samchain/econo-pairs-v2 huggingface dataset:
in the global financial crisis, may not necessarily contribute to better risk management of banks and overall financial stability. recognizing this inherent risk, the hkma, in seeking to nurture the universal banking model in hong kong, must continue with its long standing conservative supervisory approach with even greater emphasis on prudence under - pinned by proactive and forward looking supervision. 20. ladies and gentlemen, this is a rather long speech and i thank you for your kind attention. thank you! bis central bankers ’ speeches

the duration of maintaining the ongoing low policy interest rates. the ecb also adopted forward guidance in march 2015 to signal its future stance over combined monthly asset purchases of about 60 billion euros with the following remark : “ intended to be carried out until the end of september 2016 and will, in any case, be conducted until we see the boj also purchases short - term treasury bills and maintains a 0. 1 - percent interest rate on excess reserves ( ioer ). those moves have helped promote market expectations that very short - term market interest rates would remain substantially low for a long period. bis central bankers ’ speeches a sustained adjustment in the path of inflation which is consistent with our aim of achieving inflation rates below, but close to, 2 percent over the medium term. ” the third common monetary - easing instrument is a conditional long - term lending facility. the boj provides low - cost funding ( fixed at 0. 1 percent ) to financial institutions up to an amount that is twice the net increase in their lending – with a maximum of four years under the stimulating bank lending facility. this measure is planned to continue until june 2016. similarly, the ecb launched targeted longer - term refinancing operations ( tltros ) in september 2014. since march 2015, tltros have provided low - cost funding ( at interest rate on mro ) to financial institutions up to an amount three times as much as the net increase in lending to non - financial firms and households ( excluding loans to households for house purchases ). currently, the maximum is three years ; tltros are scheduled to continue until june 2016. both japan and the euro area are characterized by a system of bank - based financial intermediations ; thus, the ultimate goal with these instruments is to promote bank lending to the private sector. at the same time, they could also help expand the central bank ’ s balance sheet. iii. unconventional monetary policies – differences between the boj and ecb i would now like to examine differences in monetary - easing policies ( chart 2 ). a. background to the ecb ’ s adoption of a negative deposit facility rate the ecb adopted its first negative deposit rate of minus 0. 1 percent in june 2014, followed by minus 0. 2 percent the following september. i believe that three main factors contributed to the ecb ’ s decision to maintain the negative interest rate up to the present. first, there are many nonresident holders of government bonds in the euro area :
march 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending regulation ( ec ) no. 924 / 2009 4 / 4 bis - central bankers'speeches

petar chobanov : development and innovation in the payments and securities settlement sector publication by mr petar chobanov, deputy governor of the bulgarian national bank, in the quarterly bulletin of the association of banks in bulgaria, sofia, 17 october 2023. * * * in recent years, bulgaria has seen quite a positive progress both in the field of payments and in the settlement of securities. this progress is systematic and purposeful, being generated on the one hand by technological innovations in the field of payments and the changing needs of consumers, and on the other hand by the evolution of regulatory requirements and standards. the process of preparing the introduction of the euro in the country plays the role of a catalyst for accelerating the course of renewal and development of the payment and settlement systems in bulgaria. this year, the bulgarian national bank ( bnb ), the banks, borica ad and central depository ad can report a good team result – a number of achievements with respect to the projects related to the preparation for the euro area accession. first of all, we should mention the migration to the new consolidated platform for target services of the eurosystem, which the bnb carried out in march this year jointly with the banking community in bulgaria, borica ad and central depository ad. this migration is the completion of a large - scale consolidation project of the previously existing target2 payment system and securities settlement platform target2 - securities, which was several years in the making and involved all countries operating national component systems in target2. the new consolidated platform target has become a stable foundation of the financial market infrastructure of the euro area and provides access to several services at the same time. the first is the real - time euro cash settlement service provided by the t2 payment system ( replacing target2 ), which consists of a real - time gross settlement system ( rtgs ) and a centralised liquidity management tool. the second service is for the settlement of euro - denominated securities, which is provided by target2 - securities ( t2s ), which offers pan - european settlement – of cash and securities, in central bank money. the third service in target is tips ( target instant payment settlement ), which provides access to instant payments in euro. the launch of the consolidated target platform made it possible to renew the existing systems and services of the eurosystem by introducing the latest technologies and standards, such as swift messages according to the iso 20022 xml standard, a harmonised access interface and common
##ong kumi - latis ng tao at magbigay galang. it is not enough that you have physical stamina, it is also important that you deal with your co - workers and our legitimate visitors with courtesy. they should feel safe even in the presence of armed personnel ; let them know that you are there to protect them. always remember to work with vigilance, diligence, intelligence, and courtesy. these are the trademarks of excellent security personnel of the bangko sentral ng pilipinas. and so, on behalf of the bangko sentral, i congratulate all our graduates today for completing their rigorous training. palakpakan po natin sila! i also congratulate the sitd led by col. ed gatumbato, managing director noli torres, and deputy governor andy suratos for contuining these training programs for our security personnel. palakpakan din po natin sila! keep up the good work! mabuhay ang sitd! mabuhay ang bangko sentral ng pilipinas! maraming salamat sa inyong lahat.

the next level. the future of islamic finance in kenya and in the region remains bright. on its part, the central bank will continue to pursue policies that create an enabling environment that will eventually culminate in kenya establishing itself as a regional financial hub as envisaged in vision 2030. with these few remarks, i want to wish first community bank ltd as well as the first community bank capital ( investment bank ) the best in their future endeavours. the islamic finance picture is thus complete. thank you bis central bankers ’ speeches
the proper tools for this both through the required legislative changes – for example, there is a proposed fair credit law that sets out criminal penalties for collecting interest beyond a rate set by the law – and by making resources available. in summation, the gray market in israel is an existing fact. there is place for a credit market beyond the banking system, mainly concerning increased access to credit. the market can also contribute in terms of competition. it is important to establish a regulatory framework to regulate, supervise and enforce the law and regulations for activity of the noninstitutional market. there are currently many processes in various committees relating to some of the problems. there is a committee in the ministry of finance to establish a dedicated regulator, there is a committee to increase competitiveness in the financial services, and the government is leading various efforts to assist small businesses. i am aware of the desire for everything to be here and now. but we need to deal with these issues properly, with the proper regulation, even if it takes time, since the damage of promoting unregulated financial activity will exceed the benefit, and the victim, as always, will be the public. bis central bankers ’ speeches

one - half times the output gap. this principle originally became apparent through numerical simulations of macroeconomic models with rational expectations ( including taylor's multicountry model ) ; refer also to bryant, hooper, and mann ( 1993 ). the phrase " taylor principle " was introduced by woodford ( 1999 ), who demonstrated this principle analytically in a stylized new keynesian model. rule, principle, and curve, we now look forward to the taylor dictum, the taylor hyperbola, and maybe even the taylor conundrum. before closing my remarks, i would like to express my appreciation to president fisher and the federal reserve bank of dallas for hosting this conference. it is a terrific opportunity for celebrating john's contributions to monetary theory and policy. the papers on the program testify to the breadth and depth of john's work. i wish i could be there with you today to listen to the presentations and participate in the discussions. however, i know that you will have a productive and collegial gathering over the next two days. and i wish all of you - - but especially my friend and colleague john taylor - - all the best in your endeavors. references bernanke, ben s. ( 2004 ). " the great moderation. " remarks at the meetings of the eastern economic association, february 20, washington, d. c. http : / / www. federalreserve. gov / boarddocs / speeches / 2004 / 20040220 / default. htm bryant, r., hooper, p. and mann, c., ( 1993 ). evaluating policy regimes : new research in empirical macroeconomics. washington, d. c. : brookings institution. woodford, m., ( 2001 ). " the taylor rule and optimal monetary policy. " american economic review, 91 ( 2 ), pp. 232 - 237.
undertakings. ladies and gentlemen, with these few words, i thank you for your attention and i hope that you will find the event insightful. 2 / 3 bis - central bankers'speeches thank you. 3 / 3 bis - central bankers'speeches

jenifer sullivan : welcome - 28th information and communication technology subcommittee annual meeting welcome by ms jenifer sullivan, second deputy governor of the central bank of seychelles, at the 28th information and communication technology subcommittee annual meeting of the southern african development community ( sadc ) committee of central bank governors, beau vallon, 13 february 2023. * * * mr francis selialia, head of ccbg secretariat mr pedro manjate, ict subcommittee chairperson, ms magreth tjongarero, bcm chairperson ict directors, representatives of sadc - ccbg secretariat, distinguished participants, ladies and gentlemen, bonjour, bom dia, good morning and a warm welcome to seychelles. on behalf of the central bank of seychelles, it is an honour to officially welcome you to the 28th annual meeting of the sadc committee of central bank governors ict subcommittee and the bcm parallel meeting. the 28th annual meeting, which will take place over the next five days, is the first in - person meeting of this forum after the covid19 pandemic, with nevertheless the option to connect virtually to allow engagement with a larger audience. the nature of the pandemic has had a positive impact on the wider adoption of technology to streamline processes and facilitate interactions during periods when faceto - face contact was limited. many institutions, including central banks, have been quick to leverage the opportunities presented to get stakeholder buy - in and fast - track modernisation projects. however, with the adoption of technology hastened by the pandemic, new opportunities for cyber - attacks have emerged, which may affect a central bank's ability to carry out its functions, and pose a risk to financial stability. fortunately, until now, such incidents have not had severe implications for our institutions. however, these happenings are becoming more frequent and sophisticated in a backdrop where most of our central banks are planning or implementing other digital transformation projects. hence, our institutions including those we supervise must remain resilient, for example, by strengthening security controls, prioritising ongoing training, undertaking simulation exercises, and cooperating with authorities to share intelligence and experience. from an organisation perspective, business continuity, risk management, information security, it and other personnel need to foster a shared purpose of risk awareness and heighten our business continuity preparedness. like many of you, in response to the pandemic, the central bank of seychelles adopted a new way of working from home, made possible through virtual private network technology
in the next two days. in the meantime, i urge you please to spare time to visit our beautiful city and sample what nairobi has to offer. thank you for your kind listening.

central bank of kenya 7th kenya bankers association annual banking conference thursday, september 27, 2018 keynote address by dr. patrick njoroge, governor, central bank of kenya as prepared for delivery good morning! i want to begin by thanking the kenya bankers association ( kba ) for inviting me to speak at this auspicious annual banking conference. i applaud kba for organizing this conference for the last seven years, and contributing to thought leadership on topical banking sector issues. the theme of the conference ‘ ‘ credit market dynamics in an evolving regulatory and market participants ’ environment ’ ’ is quite apt given the conjuncture — where the global, regional and national financial markets are today. for instance, in kenya, there has been considerable discourse recently on the cost and availability of credit. the discussion is now morphing to the potential role of disruptive non - traditional credit providers that leverage on technology, but discussions about consumer protection in these new environments has not gathered much steam. however, i am informed that these issues will be discussed during the conference and i look forward to the findings. the year 2018 has been a year of anniversaries. on august 7, we marked twenty years since the bombing of the american embassy in nairobi, just a few steps away from the central bank building. and just a few days ago, on the 21st of september, we marked the fifth anniversary of the westgate attack. both of these were tragedies, marked with sombre reflections by our fellow citizens. we marked another recent anniversary that is less familiar to many ordinary kenyans, but one that is felt acutely by practitioners in the financial sector. ten years ago, on september 15, 2008, the storm that had been brewing for a year finally broke. lehman brothers, a company that had been in existence for one hundred and fifty eight years, shut its doors. ordinarily, companies come and go. after all, creative destruction is the mantra of the day and only the fittest survive. new blood, new ideas and new companies are essential to the health of capitalism, and, conversely, old ideas and old companies must be discarded when the time comes. but, of course, lehman was different. the canary in the coal mine was dead. the deluge was upon us. the effects of the global financial crisis were deep, powerful and lasting. some are being felt to this very day. the ordinary citizen — wanjiku — may not give you the precise details of what
andreas dombret : boring banking? opening statement by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the panel discussion, organized by “ bundnis 90 / die grunen ”, frankfurt am main, 28 may 2013. * 1. * * introduction let me start with some reflections on the slogan of today ’ s event, “ boring banking ”. actually, i will argue that banking has become more challenging since the outbreak of the crisis. and i am not at all sure whether making banking boring is exactly what we want to do. regulators are working hard on the “ too - big - to - fail ” issue. we want to ensure that large banks are resolvable. do we make banking boring when banks can no longer benefit from an implicit state guarantee? do we make banking boring when large banks can no longer rely on the tax payer stepping in when losses pile up? i don ’ t think that a functioning resolution system makes banking boring. at the same time, we are analyzing how we can best use new instruments to reduce procyclicality in the banking system and to curb exaggerations. do we make banking boring when we raise costs for banks that simply earn money by following and augmenting the market trend? i don ’ t think that driving back pro - cyclicality makes banking boring. another topic on the reform agenda is remuneration. do we make banking boring when we combat greed and short - termism? i don ’ t think that aligning compensation more closely to a bank ’ s longer - term success makes banking boring. finally, we have to distinguish between banking and finance. making banking boring does not necessarily mean making finance boring. only think of the shadow banking issue. 2. simplicity and complexity i was asked to speak about simplicity and complexity. i want to start with the latter. i am deeply concerned about complexity. where does the real risk of complexity lie? with respect to regulation and the change of the landscape it is not so much a single measure or a single initiative that creates complexity. it is more the interplay of different approaches. let me give you two examples : one important strand of regulation is concerned with liquidity. regulation sets new requirement in order to protect the banking system against a shortage of liquid assets. at the same time, a financial transaction tax is envisaged that might have drastic effects on the liquidity on some important markets. how do these measures inter

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be weighed by the fomc, as appropriate. however, so long as these tools are considered bis central bankers ’ speeches imperfect substitutes for the federal funds rate as an instrument of policy, the argument that the effective lower bound on nominal interest rates represents a source of asymmetric risk remains valid. return to text uncertainty about where the target range for the federal funds rate will be in the long run provides another reason why increases in policy rates cannot be on a preset path. i view the median value of 3 - 1 / 4 percent from the march sep as being a reasonable guess for the longerrun normal rate. but fomc participants have lowered their estimates of the longer - run normal rate over time, and as new evidence comes in and we see how economic conditions evolve, further changes, in either direction, are likely. return to text bis central bankers ’ speeches

dual announcement of the smccf and pmccf was well received by the market. between march 23 and april 6, credit spreads for investment - grade bonds declined substantially. while the pmccf has not purchased any bonds since it opened, it serves as a backstop should markets enter another period of stress. the term asset - backed securities loan facility the term asset - backed securities loan facility ( talf ) supports the flow of credit to consumers and businesses by enabling the issuance of asset - backed securities ( abs ) guaranteed by newly and recently originated consumer and business loans. 4 / 5 bis central bankers'speeches under the talf, the federal reserve bank of new york lends to an spv. the spv will make up to $ 100 billion of three - year term loans available to holders of certain triple a - rated abs backed by student loans, auto loans, credit card loans, loans guaranteed by the small business administration ( sba ), and certain other assets. the federal reserve lends an amount equal to the market value of the abs less a haircut and the loan is secured at all times by the abs. with funding from the cares act, treasury has committed to make a $ 10 billion equity investment in the spv. as of september 18, the talf has extended $ 2. 9 billion in loans since its launch on may 20. loans have been collateralized by sba - guaranteed abs, commercial mortgage - backed securities ( cmbs ), and premium - finance and student - loan abs. the announcement and presence of the talf has helped improve substantially liquidity in the abs markets, including those for cmbs and collateralized loan obligations, with spreads in some abs sectors returning close to normal levels. the talf interest rates are attractive to borrowers when market conditions are stressed, but not in normal conditions. while the facility is authorized to extend up to $ 100 billion in loans, total take - up will likely be much less unless abs market conditions worsen. 5 / 5 bis central bankers'speeches
to productivity and firm dynamics. - i wish you an interesting and fruitful seminar, and a pleasant stay in athens. 2 / 2 bis - central bankers'speeches

philip r lane : the academy and the economy remarks by mr philip r lane, governor of the central bank of ireland, to the trinity business + technology forum 19, trinity college dublin, dublin, 23 may 2019. * * * introduction i am pleased to be invited to speak at the trinity global business + technology forum 19, especially on the occasion of the opening of the new trinity business school building. let me start by commenting on the important potential economic and social contributions of business schools, before turning to the more general role of universities. first, high - quality business education and training at all levels ( undergraduate, postgraduate, executive education ) is a significant determinant of living standards and economic performance. on this point, the most compelling evidence has been generated by the long - running world management survey, which measures the contribution of management practices to firm performance in a large - scale cross - country cross - industry panel of firms ( worldmanagementsurvey. org ). the many studies that have exploited this dataset conclusively show that a major factor driving productivity differentials across countries and across firms is the quality of management. second, business education is especially pivotal in countries that specialise in the provision of business services on an international scale ( see also mckinsey global institute 2019 ). this broadly describes the irish economy, with the irish affiliates of multinational firms ( plus the domestic ecosystem of supporting professional services firms ) typically providing a range of business services to the global operations of these companies and many irish firms exporting business services to overseas clients. third, business education is itself a significant export activity, with irish business schools and universities educating many international students, both locally and through a range of external partnerships. fourth, given the importance of the business sector in delivering essential and socially - valuable goods and services, business schools have a special responsibility to ensure that their graduates are properly equipped to fulfil their social and ethical responsibilities to wider society. fifth, the diversity and dynamism of the business sector constitutes a gold mine for research across a wide range of disciplines. this is especially true for a business school that is an integral part of a full - scale university, in view of the high potential of multi - field approaches in understanding both the drivers of firm performance and the economic and social impact of business. this last point is well illustrated by today ’ s event. a basic function of a university is to explore the inter - connections across different fields of knowledge : the agenda and list of participants for