samchain/econo-pairs-v2 huggingface dataset:
marzunisham omar : opening remarks - international conference on financial crime and terrorism financing ( ifctf ) masterclass 2024 opening remarks by mr marzunisham omar, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the international conference on financial crime and terrorism financing ( ifctf ) masterclass 2024, kuala lumpur, 19 august 2024. * * * assalamu'alaikum warahamatullahi wabarakatuh and a very good morning. thank you for inviting me to speak today. it is an honour and a pleasure to see so many people in the room. i would like to express my sincere gratitude to both aicb and the compliance officers'networking group for their effort and leadership in organising this event. as mentioned by tan sri azman hashim earlier, this is the 14th iteration of the ifctf and the first time it is held in a masterclass format. these exchanges grow in importance each year, amid an environment of rapid changes across the financial landscape. the ifctf, in particular, has always been a platform for leading practitioners to have discussions on the frontiers of tackling financial crimes. the conference is especially timely, given that the national coordination committee to counter money laundering ( ncc ) has recently endorsed malaysia's national risk assessment ( nra ) 2023. it is also of significance as we are in the midst of preparing for the 5th round of the mutual evaluation exercise by the financial action task force. today's masterclass is an exercise in technical depth and exploration, which i hope all participants will find practical and useful. this morning, i would like to speak on three principles that we must embrace in strengthening our ability to address financial crimes : competence, commitment, and collaboration. part 1 : competence – strengthening skillsets ladies and gentlemen, the financial crime landscape is continuously evolving. a key transformative enabler is technology and its rapid advancement. for instance, pwc uk's 2023 report identifies that artificial intelligence ( ai ) will likely drive an increase in the volume and sophistication of fraud and scams. in malaysia today, we also observe these risks materialising as a new wave of scams which leverage technology, such as malware and ai - developed deepfakes, is deployed on social media to deceive victims. the nra 2023 further concluded an upward trend of virtual assets illicit activities in malaysia ( although still small in value ) and

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inflation and foreign reserves as within acceptable and comfortable ranges. we also have a competitive and stable financial system with ample liquidity to assist us on our growth path. the challenge for us all going forward is to continue our efforts towards enhancing a conducive business environment that will bring about more business and investment opportunities while boosting the country ’ s growth potential. on that final note, i again thank mr kumar and his team for inviting me here today and congratulate asco motors for its ongoing success in fiji and wish you all another successful year ahead. vinaka vakalevu. bis central bankers ’ speeches

barry whiteside : recent developments and outlook for the fijian economy address by mr barry whiteside, governor of the reserve bank of fiji, at the asco motors appreciation luncheon, suva, 13 july 2016. * * * the chief executive officer of asco motors, mr jai kumar distinguished guests staff of asco motors ladies and gentlemen introductory comments bula vinaka and warm greetings to you all! i wish to thank mr kumar for his kind invitation. it is a pleasure to be here this afternoon to share with you some recent developments and our outlook for the fijian economy. but before i do so, i understand that this is asco motors ’ 27th year of operations under its current trading name, and that it has been 53 years since the first toyota passenger vehicle was shipped to fiji in 1963. i still have visions of those early box - like models ( and yes i do go back that far! ). i distinctively remember that it was a time when anything japanese was notably cheaper, with the connotation of being qualitatively inferior than models imported from australia and other parts of the world. this is definitely not the case now, when anything manufactured in japan seems to attract quite a high premium price! this clearly is a reflection of the drive to quality and efficiency over the years and the philosophy to be the best! akio toyoda, the chief executive officer of toyota motor corporation, famously said, “ when consumers purchase a toyota, they are not simply purchasing a car, truck or van. they are placing their trust in our company. ” today ’ s event, while labelled a customer appreciation day, can just as easily mark the many milestones achieved by asco motors over the years. the company has become an important cog in our automotive industry which, as a whole, has contributed immensely to the fijian economy and continues to play an important role towards lifting our growth potential. the fijian economy my brief indicated that i should say a few words on the fijian economy. over the past three years ( from 2013 – 2015 ) fiji has grown, on average, by 4. 7 percent. this easily exceeds the historical trend and is something i feel we should all be quite proud of, given the global trend has been moving in the opposite direction. recently we have seen fiji flourish in an environment of consistent and accommodative fiscal and monetary policies, strong credit growth, improved investor and consumer confidence and, with the return to parliamentary
, the primary mandate of the european central bank, and it will not be affected at all by the assignment of new responsibilities in the macroprudential area.

mr duisenberg and mr noyer report on the outcome of the latest meeting of the ecb governing council introductory statement given by mr willem duisenberg, president of the european central bank and mr christian noyer, vice - president of the european central bank, to the press conference, held in frankfurt, on 7 october 1999. * * * ladies and gentlemen, the vice - president and i are here today to report on the outcome of today ’ s meetings of the governing council of the ecb, which was attended by the european commissioner, mr solbes mira. the outcome of today ’ s discussion was that the governing council has decided to leave the prevailing ecb interest rates unchanged. the interest rate on the main refinancing operations of the eurosystem will thus remain 2. 5 %. in addition, the interest rate on the marginal lending facility will continue to be 3. 5 % and that on the deposit facility has been kept at 1. 5 %. the governing council conducted an intensive discussion of the current monetary policy stance in which it was concluded that the balance of risks to price stability remains on an upward trend. with regard to monetary developments in the euro area, the three - month average of the 12 - month growth rates of m3 for the period june to august 1999 increased to 5. 6 %, from 5. 5 % in the three - month period ending in july 1999. while a good deal of caution is required when interpreting short - term monetary developments, it should be noted that the 12 - month growth rate of m3 has displayed an upward trend during 1999. the high growth of m3 seems to be related to the low level of opportunity costs of holding monetary assets, particularly the most liquid components. furthermore, the gradual improvement in the real economic situation may have fostered the expansion of m3. credit to the private sector also continued to expand at a fast rate in august 1999, namely 10. 7 %. since the start of stage three credit to the private sector has been expanding at rates of around 10 %. developments in credit growth in august tend to confirm that the demand for loans remains strong, supported by low bank lending rates, indicating that euro area residents do not face borrowing constraints. on balance, the governing council believes that monetary conditions, especially the sustained growth of m3 in excess of the reference value, signal a rather generous liquidity situation in the euro area. long - term nominal interest rates in the euro area continued to increase in september. while it is
in budapest about a month ago, on 19 january 2007, by jacques de larosiere, former managing director of the imf and ebrd president and former governor of the banque de france : stage one : before the 1980s, governments were convinced that there was a trade off between “ a little more inflation ” and less unemployment. this policy eventually led to double digit inflation in advanced economies and galloping inflation in a number of developing countries. high inflation was finally recognized as inimical to growth and socially disruptive. in 1979 - 1980, the game of systematically seeking employment at the expense of price stability came to an end. the whole process had entailed high economic and social costs ; stage two : in 1980s and 1990s, monetary policy managed to reduce inflation. most central banks were gradually made independent from governments and acquired new credibility. this was the period of the triumph of central bankers. us inflation came down from 13 % in 1979 - 1980 to 2. 2 % in 1999. ” inflation has been a part of our lives for the last thirty years and it has become practically impossible to imagine living without it. it is always on our minds – when buying things or planning our future, when borrowing or giving presents – and it would feel strange not to count with the increase in prices! because it has been with us for over 3 decades, an abnormal situation has become normal and it is now feels abnormal that there is no inflation. true, if there is inflation, it is easier to do the budgeting, to plan, to breathe, etc. because if your prices are changing all the time and your exchange rate is unstable, you will never really be comparable with the rest of the world, as today ’ s calculation will simply not apply tomorrow, let alone the day after. the same is true of my role as the nbs governor : my job would be far easier if i chose to cover up my own and the institution ’ s inefficiency by means of inflation and currency depreciation. but times are changing, for, let me remind you, serbia is still in the process of transition and it will take some time yet to complete! if nothing else, the stability of prices and currency has at least impelled many to come up with much more creative “ explanations ” for price rises. only a year ago, the increase in prices of milk, cable tv and public transport services was blamed on the exchange rate … in the course of the past year, the

nbs created a stable economic environment and successfully slashed inflation, forcing the government and policy makers to face the reality. and the reality is unyielding : inflation does not create jobs, it does not push gdp up, and, perhaps most importantly, inflation has not created welfare anywhere in the world! is it then possible that, even after the devastating consequences of the 1992 - 1993 hyperinflation on the country ’ s economy, serbia has still not grasped how damaging the effects of inflation can be?
upon all of our various central banks'experiences in operation of policy. bringing my remarks to a close, let me express my hope that this seminar will contribute to closer cooperation among our central banks, by fostering friendships among us. though your days this week may be full, please spare a few moments to gain a taste of korean culture and enjoy the beauty of the autumn season here. thank you.

steven vanackere : one year after the 2023 market turmoil - outlook for banks and key supervisory take - aways keynote speech by mr steven vanackere, vice - governor of the national bank of belgium, at the european association of cooperative banks ( eacb ) high - level roundtable on the occasion of the eurofi conference, gent, 21 february 2024. * * * distinguished guests, ladies and gentlemen, thank you for the opportunity to deliver this speech at the welcome dinner of the eacb high - level roundtable. i thought it might be a good idea, one year after the banking turmoil of march 2023, triggered by the failure of several us banks and of credit suisse, to give you my perspective on the current outlook for eu banks and more specifically on the lessons to be learnt from this global turmoil. last year, the combination of slow growth, high inflation, and a historically very rapid increase in monetary policy interest rates resulted in unrest in the financial markets, with significant impact on the banking sector. 1. the higher rates reduced the market value of fixed - rate, long - term assets and implied unrealised losses on banks'balance sheets. 2. they increased banks'funding costs and created expectations of higher interest rates on deposits, which added to worries about of a potential more volatile behavior of this stable funding source. 3. they impact the debt burden of households and corporates, especially in jurisdictions with more short - term maturity or variable rate loans. against this background, the quality of banks'credit portfolios and their interest rate and liquidity risks became important points of attention. investors viewed with suspicion the impact of interest rate increases on the profitability and solvency of financial institutions. in the united states, this led to an abrupt and large - scale outflow of deposits from several medium - sized regional credit institutions. these banks had a number of specific vulnerabilities in common, such as a business model focused on a single economic sector or activity ( e. g. start - ups in the tech sector, services related to crypto - assets or banking services for of high net worth individuals ) and a large share of uninsured deposits. even more importantly, inadequate management of interest rate and liquidity risks forced these institutions to recognize large losses in the profit and loss account, undermining depositor confidence. earlier deregulation under the trump administration no longer subjected these banks to the basel minimum standards. finally, it was recognized that
congratulate you all for your academic achievement. the world is yours. remember that it ’ s up to you to make a difference – you have the choice to be a passive onlooker or a proactive player. remember your success, you owe it also to your parents who have given their support and for being present by your side, as you burned the midnight oil. i wish you all a very successful life. thank you. bis central bankers ’ speeches

second, on an ongoing basis, the committee should provide explicit communication about how its chosen actions are indeed consistent with its pre - announced resolution of the inflation - unemployment trade - off. here, i believe that the use of metrics like the mandate dashboard provides a useful form of discipline – both on our own actions and on the public ’ s understanding of those actions. bis central bankers ’ speeches in a speech he gave last may, chairman bernanke stated, “ transparency regarding monetary policy … not only helps make central banks more accountable, it also increases the effectiveness of policy. ” 3 i agree completely with this sentiment. and i see my two recommended future steps – clearer communication about trade - offs and the explicit use of metrics like the mandate dashboard – as promoting exactly the kind of transparency that chairman bernanke was describing. thank you for listening. i look forward to taking your questions. see chairman bernanke ’ s may 25, 2010, speech, “ central bank independence, transparency, and accountability. ” bis central bankers ’ speeches
fed two goals : maximum employment and stable prices. we have lots of work to do before we can say we ’ ve met those goals. looking at past deep recessions, you would have expected the economy to be doing much better than it is by now. why has this recovery been so lackluster? the reason has everything to do with what took place beforehand. we ’ ve had a wild ride – first a housing boom of epic proportions, then a housing bust, a near - collapse of the financial system, and a terrible recession. let ’ s go back to 2006, right before the recession hit. that marked the peak of an unprecedented run - up in u. s. home prices. but the bubble burst. home prices plunged by over 30 percent nationwide, and even more in states such as nevada, arizona, and florida. as the housing market went into a tailspin, about a quarter of borrowers found themselves owing more than their homes were worth. delinquencies and foreclosures surged. with millions of mortgages going sour, financial institutions that had placed big bets on home loans posted massive losses. it was like an epidemic. no one knew which financial institutions were infected with toxic assets. everyone was suspect. financial institutions were afraid to lend money to anybody, including each other. that choked off the flow of funds that bis central bankers ’ speeches financial institutions and businesses depend on for their day - to - day operations. the result was a worldwide financial crisis. if left unchecked, this kind of financial panic could have ushered in an economic cataclysm like the great depression, when 25 percent of the workforce was out of work. why didn ’ t we plunge into the abyss? a key reason was that the federal reserve did what it was supposed to do. the fed is the nation ’ s government - chartered central bank. and one of the most important duties of a central bank is to safeguard the financial system. in a crisis, that means acting as lender of last resort, supplying emergency loans to financial institutions when normal funding isn ’ t available. the u. s. treasury department and other federal agencies were also doing all they could to shore up the financial system. now, i know that this financial support to big banks and wall street firms made many people irate, especially when so many americans were losing their jobs or their homes. we should remember, though, that ordinary people suffer terribly when the financial system breaks down. the ultimate

. i ’ d like to conclude by touching briefly on the issue of central bank credibility because i believe it ’ s been an enabling factor in our taking a cautious approach. over the last twenty years, the fed has built a reasonably good reputation for containing inflation. this credibility has allowed us some flexibility to delay raising interest rates - despite many forecasts that inflation would soon rise. without this leeway, we might have faced a jump in inflation expectations with adverse reactions in financial markets. going forward, we intend to maintain our credibility by continuing to keep inflation under control.
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mechanism and factors that govern the self - discipline exercised by managers varies from country to country. a typical example is the compensation scheme for managers. if you check the disclosure journals of u. s. and japanese financial institutions, you will notice a huge difference between the two countries in terms of the level of compensation for managers. in its recent report, the financial stability board describes a number of attributes required of a desirable scheme and level of compensation. for my part, i would just like to emphasize that managers ’ appropriate judgment on strategic issues is crucially important. balance between regulation and supervision third, balance is needed between regulation and supervision. there is a non - negligible difference among countries in terms of financial and economic structures, as well as in terms of the business models of financial institutions. a minimum set of common rules is needed to be applied to internationally active financial institutions. at the same time, however, it is also important to leave a certain amount of room for local regulators and supervisors to adapt to the local situation. for example, the appropriate method of liquidity management can differ according to the business model of a particular financial institution. when considering liquidity regulation, the first item that comes to many people ’ s mind as qualified liquid assets would be government bonds. however, in some asian jurisdictions, outstanding amounts of government bonds issued are small, as a result of fiscal discipline. for such jurisdictions, a uniform liquidity regulation could even be harmful. in japan, supervisory authorities are monitoring the liquidity positions of financial institutions in a more detailed manner on a routine basis. thus, at the time of the lehman shock, the bank of japan was in a position to know on a daily basis the funding activities of financial institutions, including foreign banks and securities firms. this type of information was particularly valuable when the bank of japan conducted open market operations in such a stressed situation. this is one of the reasons why japan ’ s financial system was able to remain relatively stable at that time. of course, not all countries can afford to conduct such monitoring on a regular basis. thus, the best way of addressing these issues may be more or less different across jurisdictions, and it might be difficult to always establish an internationally uniform hard - wired standard. as i mentioned earlier, i strongly believe in the necessity of internationally common rules. that said, it is hard to draw a clear line between those areas where internationally common rules should be applied, and those where domestic rules should be applied. the same holds for determining