samchain/econo-pairs-v1 huggingface dataset:
Banks should be ready to offer SONIA loans by Q3 2020, and stop using sterling LIBOR in loan products by Q1 2021.4 In the US, the Alternative Reference Rates Committee (ARRC) recently recommended5 that firms should cease using USD LIBOR in: new consumer loans maturing after end-2021 by September this year; new floating rate notes by end of this year; and new business loans and derivatives contracts by June 2021. B SORA is the focal point in the new SGD interest rate landscape 5 Our industry has embarked on a similar reform journey, to ensure that our SGD interest rate benchmarks are credible, reliable and transparent: In 2013, ABS and Singapore Foreign Exchange Market Committee (SFEMC) transitioned SOR from a poll-based to a transaction-based methodology. In 2017, ABS and SFEMC consulted on a new waterfall methodology to make SIBOR more transaction-based, and transitional testing was carried out from July 2019 to validate this new methodology. In August last year, ABS and SFEMC recommended a transition from SOR to the Singapore Overnight Rate Average (SORA). This is necessary as SOR relies on USD LIBOR in its computation, and will not be sustainable when USD LIBOR ceases. In addition, SORA is a robust benchmark underpinned by actual transactions in a deep and liquid overnight unsecured SGD interbank funding market.

This includes presenting customers with sufficient options,  providing enough time and information for customers to evaluate available options, and helping them make informed decisions. 5/7  BIS central bankers' speeches  Communications to customers should also be tailored according to the sophistication of customer segments. To this end, banks should ensure that their staff are well trained to engage clients, and to handle transition issues that may arise. 21 To complement banks’ individual efforts, at the industry level, MAS, ABS and SC-  STS will work together with relevant industry associations and MoneySense to roll out industry-wide public education programmes on SORA products and markets later in the year. 22 For end-customers, you should work with your banks on a suitable pathway to reduce SOR exposures. We urge you to participate actively in various outreach events organised by SC-STS, and avail yourselves to the public resources that SC-STS will progressively be making available on transiting to SORA. E Concluding Remarks 23 Interest rate benchmark reform is an important priority and Singapore is very much a part of this global undertaking. The journey is complex and challenging. We have made good progress so far, thanks very much to the work of the SC-STS under Samuel’s leadership. But we are at a critical juncture. As market players know, liquidity begets liquidity. The sooner we take steps to front-load this change management process, the more likely we can create a virtuous cycle, which facilitates a smooth transition to SORA.
Már Guðmundsson: Capital flows and systemic risk in Iceland Panel comments by Mr Már Guðmundsson, Governor of the Central Bank of Iceland, in Norges Bank's (Central Bank of Norway) 200th Anniversary Symposium, Oslo, 16 June 2016. * * * In my short introductory remarks, I would like to discuss what I consider to be one of the key factors behind the financial crisis in Iceland: the interaction between capital flows and systemic risk. I will focus in particular on those aspects that have more general relevance and herald unsolved problems for economic management and financial stability in small, open, and financially integrated economies (SOFIEs), such as Iceland was before the crisis and now strives to be again, at least up to a degree. The saga of Iceland’s experience during the Great Financial Crisis had two separate but interrelated sub-stories. The first story was related to Iceland’s boom-bust cycle and problems with macroeconomic management in small, open, and financially integrated economies. This is a story that has played out many times around the globe, and many of its elements have been seen before in Iceland. It might have been somewhat more extreme this time around, but it wasn’t fundamentally different. Strong capital inflows that met with an insufficient policy response and contributed to huge imbalances in the domestic economy were a key part of the story. I will come back to this later. The second story was the rise and fall of three cross-border banks operating on the basis of EU legislation (the European “passport”).

Mervyn King: Monetary policy developments Speech by Mr Mervyn King, Governor of the Bank of England, at the Lord Mayor’s Banquet for Bankers and Merchants of the City of London, London, 20 June 2007. *  *  *  My Lord Mayor, Mr Chancellor, My Lords, Ministers, Aldermen, Mr Recorder, Sheriffs, Ladies and Gentlemen: Chancellor, this will be your last Mansion House Dinner with the Merchants and Bankers. And I want to start by warmly congratulating you on your record-breaking period in office, and on the imminent assumption of the leadership of your party and country. It has been a remarkable decade for the British economy. Your decision to grant independence to the Bank of England ten years ago is widely and rightly regarded as a fundamental improvement to the conduct of economic policy in this country, and we in the Bank are grateful to you for giving us the opportunity to demonstrate the benefits of an independent central bank. Your reform illustrates the key principle that institutions matter. Individuals, however talented, cannot consistently perform well if the institutional structure in which they operate is badly designed. For too long the UK economy lurched between success and failure rather in the way that the national cricket team has recently. Getting the institutions right was a crucial part of the 1997 reforms. Perhaps there is a lesson here for the ECB – the England and Wales Cricket Board.
William C Dudley: Financial regulation nine years on from the GFC where do we stand? Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, on the Panel "Financial Regulation Nine Years on from the GFC - Where Do We Stand? ", at the G30’s 76th Plenary Session, Federal Reserve Bank of New York, New York City, 3 December 2016. * * * Beverly Hirtle, Antoine Martin, Susan McLaughlin and Joseph Tracy assisted in preparing these remarks. Thank you for the opportunity to participate in this panel discussion. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System. In assessing where we are eight years after the financial crisis, I would make three broad observations. First, we have made considerable progress in bolstering the safety and soundness of the global financial system. In the U.S., which was the epicenter of the crisis, the risk of a failure of a systemically important financial firm has declined considerably. Second, although significant progress has been made toward ending “too big to fail,” there is still much more to do. While the risk of failure of a global systemically important financial institution has diminished, it has not been eliminated. Without a well-functioning resolution process, the consequences of such a failure could still be catastrophic.

Only then can they effectively perform their critical financial intermediation role in funneling funds from savers to borrowers, and in helping firms and households manage their finances and risk exposure. As I see it, incentives drive behavior, and behavior establishes the social norms that define culture. This means that bank leaders need to take a close look at the incentives they put in place with respect to compensation and promotion in particular. In addition, bank leaders must foster an atmosphere that encourages people to speak up when they witness questionable behavior. Preet Bharara, the U.S. Attorney for the Southern District of New York, highlighted the importance of getting people to speak up when he spoke at the New York Fed’s conference on bank culture in October. He argued—and I agree—that big problems can be nipped in the bud when people speak up and senior management responds appropriately. Therefore, bank leaders ought to recognize and reward those who speak up. Actions speak louder than words in shaping culture. Establishing appropriate incentives and fostering an environment in which people feel they can speak up would go a long way toward bolstering bank culture. I am gratified that many bank leaders and boards of directors are working hard to improve their firms’ cultures, and I very much appreciate the G30’s efforts in this area. I think most leaders recognize that good culture is fully consistent with strong financial performance, and that it helps enable banks to attract the talent needed to sustain such performance.
Employment and unemployment Per cent, seasonally-adjusted data 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70  0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15  Employment rate (left scale) Unemployment ages 16-64 (right scale) Unemployment ages 15-74 (right scale)  80  82  84  86  88  90  92  94  96  98  00  02  04  06  08  10  12  Note. Broken lines refer to the Riksbank' s forecasts. Sources: Statistics Sweden and the Riksbank  Figure 4. Labour market gaps Percentage deviation from HP trend, seasonally-adjusted data 5  5 Hours worked gap  4  4  Employment gap  3  3  2  2  1  1  0  0  -1  -1  -2  -2  -3  -3  -4  -4 -5  -5 80  84  88  92  96  00  04  08  12  Note. Trend calculated using the Hodrick-Prescott filter. Broken lines refer to the Riksbank's forecasts. Sources: Statistics Sweden and the Riksbank  10  BIS Review 66/2009  Figure 5.

The thrust of the recommendations in the Consultancy Study is greater competitiveness through liberalisation, deregulation and simplification. But an equally important message is that greater competitiveness should not be achieved at the expense of the safety and soundness of the banking system. The challenge is how best to exploit future opportunities while containing the risks. Recognising that the global trends it has identified are likely to increase the level of risk to which banks are exposed, the Study makes a number of recommendations designed to enhance the safety and stability of the system as a whole. You are aware of the details of the recommendations. You may also wish to be aware of the fact that the internal deliberation within the Government, after the threemonth public consultation period earlier this year, is drawing to a close, and an announcement on the Government’s decision on the recommendations will likely be made shortly. I would like to take this opportunity to thank HKAB again for the very helpful views expressed on them. I would also like to take this opportunity to deal specifically with one of the recommendations that has been widely supported in the comments received during the consultation period, although the subject matter itself may involve a certain degree of controversy both in theory and practice. This is the recommendation that the HKMA should clarify its role as lender of last resort.
In this context, I wish to cite the Central Bank’s 2007 Financial Stability report, which appeared in April that year. It contained the following statement: “The Central Bank underlines that global market conditions can take a sudden turn for the worse and it is important to be on the alert and prepared for such a contingency.” The report goes on to say: “The current episode of ample liquidity and lower interest rates which has been ideal for riskseeking investors may change unexpectedly. Short-term interest rates have been rising in most markets recently and capital costs are no longer so favourable.” With this warning, the Central Bank was merely stating what should have been obvious, at least to those engaged in banking. The time had come to prepare for a change in the economic and financial climate. In the global arena, it had been stressed time and time again that risk premia were far too low, risk was not correctly priced, and that change would come. One of the side effects of the dramatic developments in the global financial markets starting in mid-2007 was the sharp rise in risk aversion among investors and the rapidly shrinking supply of credit. CDS spreads began rising, including those of Icelandic banks. Around midAugust 2007, Kaupthing Bank announced its intention to acquire the Dutch bank NIBC, which was roughly two thirds its size. Kaupthing’s CDS spreads widened as a result, as the proposed acquisition would have increased its need for re-financing in the years to follow.

The Financial Mediation Bureau aims to serve as a one-stop center for the resolution of retail consumer complaints against financial institutions regulated by the Central Bank. The Central Bank is also establishing a one-stop service centre in the Bank that will function as a Public Information Centre for the promotion of financial literacy among the Malaysian public. The service centre will provide advisory services on financial matters to small and medium enterprises. Ladies and Gentlemen, Concluding remarks Financial literacy among women is all about having sufficient awareness of financial matters to enable women to protect and prosper for themselves and their families in a world that is becoming increasingly more complex and uncertain. To be an effective participant in this modern economy, we cannot take financial literacy for granted. It is a knowledge and skill that must be deliberately pursued. From a national and institutional perspective, promoting financial literacy must be an integral part of the overall agenda for financial and economic reform and development. Let me conclude with the words of Jawaharlal Nehru, “We talk of revolutions, political and economic. And yet the greatest revolution in a country is the one that affects the status and living conditions of its women. It is in so far as our revolution has affected our women that it is basic.” Thank you. BIS Review 64/2004  5
But one should bear in mind that each situation is unique and must be dealt with on the basis of the conditions prevailing at that time. 2  BIS Review 119/2008  Worst case scenario One fundamental function of a central bank is the role as “lender of last resort”. If the Riksbank’s assessment is that financial stability is threatened, we have the possibility, in exceptional circumstances, to contribute liquidity to Swedish banks and other financial companies by granting liquidity assistance on special terms. However, this assumes that these institutions are sound and that they are under the supervision of Finansinspektionen, the Swedish Financial Supervisory Authority. Let us assume, for instance, that a bank that meets the requirements and thus is assessed as having assets that are greater than its liabilities, nevertheless experiences severe problems in financing and acquiring sufficient liquidity to meet its payments. I shall briefly explain how such a situation can arise. In general, the banks finance themselves by borrowing money in the short term and lending it out on a longer term basis. When the banks lend to individuals and companies it is often on long-term contracts, which means that the bank cannot get the money back earlier if this should prove necessary. On the other hand, when the bank receives deposits from individuals and companies, they usually have the possibility to withdraw the money whenever they wish. Also when the banks borrow money in the financial markets this is often as shortterm loans, that is with a short duration.

Norman T L Chan: Master’s degree 2009–2010 graduation ceremony Speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at The Chinese University of Hong Kong master’s degree 2009–2010 graduation ceremony, Hong Kong, 17 December 2010. *  *  *  Professor Wong, Professor Lee, Faculty Members, Graduates, Ladies and Gentlemen, It is a great honour to be invited to speak at today’s Graduation Ceremony. I am so happy to see so many fine men and women graduating today. All of you have made well earned accomplishments that make your parents and families feel very proud. On this joyful day, it is clearly a time for celebrations and photograph-taking with families and friends. However, some of you may, when you have a few quiet moments of your own, ask yourselves these questions : What would I become in 10, 20 or 30 years’ time? Have I chosen the right field or career? What does it take to succeed and make a name in the society as so many of my CUHK seniors have done before me? These are very pertinent questions and certainly I did ask myself these questions when I attended my own graduation ceremony in the CUHK some 34 years ago. In talking about successful people, I am sure all of us have our own idols. But very few people will disagree with me if I refer to Bill Gates as a prime example of success.
Zeti Akhtar Aziz: Asian market integration and financial innovation Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the International Conference on “Asian market integration and financial innovation”, Tokyo, 10 February 2012. *  *  *  The world economy and international financial system is entering into a new phase of globalisation. Far from having an effect of slowing the pace of globalisation, the recent global financial crisis has intensified the process, resulting in a more connected and interdependent world. While – previously – globalisation manifested itself in the form of trade and investment between the emerging and developed world, emerging economies are now becoming more connected with each other within and across regions. This trend is being reinforced by similar changes in the pattern of financial flows. While previously, financial flows were predominantly between the developed and emerging world, greater financial integration among the emerging economies is facilitating the intensification of this connectivity. While unable to be in Tokyo, it is my pleasure to speak at this international conference on the topic of Asian Financial Integration. My remarks will touch on the main motivation for pursuing financial integration in Asia, despite the fact that its absence has not previously hindered economic integration in the region. Whilst Asia may draw lessons from the European experience, I will discuss the different approach that is being pursued in Asia.

Indeed, this implementation is proceeding at a time of a difficult global financial and economic environment. Several countries have however, announced their timelines, with some that are moving faster and further than the Basel III standards. Asia is in a relatively stronger position to transition to the new standards. We are, however, vigilant over the global economic and financial consequences of its implementation in other parts of the world. As open economies, we are not insulated from these consequences. While the work of the Basel Committee suggests that the effect of tightening conditions on economic growth will be modest, the highly dynamic global financial conditions imply that regulators will have to continue to proceed cautiously, and on a fully informed basis, in implementing the new standards. Of importance is the need to recognise the point beyond which the costs to the real economy exceed the desired benefits of greater systemic resilience. The reform agenda has also focused on the fundamental and no less significant changes to institutional arrangements and market structures. Some of these, such as reforms involving the OTC derivatives markets and policy frameworks for systemically important financial institutions (SIFIs), are being advanced through global platforms, notably the Financial Stability Board (FSB).
I believe that the tax deductions for interest paid should be reviewed, and that a broad political agreement would be desirable. Measures should also be taken to increase the construction of housing. In the long run, it would be desirable to have housing construction that develops apace with demand, to avoid creating further imbalances. Let me now conclude with a look ahead to the next monetary policy meeting. The situation ahead of the monetary policy decision on 3 September Some time has now passed since the monetary policy decision in July, and I intend to briefly discuss what has happened over the summer and how I see the situation ahead of our next monetary policy meeting on 3 September. If we begin abroad, we can conclude that developments in Russia and Ukraine have had some negative effects on confidence among households and companies, particularly in Europe. The GDP outcome for the euro area with regard to the second quarter was also a little weaker than we had been expecting in July, although it is difficult to know exactly how much of this relates to developments in Russia and Ukraine. The signs of a slowdown in  11  See ”Sweden – 2014 Article IV Consultation Concluding Statement of the Mission”, June 2014, IMF. 12  See “Macroeconomic imbalances Sweden 2014”, Occasional papers 186, March 2014, European Commission.

To contribute to the concerted efforts by the international community, the Hong Kong SAR Government has recently asked the Hong Kong Monetary Authority to establish an Infrastructure Financing Facilitation Office (IFFO). As its name suggests, IFFO aims to provide a platform to bring together key stakeholders, including developing countries, multilateral development banks, potential investors and financiers (e.g. private equity funds, sovereign wealth funds, banks etc), project developers such as corporations capable of developing and operating large-scale infrastructure, and professional service providers. Through information exchange, experience sharing and capacity building, we hope to facilitate more efficient and sustainable infrastructure investment flows to developing Asia. BIS central bankers’ speeches  1  IFFO will seek to collaborate with other development partners in the region and so far we have received support from a number of them including ADB. If everything goes smoothly, IFFO will be formally inaugurated this summer. As an international financial and business center in the region, Hong Kong, China has long been playing an active role in supporting infrastructure financing in Asia. By leveraging on our unique position as an IFC, we hope the IFFO initiative will help mobilise private sector financing and bridge the gap between investors and viable projects. We look forward to working closely with our partners in this process. Thank you. 2  BIS central bankers’ speeches