samchain/econo-pairs-v1 huggingface dataset:
During the past several years, Bank of Thailand (BOT) has been working on many important projects to encourage the development of e-Payment systems and innovations including: - Driving National e-Payment Master Plan: The two main projects, PromptPay service and the expansion of card acceptance devices (EDCs) throughout the country, have been developed and promoted and have got continually good responses. For PromptPay  2  service, the registration has reached 32 million identification numbers with an accumulated fund transfers over 100 billion Baht. - Migrating ATM and debit cards to chip cards: By the end of 2019, ATM and debit cards must be changed to chip cards in order to enhance security of card payment. This policy coincides with the growth of debit card transactions used by Thai people. - Elevating security protection in mobile payment transactions: The BOT has cooperated with the Office of The National Broadcasting and Telecommunications Commission and The Telecommunications Association of Thailand under the Royal Patronage to strengthen mobile payment security. From the increasing trend of mobile payment volume which has heightened by 100% from the previous year, we recognize that mobile will be a major payment channel in the near future; therefore, mobile payment security is a vital issue. - Introducing Regulatory Sandbox principle: This principle will facilitate financial innovations and open up opportunities for financial institutions, financial service providers, and technology firms to propose and test their innovation projects in a limited scope and area, in concurrent with regulatory assessment.

Speech at the Press Conference: Collaboration on Adopting Standardized QR Code for e-Payment Dr. Veerathai Santiprabhob, Governor Wednesday 30 August 2017 Bank of Thailand ……………………………………………………… Executives from American Express, JCB International, Mastercard, VISA and UnionPay International President of Thai Bankers' Association President of Government Financial Institutions Council President of Association of International Banks President of Thailand Electronic Payment Trade Association President of the Telecommunications Association of Thailand under the Royal Patronage Press members and distinguished guests, I am very pleased that all payment service providers in Thailand are here to announce their collaboration on adopting QR Code standard for payments. This is considered an important milestone for which the standardized QR Code has been implemented in Thailand. It is also the first time that five international payment card network providers and Thai financial service providers have mutually agreed to adopt the same QR Code standard in providing payment services in Thailand. It is recognized that electronic payment (e-Payment) is a crucial component in driving a digital economy, where technologies have been utilized to deliver better services for consumers and businesses, to increase financial inclusion, to raise efficiency and to reduce costs; thus, enhancing the country’s competitiveness and supporting ‘ease of doing business’ principle.
In particular, it recognised how important it was to preserve the country’s good monetary health – and this was long before the law made price stability a priority goal within the SNB’s policy. Since then, and even during the most turbulent phases of the 20th century, the determination to ensure monetary stability has emerged as a guiding principle for the National Bank’s activity. In its quest for stability, the SNB strove to apply the rules of the gold standard consistently, accepting the Federal Council’s decision to devalue the Swiss franc in 1936 reluctantly, as a trial imposed upon it from outside. Also, when Switzerland found itself isolated in the Second World War, the SNB tried to avoid repeating the mistakes made during the First World War so as not to further aggravate an already difficult situation through monetary instability. Preserving domestic stability and maintaining the country’s ability to meet international payments were thus accorded priority. After the War, the new order established at the Bretton Woods conference was intended to ensure international monetary stability. However, this goal was not achieved. In Switzerland, the disequilibrium in the balance of  BIS Review 71/2007  1  payments became even more exaggerated, and the fight against inflation called for the joint efforts of the Federal Council and the National Bank. In 1973, the National Bank decided to stop intervening on the foreign exchange market and to float the Swiss franc.

The new National Bank was expected to gradually take over the activities of the former noteissuing institutions and to bring some welcome order to the payment system. At the time, the value of the Swiss franc was defined in gold and silver, the precious metal content of the coins was fixed accordingly and banknotes could be exchanged for gold. Nowadays, the SNB’s responsibility in matters of monetary stability is uncontested. In fact, it is explicitly mandated by law to preserve price stability while taking economic developments into account. Moreover, economic theory stresses the special responsibility of central banks in this area. The goals, methods and instruments of monetary policy have thus undergone profound changes. Nevertheless, the principles that have guided our activity over the past century have been remarkably enduring, and this is exemplified by the history of the National Bank. Pursuit of stability From the outset, the National Bank recognised that its role as the national note-issuing institution would extend far beyond the harmonisation of payment systems. The first steps were difficult. During the First World War, the SNB actively participated in financing military expenditures through its loans. This undisciplined lending policy pushed up inflation, thereby contributing to the social unrest of 1918. This sparked a broad debate on the SNB’s responsibility for the massive price rise. These events, along with the subsequent tragedy of German hyperinflation, left a strong mark on the National Bank. It must have been at that time that the SNB fully realised the complexity of its task.
There are more weak numbers than good ones, with signs of economic slowdown becoming increasingly visible. Drawing on the information up to the end of February, the key elements of the latest data include continued correction in the housing market, further fall in consumer confidence, slowdown in consumer spending and private investment, and weaker employment numbers. The good news is that exports in the US are holding up well, and the financial conditions of companies, especially the non-financial companies, are intact. But going forward, the correction in the housing market is likely to continue, which will weigh on economic activities. On the financial market side, things also are not looking up. CDX spread continues to rise, indicating increased risk premium in the CDO market. And as confidence in the market for securitized credit is yet to return, more writedown can be expected. Next, as economic activities in the US slow down, the quality of bank’s other assets such as commercial real estate and consumer loans may come under greater pressure, affecting bank profitability. With profit declining, banks may become more risk averse to protect capital, putting more pressure on credit extension and the real economy. So, latest US data point to a weaker outlook ahead with more downside risks in the nearterm. The risks include further correction in the housing market, continued tightening of the credit conditions, and further decline in economic activities. Outside the US, the economic picture looks less negative.

Being a small open economy, Thailand will not be able to avoid the impact of the global slowdown or the increase in economic volatilities. The US now forms about 12 percent of our export markets. As for the direct impact of the sub-prime, the exposure of the Thai banking system to CDO is very limited. Total investment by Thai banks on all CDOs is 0.26 percent of bank’s total asset in June last year, of which 0.03 percent was sub-prime related. Such exposure has declined further in December, and banks that have CDO investments have increased their provisionings accordingly. At the end December last year, the BIS ratio for capital adequacy for the Thai banking system was 14.6 percent, well above the minimum requirement of 8.5 percent. More important concern, however, is the indirect economic and financial impacts through (i) possible exports decline as the result of global economy slowdown, (ii) a tightening of global liquidity, and (iii) possible increase in the volatility of capital flows, as risk is being repriced by global investors. These indirect impacts have a potential to impart more volatility to our markets, depending on the magnitude of the global slowdown. So far, no adverse impact has emerged, but with more downside risk and uncertainty ahead, it is important that one is not complacent and is alert for all possible impacts and outcomes. This point was fully recognized by the Bank of Thailand’s Monetary Policy Committee in its meeting last month.
Regarding transparency, I would signal the initiatives taken by the Banco de España, which have been favourably viewed by the European and international authorities and by the markets, on relevant exposures and refinanced loans. And mention should be made of the guidelines on accounting practices in respect of refinanced loans. Finally, I wish to underscore the approval of Law 9/2012 of 14/2012 on the restructuring and resolution of credit institutions. To a most significant extent, this legislation stole a march on the future Directive that will regulate these processes in Europe. Spanish banks’ solvency position has improved clearly in 2013. The average core capital in our banking system will stand at around 10.5% as at December 2013, more than 1 pp above the related figure a year earlier. And, at the same time, exposure to the real estate sector has diminished drastically. Our banks may face the asset quality analyses and stress tests to be conducted by the ECB before the effective implementation of the Single Supervisory Mechanism in November 2014 from a sound position. Conclusions Allow me to conclude. With all due caution, the data available allow us to think that we may be at the start of an economic recovery in the EU and in Spain. This will never be  4  BIS central bankers’ speeches  something mechanical, but rather the result of a major effort to correct the serious imbalances that our economy built up in the period to 2008.

Armed with such insights, the ESRB can help design appropriate policy responses. Stress testing of the investment fund sector can be expected in the future, complementing existing stress tests of banks, insurers and pension funds. The ESRB is also beginning to access detailed derivative trade reports from trade repositories across the Union. By pooling national expertise and leveraging the ESRB’s unique access to the entire set of trades, authorities can better understand the complex webs of derivative transactions and how they could propagate and dampen risk across the system. It can also assess the impact of mandatory central clearing and whether it shifts risks to other parts of the system such as direct clearing banks. 3. Greater openness can require shared approaches to managing risks  In some cases, shared understanding is not sufficient; authorities also need shared ways of managing risks. The ESRB is the only hub where all the relevant authorities are present, including central banks, bank supervisors, and securities authorities. Through our regular dialogue we can establish and update best practice. Consider residential real estate. This year ESRB’s work emphasised how these markets were influenced by structural differences, from Loan-to-Value restrictions to tax treatments, across the EU. Its analysis identified the tools authorities may use to respond to different vulnerabilities, ranging from capital measures to restrictions on debt-to-income ratios and collateral.
Restoring traditional accounting principles sounds desirable, provided the (Italian) values we import are Pacioli rather than Mussolini. At the same time, it needs to be recognised that too much sunlight can scorch. That means applying appropriate filters to fair values, screening out their harmful rays. Rethinking valuation practices across firms, asset classes and countries, better to capture expected losses, is one important such filter. Recognising the liability as well as asset characteristics of institutions may be another. We need to ensure these changes do not erode fair value principles, as that would result in the baby being thrown out with the bathwater. Making fair values less foul ought to advantage both investors and regulators. It would protect fair value from lightening strikes when the next financial thunderstorm breaks. References Allen, F and Carletti (2007), “Market-to-Market Accounting and Liquidity Pricing”, Wharton Financial Institutions Centre Working Paper 06–15. Billings, M and F Capie (2009), “Transparency and Financial Reporting in mid-20th Century British Banking”, Accounting Forum, 38–53. Bronk, R (2009), The Romantic Economist, Cambridge University Press. 12  BIS Review 28/2010  Financial Accounting Standards Board (2009), “Financial Instrument: Improvements to Recognition and Measurement”, Financial Statement Presentation of Financial Instruments, 13 August 2009 (Board meeting handout). Federal Deposit Insurance Corporation (1997), History of the Eighties – Lessons for the Future. Friedman, M and A J Schwartz (1963), A Monetary History of the United States, 1867–1960, Princeton University Press. Goethe, J W (1796), Wilhelm Meisters Lehrjahre.

Far from putting on the back burner questions concerning Basel III and its application in Europe, that is to say CRD IV and its project to create a “single rule book” for European banks, I believe, on the contrary, these developments underscore the importance of better understanding the current reform and taking time to reflect, in order to ensure that the new framework for banking regulation and the distribution of supervisory responsibilities in Europe will deliver all their expected benefits. Before leaving you to discuss in greater detail the impact and stakes of the Basel III reform, I would like to make a few remarks on this topic in relation to the current environment. 1. Basel III and CRD IV represent a quantitative and qualitative leap aimed at addressing the shortcomings highlighted by the current financial crisis  First, I believe that it would be useful to rapidly place the Basel III reform in its context, in order to fully understand its scope. Basel III is first and foremost a response to the financial crisis that started in 2007. This crisis and the subsequent wave of shocks to the banking system have not merely resulted in a temporary loss of output for the major advanced economies. They have also had a lasting impact on employment, industrial production, the confidence of investors and households, and needless to say on public finances, which make crisis exit even more difficult.
Housing investment as a proportion of GDP Per cent 12  12 2001-2007  10  2008-2010  10  8  8  6  6  4  4  2  2  0  0  Note. Average value 2001–2007 and 2008–2010. No figures are available for 2010 in the case of Ireland and Japan, so the red bar refers only to 2008–2009. Source: Vredin et al. (2012), Report of the Economic Policy Group 2012. Simple rules, difficult times – does stabilisation policy need to be changed? Other indicators of falls in housing prices have also been proposed, for example the positive deviation of housing prices from a long-term trend, which at present is relatively high in Sweden.15 However, the point is that the picture provided by the typical indicators of a fall in housing prices is mixed for Sweden. Some appear to be alarming while others are practically the opposite of what is typically the case before a fall in housing prices. This does not of course mean that we can be certain that prices will not fall, but it is still important to have this background clear in order to be able to assess the risks on the housing market. If developments in the period ahead are such that it seems justified to take measures to dampen housing prices and household indebtedness, I am nevertheless doubtful about using the repo rate to do this.

It is of course possible to constantly register whether a crisis has occurred or not, but if a crisis has not occurred it is difficult to determine whether the measures taken have been well-designed or not. As it is a case of unpopular measures, one might think that it would be an advantage if the decisions were made by people who in practice cannot be dismissed. But this this may not be a particularly good solution from a democratic point of view. At the same time, macroprudential policy may address the issue of macroeconomic stability in such a way that it comes close to what monetary policy aims to achieve. The historicallyhigh level of household indebtedness in Sweden does not perhaps in the first instance pose a risk of financial crisis but to macroeconomic development in the longer term. A fall in housing prices in connection with an economic slowdown with increased unemployment could lead to a severe downturn if the households reacted by significantly increasing their saving to compensate for declining wealth.21 This risk relates to financial and macroeconomic  18  Similar criticism was expressed by my colleague Kerstin af Jochnick in the speech “Monetary policy and macroprudential policy”, 25 January 2013. 19  The European Systemic Risk Board (ESRB) highlights the role of the central bank in its recommendations on institutional frameworks for national macroprudential policy (see the Recommendation of the European Systemic Risk Board of 22 December 2011 on the macroprudential mandate of national authorities).
We will feel the stones of the economy with the bottoms of our feet as central bankers and proceed accordingly. Draghi’s Old Man At a recent meeting I attended in Frankfurt, Mario Draghi of the European Central Bank told of a man who needed a heart transplant. The doctor leveled with him that he had several choices, including the heart of a 75-year-old central banker. “I’ll take that one,” the man answered immediately. “Why?” the doctor asked. “Well,” said the man, “because it’s never been used.” As was made clear in Chair Yellen’s speech in Chicago earlier this week, central bankers have hearts, and the Fed is working to harness monetary policy to relieve the plight of the cyclically unemployed. But we also need to be vigilant in making clear that we are obligated to maintain price stability and that allowing inflation to take grip is a cardinal sin for a central bank, for it is the cruelest of afflictions for all of society. Joachim Fels of Morgan Stanley noted that Draghi’s little joke serves as a reminder not that my colleagues and I at the Federal Reserve belong to a heartless tribe but that “central banking is about making rational, cool-headed and unemotional decisions often under difficult circumstances” 7. We must conduct monetary policy in a cool-headed and unemotional manner in order to achieve both of the mandates Congress has given us – preserving price stability and achieving full employment – while avoiding financial market turbulence.

Hence, on behalf of the Bank of Albania, I would like to thank all the experts that have helped and have been actively engaged for their successful realisation. In addition to the precious work of the Bank of Albania's staff, I would like to highlight the rather 2/3  BIS central bankers' speeches  precious contribution of many renowned academics, historians, Albanologists, numismatists and experts from the most experienced companies in the field of banknote production. Meanwhile, the Bank of Albania is working on the completion of the new series with two other banknotes, 500 lek and 2000 lek, which are in production process. Concluding, I like to call on the users to handle each banknote with due care, in order to preserve their durability, quality and integrity in circulation. Banknotes are more than a valuable paper. They boost and sustain the economic activity of Albania and similarly tie with visible threads our national identity. I wish the public will welcome both new banknotes we are presenting today, like the previous ones. 3/3  BIS central bankers' speeches
Jon Nicolaisen: Challenges for the payment system Speech by Mr Jon Nicolaisen, Deputy Governor of Norges Bank (Central Bank of Norway), at Finance Norway's payments conference, Oslo, 1 November 2018. * * * Please note that the text below may differ slightly from the actual presentation. Changing payment landscape The way we make payments is changing. New services and operators are constantly appearing. The underlying infrastructure, our payment system, must be adapted to the changes. But where is this all heading? How will we make payments in the future? And what will the future form of money be? The forces driving payment market developments are new technology, changes in consumer behaviour, globalisation, and new regulations, such as the new Payment Services Directive (PSD2). PSD2 requires banks to grant third-party providers (TPPs) access to their systems to enable TPPs to offer payment and account information services. PSD2 is both a response to developments in the payments market and a catalyst for future developments. At the same time, a number of large international technology companies are moving into the payments market. Apple offers mobile payment services to Norwegian customers. Google has just launched its own mobile payment solution in Norway. Other operators will follow suit. The role companies such as Facebook, Amazon and Alibaba may take remains to be seen. Vipps is now the only Norwegian mobile payment solution. A planned merger of the Vipps, BankAxept and BankID systems was announced towards the end of 2017. The merger was approved by the authorities in summer 2018.

According to Sweden’s central bank, the Riksbank, settlement of instant payments in SEK may be made available on the TIPS platform. If so, this would mean that at least some Swedish real-time payments will not be cleared through P27, which could affect the profitability of the project. Norges Bank is aware that the industry is also assessing other possible Norwegian solutions for better real-time payments in Norway. In its letter sent in October to Finance Norway and the P27 banks in Norway, Norges Bank called upon the banks to continue this work. The objective must 2/5  BIS central bankers' speeches  be to make the necessary adjustments to the Norwegian infrastructure as quickly as possible to give both businesses and private individuals in Norway access to modern real-time payments on a 24/7/365 basis. The technological set-up should be adapted to customers’ needs, particularly businesses, while also eliminating interbank settlement risk. As far as possible, the set-up should also be suitable for use in future solutions, such as P27, including a system for control of reserve cover at Norges Bank. Reusing a technological set-up will keep total costs down. Establishing a satisfactory Norwegian solution for instant payments will also decouple P27 work from any deadlines for the system in Norway, which in time may increase the chances of success for the P27 initiative. A common infrastructure for all payments has given Norway an important competitive advantage, provided economies of scale and facilitated interaction across the banking sector.