samchain/econo-pairs-v2 huggingface dataset:
loi m bakani : the benefits of electronic payments and mobile banking products welcome speech by mr loi m bakani, governor of the bank of papua new guinea, at the mobile money workshop, port moresby, 10 august 2010. * * * acknowledgements mr. tilman bruett, regional advisor, pacific financial inclusion program ( pfip ), mr micheal tarazi, senior policy advisor, consultative group to assist the poor, mr waameek noor, alliance for financial inclusion, representatives from the adb, undp and world bank, ladies and gentlemen. introduction it gives me great pleasure to host this mobile money workshop at the bank of papua new guinea. this workshop is a follow up of the workshops in vanuatu, philippines and fiji in which three bank of png representatives together with our colleagues from other pacific islands central banks attended to learn about regulatory processes and operating environments as well as benefits of electronic payments and mobile banking products. the convening of this workshop is part of the programs on “ financial inclusion ” agreed to by central banks and finance ministers in the pacific, and is also consistent with the government ’ s increased focus on extending financial services to the rural areas of papua new guinea. this program was supported by the forum economic ministers meeting in raratonga, cook islands in october 2009, which stressed that measures should be taken by respective governments to strengthen advances in financial inclusion in their respective countries to reduce poverty. before discussing the benefits of mobile phone banking in papua new guinea, i wish to outline briefly the geographical and economic setting, financial sector innovations, and the challenges in papua new guinea. geographical and economic setting papua new guinea is characterized by rugged geographical terrain with many parts of the country inaccessible by road and fragmented markets which are separated by oceans and jungles. as a consequence, the provision of government services in the rural areas is scarce, if not it is non existent, and this has led to an absence of some basis services in the rural areas. some of the government services either absent or in very poor and deteriorating conditions in the rural areas include : inadequate infrastructure ; inadequate health services ; and inadequate educational services. these core inadequacies have led to : high infant mortality, pregnancy deaths, and deaths from curable diseases such as malaria ; low literacy and high unemployment levels ; poor accessibility to markets ; and poor accessibility to banking and other financial services. whilst the government has addressed and continues to focus on the structural issues in the previous

the commercial banks and the bank of papua new guinea. thank you bis central bankers ’ speeches
and i look forward to our discussion. 1 constant sample of significant institutions which reported the ratio in all periods 2 / 2 bis central bankers'speeches

to ensure this. having briefly looked back, let me now look to the future. i would like to stress two points. first, while the banking sector is more resilient than it used to be, i am not fully satisfied with the current situation. and second, i would like us all to keep in mind that, while a resilient banking sector is a necessary condition for financial stability, it is not enough on its own. in other words, increased resilience does not mean we will never see another crisis. supervisors must continue to be tough on banks. and legislators should support them. 1 / 2 bis central bankers'speeches as memories of the crisis fade, i see a high risk of complacency. not only has there been a slowdown in the momentum for reform and further harmonisation of unjustified differences in national supervisory law, in some countries we have even started going backwards. we should all remember that the lesson of the crisis was clear : light - touch regulation and supervision of the banking sector does not work. any short - term gains will be more than offset by the damage to the economy caused by the resulting financial instability. so banks must continue to improve in several areas. and now is a good point to stress that financial stability is also good for the banks themselves. for a start, many banks should take advantage of the good times to continue cleaning up their balance sheets and adapt their business models to face upcoming challenges – the current economic environment is as good as it gets! all banks also need to further strengthen their risk management frameworks, it systems and internal capital and liquidity management. but not only banks still have work to do. in this vein, i would like to mention several points that will be relevant to the discussion later on : 1. there are still approximately 30 microprudential national options and discretions addressed to member states. 2. many important european tools, such as fit and proper assessments and the early intervention measures, are covered by directives which have to be transposed into national law. this adds to the fragmentation and leads to an uneven playing field. 3. we still lack harmonised supervision of third - country branches and investment firms. 4. for some important directives, such as the anti - money laundering one, transposition into national law has been held up or hasn ’ t even started. but as i promised to keep this statement short, i will stop here for now. thank you for your attention,
, including for the newly approved negative equity mortgages for movers. step - by - step the challenges of this crisis of overindebtedness will be overcome, and it is crucial that, in the process, the fabric of irish society and the contractual underpinnings of our economy are protected. thus, fairness is a key objective, which means both that debtors who can afford to pay do pay and that efficient and effective arrangements for ensuring that those who cannot now pay fully are given a clear and coherent path forward that is consistent with affordability and sustainability. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

forces have influenced measured relative poverty rates since the peak : the rise in unemployment and the offsetting growth in social transfers ( job - seekers ’ supports and the like ). had it not been for the social transfers, the percentage of the population whose income is less than 60 % of the national median ( and as such deemed to be so low as to place them “ at risk of poverty ” ) would have increased dramatically. in fact, this percentage, though it has increased, is still lower than it was before 2007. [ chart : from cso silc survey 2010 ]. cso ( 2011 ) survey on income and living conditions releasespublications / documents / silc / 2010 / prelimsilc _ 2010. pdf 2010. http : / / www. cso. ie / en / media / csoie / bis central bankers ’ speeches of course, the poor are less able to cope with a given percentage fall in their spending power than the rich, so even a uniform percentage reduction in living standards bears more heavily on the poor. and of course, the impact has not been uniform. 2 among those who have lost disproportionately are families hit by job losses including in construction and other sectors which have seen a dramatic shrinkage in demand, those who are self - employed in such sectors ( some of them hit by bad debts from their customers ), those who had been relying on dividends from bank shares, and those who had taken leveraged investment positions in assets whose value has declined, notably property. except for the last group, debt per se has not been the driver of the deterioration in their circumstances, though – depending on their access to savings, assistance from family or other forms of support – indebted persons who lose their job are likely to be in a worse position than those without debt. there has been a lot of talk about negative housing equity, but of course this is a symptom which can be experienced both by those who have truly been placed in a difficult position by the crisis, and by those who have emerged relatively unscathed. there are people who, though they paid a lot more for their house than it is now worth, have not experienced any decline in living standards since the crisis began. 3 as a result, the increase in negative equity for owner - occupiers is not a reliable indicator of stressed living standards. by the way, even in those parts of the united states where mortgage lenders do
we encourage you to make use of this opportunity as it will assist us in making the best policy choices. thank you. page 6 of 6

form of money held exclusively in samos, the south african multiple option settlement system, which is the backbone of the national payments system. it is managed by the sarb. samos accounts are held mainly by banks, 28 currently, who transact directly with the reserve bank. they use these reserves to settle payments between each other. the total supply of bank reserves is around r220 billion, of which about r140 billion is required reserves. this is the form of money used to implement monetary policy. this r220 billion is only a fraction of the total amount of money in the economy. if you turn to our quarterly bulletin, where you will find comprehensive statistics on monetary aggregates or money supply, you will see that m3 – which is a broad measure of money, including all bank deposits and money market shares – was r4. 72 trillion at the end of 2022. the total supply of sarb money was therefore only about 8 % of total money in the economy. how is it that most money is not sarb money? why can anyone else can create money? isn ’ t that counterfeiting? in fact, money creation is a normal characteristic of a banking system. banks routinely create money through the process of making loans. it works in a very simple way. 2 a bank takes in a deposit and that deposit meets the definition of money – for example, this is the money you have in the bank. but then the bank makes a loan, for instance to someone who borrows for a car or a house. and that loan also appears as a deposit at a bank, which is also money. in this way, the act of credit creation expands the money supply. the constraint on banks is that every deposit is a promise to pay in bank reserves, which are the liabilities of the central bank. 3 banks have no power to create these and can instead only access them on terms worked out by the central bank, through its monetary policy implementation framework. this creates a powerful constraint on banks. whenever they create money, they are obliged to ensure these rands are always valued at par with bank reserves. this obligation is tested many times daily : every time a payment goes from one bank to another, this settlement is conducted through the samos system using bank reserves. so, if bank a creates money by extending a loan to a household, and that household then buys something from someone who banks with bank b, bank a will have to transfer bank reserves to
term. these are the combined outcome of high education standards, modern technology and an efficient infrastructure. this, in turn, depends on farsighted policies and years of wise investment by both the public and private sectors. that, i believe, is the path we should follow.

into the pension sector that individuals perceive as personal income. for their part, businesses have often viewed defined - benefit pension plans, in effect, as business - sector profit centers because capital gains affect corporate defined - benefit pension contributions and, hence, earnings. this consideration is relevant in the measurement and interpretation of the personal saving rate. in recent years, contributions to private defined - benefit plans have declined significantly as an increasing part of these plans ’ accrued benefit liabilities have been met through a rise in the market value of their equity holdings. offsetting this decline, to some extent, has been an increase in dividend and other capital income. if private and state and local defined - benefit pension plans had been separated from the personal sector, the personal saving rate would have fallen about 3 / 4 percentage point less from 1995 to 2000, all else being equal. all told, if households viewed taxes on capital gains as a subtraction from those gains and not from income and, further, if households viewed benefit payments received from defined - benefit plans as income rather than their employers ’ contributions ( as well as the investment income of the plans ), perceived disposable income in 2000 would have been higher as would the personal saving rate. in short, roughly two - fifths of the measured decline in the personal saving rate since 1995 reflects the foregoing nipa income - accounting conventions. i should emphasize that any accounting adjustments made to personal saving because of changes in the definition of disposable income are exactly offset in business and government saving so that national saving is unaffected. the increment to personal saving associated with a treatment of the private defined - benefit pension sector as a business profit center would be offset by a decline in corporate profits and business saving. in addition, a designation of taxes on capital gains as capital transfers ( in a manner similar to estate and gift taxes ) would raise measured personal saving and lower overall tax receipts and, hence, government saving. thus, while total national saving would be unaffected by these specific accounting adjustments for capital gains, the distribution of nipa saving among households, businesses, and governments would be significantly influenced. one must recognize that no single way to array information on income, production, and capital gains is best. the particular array employed depends on the specific purposes to which the data set is to be applied. the treatment of capital gains in the nipa, for example, is intended to allow the accounts to most accurately attribute national saving to the various sectors in the
much more than a market ", april. 4 / 4 bis - central bankers'speeches

commission's uncertainty index has reached its highest level to date. furthermore, with formal budget submissions from several euro area countries still pending, projecting the future fiscal policy stance is challenging. this environment of very high uncertainty could dent confidence and dampen the recovery in consumption and investment. such pessimism is visible, for instance, in consumer expectations. while real household income increased both in 2023 and 2024 according to national accounts, only little more than a third of respondents to our latest consumer expectations survey see their real income as having increased or at least stayed the same. whereas only about 10 % of households indicate an increase in perceived real income, in reality more than half of the households surveyed experienced an increase in their real income, when inflation is netted out from their selfreported nominal income. 2 financial stability in this volatile economic environment, we see elevated financial stability vulnerabilities. 2 / 4 bis - central bankers'speeches high valuations and concentrated risks leave financial markets vulnerable to adverse dynamics, which could be exacerbated by non - banks. non - bank financial intermediaries have remained resilient to recent bouts of market volatility, supporting market - based finance in the euro area. however, broader market shocks could trigger sudden investment fund outflows or margin calls on derivative exposures. given relatively low liquid asset holdings and significant liquidity mismatches in some open - ended investment funds, cash shortages could result in forced asset sales amplifying the fall in asset prices. while generally limited, pockets of elevated financial and synthetic leverage in some entities, like hedge funds, may add to spillover risks. simultaneously, sovereign vulnerabilities are increasing. despite recent reductions in debt - to - gdp ratios in some euro area countries, fiscal challenges persist in several others. they are exacerbated by heightened policy and geopolitical uncertainty and structural issues such as sluggish potential growth. we therefore need to keep monitoring risks to financial stability carefully, including those stemming from recent increases in sovereign yields in the united states, the united kingdom and, though more moderate, in the euro area. on a more positive note, euro area banks are strong. their resilience has been underpinned by solid capital ratios, robust liquidity buffers and high bank profitability. the latter may have reached its peak, however, as net interest margins are already declining while credit losses are gradually rising. in this uncertain macro - financial environment, preserving bank
i am committed to making decisions objectively and based on the best available evidence. in doing so, i would be guided solely by our mandate from the congress and the long - run interests of the american public. thank you. i would be happy to respond to your questions. 2 / 2 bis central bankers'speeches

s representatives through twice - a - year reports, testimony, oversight, and audited financial statements. i am strongly committed to that framework of transparency and accountability and to continuing to look for ways to enhance it. in our federated system, members of the washington - based board of governors participate in fomc deliberations with the presidents of the 12 regional federal reserve banks, which are deeply rooted in their local communities. i am a strong supporter of this institutional structure, which helps ensure a diversity of perspectives on monetary policy and helps sustain the public ’ s support for the federal reserve as an institution. if confirmed, i would strive, along with my colleagues, to support the economy ’ s continued progress toward full recovery. our aim is to sustain a strong jobs market with inflation moving gradually up toward our target. we expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink. however, while we endeavor to make the path of policy as predictable as possible, the future cannot be known with certainty. so we must retain the flexibility to adjust our policies in response to economic developments. above all, even as we draw on the lessons of the past, we must be prepared to respond decisively and with appropriate force to new and unexpected threats to our nation ’ s financial stability and economic prosperity — the original motivation for the federal reserve ’ s founding. 1 / 2 bis central bankers'speeches as a regulator and supervisor of banking institutions, in collaboration with other federal and state agencies, we must help ensure that our financial system remains both stable and efficient. our financial system is without doubt far stronger and more resilient than it was a decade ago. our banks have much higher levels of capital and liquid assets, are more aware of the risks they run, and are better able to manage those risks. even as we have worked to implement improvements, we also have sought to tailor regulation and supervision to the size and risk profile of banks, particularly community institutions. we will continue to consider appropriate ways to ease regulatory burdens while preserving core reforms — strong levels of capital and liquidity, stress testing, and resolution planning — so that banks can provide the credit to families and businesses necessary to sustain a prosperous economy. in doing so, we must be clear and transparent about the principles that are driving our decisions and about the expectations we have for the institutions we regulate. to conclude, inside the federal reserve, we understand that our decisions in all these areas matter for american families and communities.
2. 6 2. 6 2. 8 december cpiefe 1. 5 2. 5 2. 0 1. 7 2. 8 ( f ) forecast. source : central bank of chile. bis central bankers ’ speeches

by the macroeconomic scenario, along with allowing adjustments to the nominal and real exchange rate. in order for us to grasp these benefits in times of shortage, we need to act consistently in times of abundance. we have often been confronted with social pressures to intervene the exchange rate market or lower the interest rate to prevent an appreciation of the peso, following the example of countries that are more active in this field. while recognizing that overreactions can occur in the short term in either direction that could warrant such an intervention, we need to be aware that it entails carry costs for the central bank and affects the overall economy. focusing on keeping inflation near the target and preserving the flexibility of the exchange rate in times of bonanza allows the peso to accommodate conditions like the present ones and adjust more efficiently to the new situation. we also know that exchange rate flexibility plays a critical role in preventing currency mismatches, which have taken such a great toll elsewhere in the region and in chile in the past. overall, the appreciation of the peso that we saw a few months back was milder than that of other currencies, so now the depreciation has not been as sharp either. domestically, monetary policy has continued to face many short - term challenges. the sound economic slowdown we were expecting has been gradually occurring. on the expenditure side, however, consumption continues to be very strong, boosted by labor market conditions. actually, the latest indicators confirm the strength of the labor market. the information we have reviewed for this report suggests that this component of domestic demand will moderate in the coming quarters, but we must not overlook the risk of a slower than expected adjustment of consumption, affecting the use of domestic resources and the deficit of the current account of the balance of payments. in this context, the board has held the mpr at 5 %, but noting that if these trends consolidate adjustments to the policy rate may be required. let me now describe for you our baseline scenario for the chilean economy and the main risks examined in our report. macroeconomic scenario international trends depicted in june have settled. news coming from the developed economies, particularly the united states, confirms a gradual recovery. the revision of u. s. economic figures lowered the growth forecast for the whole year, but showed that the u. s. economy picked up sooner than expected. in the second quarter it accelerated thanks to increased investments in fixed assets, a steady improvement in the labor market and more bis central bankers ’ speeches optimistic