr Jean Claude Trichet, President of the European Central Bank, at the event for launching the joint communication campaign for the euro changeover at the Central Bank of Malta, Valletta, 30 September 2007. *  *  *  Ladies and Gentlemen, It is a great honour and pleasure for me to be here at this festive moment. This is to mark the launching of the joint communication campaign for the euro changeover in close co-operation with the Central Bank of Malta and with our friend, Michael Bonello, just 92 days before Malta adopts the euro on 1 January 2008. This will signify a great milestone in Malta’s history, especially since Malta only joined the European Union (EU) almost four years ago, on 1 May 2004. Let me first offer my warm congratulations to all of those who have helped bring Malta to this point. In 2002 for the countries that were in the euro area at the time, as well as for Slovenia this year, it was a memorable moment and a positive step. So I can well imagine how the Maltese feel at the moment. You can be proud of Malta’s successful convergence process. In fact, we are very pleased about the fruitful cooperation between the European Central Bank (ECB) and the Central Bank of Malta in the preparations for the changeover, be it at the technical level or through the participation of Governor Bonello as observer in the Governing Council since last July.
The enhanced intermediation during this decade has benefitted access to financing, particularly for small and medium enterprises, has also improved, both in volume and efficiency. By leveraging on the distribution networks of commercial banks, enhanced product and risk management capabilities, access to financing by this sector has increased at an annual rate of almost 20% since 2005. The financial infrastructure in Malaysia has also been significantly strengthened. Malaysia has an effective financial safety net that includes a comprehensive deposit insurance system and institutional arrangements that provide avenues for advisory, redress and rehabilitation. Innovations in payment systems and instruments as well as infrastructure for the issuance, trading and settlement of debt securities and the access improved market information has contributed to greater efficiency and has also enhanced the overall price discovery process. To support our liberalisation measures our payment infrastructure has also been enhanced to support cross-border trade settlements in local currency and cross-border liquidity support arrangements for financial institutions. Today, Malaysia also has a deep and vibrant bond market which is the largest in South East Asia, and a comprehensive Islamic financial system that is recognised as among the most advanced in the world. The bond market comprising of the conventional and sukuk market has trebled in size, providing businesses with alternative access to financing solutions including in multicurrency to meet a diverse range of risk and maturity preferences.

They have a lot of stories and messages to tell, waiting for us to look up close and decipher their meanings and symbolism. Therefore, I urge all of you to take your time to marvel at the wonders of banknotes on exhibit today. I hope this exhibition will open our eyes to view banknotes from a different perspective, to have a greater understanding why banknotes have always exuded a strong sense of pride, prestige and sovereignty of the issuing country. Thank you. 2  BIS central bankers’ speeches
In short, he needs much more depth. Second, cross-functional adaptability. Job functions and business lines are no longer as static and predefined as they used to be. It is increasingly important that finance professionals are exposed to a broader range of business areas. Movement across business lines generates fresh perspectives that could in turn help to drive innovation and identify new areas of competitive strength. A compliance professional, for instance, may start off on compliance matters that pertain to credit activities. Over time, it would be useful to widen his compliance knowledge in other areas of business such as capital markets. This broader exposure will help him to think about compliance and risk management issues across different functions of the bank in a more consistent and coherent fashion. Such a capability will be a key asset when taking on larger functions and responsibilities in the bank. Third, Asian knowledge and expertise. Asia is a diverse mix of economies. They are at different stages of development, with different financing needs and different regulatory and governance structures, not to mention different cultural norms. To operate a successful regional business franchise, finance professionals will need a deep understanding of these differences and know how to navigate the different terrain. Take for example, a corporate banker, who may be advising the treasurer of a Singaporebased multi-national corporation with operations in the region. Each jurisdiction may have different rules and regulations that could impact the cash management and credit needs of this client.

Speech by the BNB Governor, Mr. Dimitar Radev at the forum of the Association of Banks in Bulgaria on the occasion of the 30th anniversary of its foundation, 13 June 2022 Dear Ms Chairperson, Dear Mr Deputy Prime Minister, Dear Members of Parliament, Dear colleagues and guests, Thank you for the invitation. Please accept most sincere congratulations by the BNB Governing Council on the 30th anniversary of the Association of Banks in Bulgaria. I would also like to take this opportunity to thank you for your many years of support and partnership. They were demonstrated not only in our operational work, but also in solving strategic tasks for the sector and the country's economy. The ABB was founded at the beginning of a period of dramatic political, economic and social change in the country. Since then, the banks in Bulgaria and the sector as a whole have gone through various phases and periods, some of which particularly turbulent. Unlike in the beginning, the sector and the Association are now much more consolidated. People like me, contemporaries of the events of 1992, remember that there were over 70 banks in Bulgaria at the time, 47 of which became founders of the association. Today, there are 24 ABB member banks (full and associate), with a total of 25 banks and bank branches in Bulgaria. We do not need to go so far back to assess the huge changes in the sector. It is enough to take the period of the last 5 years.
In fact, during the last decade, the share of advanced economies in global trade reduced gradually from around 75% to around 60%, while the direction of investment also reversed, as evidenced by the fast accumulation of foreign reserves by the emerging nations. In the meantime, we would also observe that these and other developing countries have benefited immensely by the prudent policies that they have implemented for the rapid economic development of their emerging economies. These improvements include more disciplined monetary and fiscal policies, more focused institutions, and more responsible financial sector developments. In essence, the recent success of emerging economies could be explained, to a significant extent, by conventional growth theory. Improvements in physical capital stock; improvements in human capital; and improvements in productivity. We all know that according to growth theory, increased GDP growth leads to an increase in per capita incomes, which in turn leads to a significant improvement in the quality of life of people in a country. We also know that, right now, significant growth is taking place. But, will it continue to happen? Can we ensure sustainability of this outcome? Upto what point is it going to be tough for the countries to keep on achieving? Many economic experts believe that the immediate challenge that is before the developing nations is to reach a per capita income target of around US $ 2,500 as quickly as possible.

In this background, we cannot realistically expect oil prices to reduce in the near future and therefore we would have to consciously brace ourselves to deal with the harmful effects of this highly destructive attack on future growth, if we are to maintain our growth momentum. As if the of oil shock was not enough, the international commodity prices too, have been rising sharply during the past year or so. This outcome possibly displays how tightly linked the prices of commodities are, to each other. As a result of these increases, which resulted in the global food price index recording a 54% increase over the past year, many countries are now facing their highest recorded inflation figures in the new millennium. China’s inflation in January 2008 was at its highest in 11 years. In Singapore, it was their highest in 25 years. Australia recorded their highest figure in 16 years. We, in Sri Lanka also recorded our highest rate in 18 years while we know Pakistan too is struggling with its inflation, amidst high food prices. In this volatile scenario, the challenge before the emerging countries is how to maintain price stability, without hampering the growth momentum. Unfortunately, in the backdrop of high international oil and commodity prices, there does not appear to be an easy escape route or a quick fix. Worse still, many experts are now proffering the view that the current increases in oil and commodity prices may be a “structural adjustment” rather than just another “supply shock”.