samchain/econo-pairs-v2 huggingface dataset:
ensure that the dynamic banking environment is adequately served as we gather more knowledge through innovations and market demands. ladies and gentlemen : it is now my honour and privilege to launch the family bank “ pesa pap ”, i am sure the market is anxious for uptake of this product. thank you.

njuguna ndung ’ u : the advantages of mobile phone banking services remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the launch of the family bank ’ s mobile phone banking services, nairobi, 3 june 2010. * * * mr. titus k. muya, chairman of the board of directors, family bank ltd., mr. peter kinyanjui, chief executive officer, family bank ltd., board members, family bank ltd, distinguished guests, ladies and gentlemen, i am privileged to be here this morning on the occasion of the launch of family bank ’ s mobile phone banking services. today marks yet another milestone on family bank ’ s growth trajectory and also another important innovation in the banking products that enlarge the range of financial services. i therefore feel honoured to have been invited to launch this product. it would not have been possible for us to assemble here and witness the rolling out of this product into the market without the wise stewardship of the board and management of the bank. i therefore salute the board, management and staff of family bank on the introduction of the mobile phone banking services that we shall be launching this morning. i have been informed that these mobile banking services dubbed “ pesa pap ” have been made possible through the use of the safaricom m - pesa platform. on this note, i salute safaricom for having partnered with several banks in providing innovations that will not only enhance access to financial services but also the growth of commerce in both the rural and urban markets. in his madaraka speech to the nation, h. e. the president, hon. mwai kibaki particularly singled out the innovation in information technology and the support it has provided to mobile phone money transfer services – as leading innovations in the world. the world bank ’ s doing business report on access to credit places kenya at 4th position of 183 countries. allow me to mention that the pesa pap product being rolled out today is a consolidation of three products with key distinct features as follows : the m - pesa super - agency providing electronic value to safaricom agents countrywide will be of benefit in terms of improving m - pesa availability in the market and ensuring m - pesa agents maintain optimum levels of float. bulk value payments through m - pesa will allow bulk remittance of payments including salaries and loan disbursements to employees, borrowers and agricultural farmers and the ; m
##mediation, and, regrettably, the private sector was not able to develop one that is properly structured. the linked exchange rate system is also a product of the policy of positive non - interventionism. the government intervened to fix the exchange rate because we found out in 1983, and since, that there is a need for a monetary anchor. in the absence of such an anchor, the value of our currency will be, in mathematical terms, an indeterminate. in other words, it is not something that the free market can determine in the best interest of the community without intervention. we have had four speculative attacks on our currency since the outbreak of financial turmoil in the region in the middle of last year. - 3it is very well known to almost everyone in the market that a handful of hedge funds have on each occasion conducted a double play in the stock futures market and the currency market. we have come to realise how this double play works, although it has only become apparent, at least to us, in the third and fourth attacks in june and august this year respectively. on each occasion, interbank interest rates were pushed higher, to varying degrees, with a view to engineering a sharp fall in the stock index futures. while the august episode is still being played out, it is clear that these currency attacks, or manipulations, have introduced a large interest rate premium for the hong kong dollar over the us dollar. this currency manipulation premium amounts to around three to four percentage points. with the community already in considerable pain, having to go through the inevitable, and already very sharp, economic adjustment necessitated by financial turmoil in asia, we can do without the pain being disproportionately exacerbated by those manipulating our currency in order to benefit from their short stock futures positions. there is further the serious risk of this double play creating a situation of over - shooting in the stock and other asset markets, undermining the stability of our otherwise robust financial system. i must emphasise, however, that i am in no position to judge whether or not there has been overshooting and, if so, the extent of the overshooting. but we can all see that markets can overshoot badly and uncontrollably if we just look around us in the region. whatever accusations one can throw at the indonesians - “ crony capitalism, nepotism, corruption, racism, poor macroeconomic management, neglect of financial development ” - even if all

our resolve to adhere to the linked exchange rate system. this resolve has never been stronger. indeed, as i have mentioned elsewhere, there simply is no better alternative for hong kong. the experience of many of our neighbouring economies in the past year or so underlines why. as the financial storm in this region spreads to almost everywhere now, and with increased intensity, the discipline of currency board arrangements of our linked exchange rate system is our best safeguard for our long - term prosperity and stability.
circumstances, the amount outstanding of lending by private banks has been increasing. ii. conduct of monetary policy the bank changed the guideline for money market operations at the monetary policy meeting ( mpm ) in february, raising the uncollateralized overnight call rate target to around 0. 5 percent. this policy adjustment was made in line with the framework for the conduct of monetary policy introduced in march 2006. the bank reviewed the outlook for japan's economy based on data and information on domestic and overseas economies available at the time of the mpm in february. its assessment at that meeting was as follows : the cpi is likely to increase as a trend as the economy continues to expand moderately ; and with the prospects of the economic and price situation improving, the stimulative effect of monetary policy, if the policy interest rate were kept unchanged, could gradually increase, and if the expectation takes hold, in such a situation, that interest rates will remain low for a long time regardless of developments in economic activity and prices, there is a medium - to long - term risk of larger swings and of inefficient allocation of resources as firms and financial institutions over - extend themselves. the bank judged at the mpm in february that it was appropriate to adjust the level of the policy interest rate in order to maintain a desirable course of economic activity and prices. this policy action will still keep the monetary environment very accommodative, and the bank believes that it will contribute to ensuring price stability and achieving sustainable growth in the medium to long term. the bank presented its basic thinking on the future course of monetary policy in the april 2007 outlook for economic activity and prices, along with the outlook for economic activity and prices. in sum, while confirming that japan's economy remains likely to follow a path of sustainable growth under price stability and assessing relevant risk factors, the bank will adjust the level of interest rates gradually in accordance with improvements in the economic and price situation. the bank is determined to conduct monetary policy appropriately in the light of developments in economic activity and prices, and contribute to sustainable economic growth under price stability.

in the first half of fiscal 1997. judging from the above developments, however, the economic recovery on the whole will most likely continue in the future. at the same time, there remain factors, such as balance - sheet adjustment pressures, which tend to keep private demand from gaining strength. also, the influence of the recent plunge in stock prices on corporate sentiment requires careful scrutiny. in these circumstances, it is essential to promote necessary adjustments by such means as a swift implementation of effective reforms in japan s economic structure. this is an important ingredient in the efforts to strengthen the basis for medium - term growth in japan ’ s economy.
session and the high quality research papers to be presented in the next sessions, i have no doubt that all together we will enlighten this complex “ package ” of issues related to the recovery in the aftermath of the crisis. thank you so much for attending our conference and thank you for your attention! bis central bankers ’ speeches

framework to increase significantly overall capital requirements. 17 closing the gap taking all this together, there is clearly at present a wide gap between banks ’ disappointing returns on the one side and investors ’ expectations on the other. this is reflected in current price to book ratios. this gap may need to be closed from both directions. it is, however, clearly not the case that all banking is unprofitable or un - investable. the health of uk retail banking is almost certainly being masked by conduct costs, current and expected, and by outdated and costly business models that need restructuring, especially in relation to investment banking. but the returns expected by investors in banks may well be sticky and have further to fall to come into line with risk. the authorities may be able to assist this by giving greater clarity on the end point of the regulatory structure. this figure excludes rbs which is majority - owned by the uk government. see baker and wurgler ( 2013 ). see bank of england ( 2015 ). see bis ( 2016 ). bis central bankers ’ speeches on this last point, the stickiness in investors ’ required returns may be part of a more general adjustment to a lower interest rate environment. we are unable to measure them directly, but there is some evidence that despite the very low market rates we are now seeing across the yield curve, hurdle rates for corporate investment – namely, the rate of return required by corporates on new investment – have not reflected lower risk - free rates but rather have been sticky and remained near pre - crisis levels. the bank is doing more work on this. a recent bank of england discussion paper looking at measures of finance for productive investment cites data on hurdle rates as a material data gap in assessing the availability of finance for productive investment. 18 the bank plans to use its agency network to run a survey of hurdle rates later this year. conclusion what would alastair have made of the issues i have raised today? he knew well the risks that property markets can pose to stability. i hope he would be reassured by the creation in the uk of the financial policy committee within the bank of england which is now specifically charged with managing these systemic risks. the committee is monitoring property markets closely. it has already taken action and would not hesitate to do so again if it is needed to protect financial stability. alastair was also a champion of investor activism. i think investors have a role to play in restoring the economic profitability of banks, both by encouraging business model
. today, we share it together – for we all are in the same boat. one of the oars is in the hands of the regulator and the other is in the hands of the market participants. let ’ s row in the same direction, so that we all move forward with confidence and success. thank you. i wish you all a fruitful conference.

##l / cft requirements with recent changes in the legal framework and addressing new money laundering and terrorist financing risks. also, the new eu aml package through legal harmonization and improved coordination among supervisory institutions of the eu member states will further help in strengthening our defences against financial crimes. i would invite market participants to keep our communication lines open to enable us to adjust our frameworks so that there is full clarity and no gaps in our regulatory perimeter. this baltic aml forum is therefore a great opportunity for us to hear each other out and, through common understanding, make progress. thank you, and i wish all of us a fruitful and engaging conference. 2 / 2 bis central bankers'speeches
- flow relief to the borrower and have the considerable merit of bringing their payments back onto a schedule and avoiding the arrears spiral. but they do not deal with situations where the actual and prospective circumstances of the borrower, combined with the existence of the new insolvency framework, mean that full recovery of the loan cannot realistically be assumed. of course, permanent debt relief is not something that will be offered to all of those who have suffered a loss of wealth, but has to be limited to those who are truly over - indebted and close to insolvency. in particular negative equity is not in itself a rationale for debt relief. on the other hand that, while repossession may be inevitable for many investment properties ( btls ), it should be avoidable for the majority of owner - occupier cases where the distressed over - indebted borrowers – often suffering from unemployment – are doing their best ; a debt modification that enables them to stay in their home will often be the best solution all around. repossessions of course have huge consequences for the affected family, and besides, there are typically financial costs that erode the amount than can be recovered by the lender. still, at the end of the day, most would agree that there must be consequences for an uncooperative borrower refusing to make a reasonable effort. bis central bankers ’ speeches the new personal insolvency act offers new avenues of recourse for insolvent persons, including, importantly, the personal insolvency arrangement ( pia ) which could allow insolvent mortgage debtors to earn a “ fresh start ” through being subject to an onerous payment plan, but without necessarily having to surrender an owner - occupied home. this avenue, as well as a streamlined bankruptcy procedure ( in which the debtor ’ s property would be seized by creditors ), means that banks will have to act more pro - actively and liberally in respect of those who cannot realistically pay, if they are to avoid the costs and inefficiencies of having to respond to pia proposals or bankruptcy cases. given how little is often recovered by creditors from payment plans, in many if not most cases, a well - designed loan modification bilaterally arranged between borrower and insolvent debtor can be better for both than the net outcome of a pia or bankruptcy. still, complications arise where there is multiple indebtedness.

a really successful model from somewhere else that could be implemented here, we would have done so. we continue to scrutinise and seek to learn from research analysis of irish data, and from the research findings about the experiences of other countries. drawing on what we have learnt, we will continue to make more precise our thinking about when debt modifications are needed and how best sustainable modifications should be designed. having ensured that the banks are much better staffed and organised for dealing with arrears, we will be setting out our quantitative expectations for their effectiveness in achieving lasting solutions. bis central bankers ’ speeches
european commission public consultation regarding an eu framework for crossborder crisis management in the banking sector. 11. lorenzo bini smaghi, member of the executive board of the european central bank, has the financial sector grown too big? 2010. 12. lucas papademos, european central bank vice president, “ financial integration, development and stability : lessons from the crisis ”, speech delivered on 12 april 2010 at the conference on “ financial integration and stability : the legacy of the crisis ”. 13. jean - claude trichet, european central bank president, ceremonial address at “ 100 years of confindustria ” delivered at parma, italy on 10 april 2010. 14. lorenzo bini smaghi, member of the executive board of the european central bank, “ monetary policy : recent experiences and future directions ”, speech delivered at the bank of canada, toronto, 9 april 2010. 15. group of twenty “ declaration of the global plan for recovery and reform ”, london, 2 april 2009. 16. group of twenty “ declaration on strengthening the financial system ”, london, 2 april 2009. 17. financial stability board “ progress since the st. andrews meeting in implementing the g20 recommendations for strengthening financial stability ”, 19 april 2010. 18. regulation ( ec ) no 1060 / 2009 of the european parliament and of the council of 16 september 2009 on credit rating agencies. oj, l 302, 17. 11. 2009, p. 1. 19. proposal for a regulation of the european parliament and of the council establishing a european securities and markets authority. brussels, 23. 09. 2009, com ( 2009 ) 503 final.

the emu as a whole but each member state as well. i will conclude by stating the obvious : the reinforcing of the euro area is still work in progress. while institutional reforms in banking and finance are important, they are only a means to an end. europe needs to work towards sustainable growth and job creation on many fronts. putting the real economy and reforms truly center - stage means that we should build the kind of europe that opens up our citizens ’ opportunities to innovate and create new businesses and therefore jobs. the reform of the euro area is closely linked to the overall future of europe and its union. the enlightenment values, which underpin the european social and political model, are now challenged both politically and socially, both from inside and outside. politically, a populist and nationalist agenda is tempting to many. socially, the values of tolerance, civil liberties and inclusion are increasingly under threat. in defending these values, the monetary union is not irrelevant. it is the core of the eu – and if the euro does not work, the eu is weakened. consequently, in this context, the task of reinforcing the emu can be seen as a part of a broader endeavour to strengthen europe, not only in the financial but also in the economic and political sphere. as europeans, we should recognize the urgency of this effort, especially now as the role of europe as the standard - bearer for liberal democracy has become even more critical than it may have been some years ago. 2 / 2 bis central bankers'speeches
( 1 ), pp. 21 – 48. 9 see carney, m. ( 2015 ), “ breaking the tragedy of the horizon – climate change and financial stability ”, speech given at lloyd ’ s of london, 29 september. 10 art. 173 - vi of the law on energy transition for green growth. 5 / 5 bis central bankers'speeches

##ponement and even cancellation of many projects not only in order to prevent overheating but also in order to encourage banks to clear their non - performing portfolio and increase their capital base. the authorities seem also to be considering an appreciation of the renminbi, though not immediately, which would ease inflation and contribute to a better management of their financial resources. we have to see whether these measures will contribute to a soft - landing, thus allowing china to avoid the bitter experience of some of its neighbors in 1997 - 1998, when their credit and asset inflation bubble burst. the rate of growth of potential output in china is estimated at around 7 % per annum, which is still high, and thus china will continue to be a dynamic player in the world economy, while at the same time help to stem the rising disequilibria world wide.
indian ocean coalesce to make us highly vulnerable to weather - related hazards. i won't be thrifty on the use of harsh verbiage here : but events that would, in the past, occur once - every1000 years can now materialize once - every - five years. thus, we should be on our guards and have the wherewithal to accept apocalyptic scenarios as a fact of everyday life. 1 / 6 bis - central bankers'speeches the climate crisis represents an existential threat to humanity due to its manifold, longlasting and far - reaching consequences that easily cut across various aspects of our lives. at a time when the covid - 19 pandemic still serves as a poignant reminder of what an enormous shock of unimaginable proportions can do, we need to stand ready to accept the fact that the climate crisis, if mishandled, can generate shocks of even greater magnitude than the pandemic. we, ostensibly, can do what we can do. scientists and so - called climate change experts have attributed the bulk of the genesis behind weather - related disturbances to human action. and that's where the lion's share of efforts must be geared towards. we must reduce our environmental footprint or else risk another global crisis that could sprawl beyond control. remember that no vaccines can ever be developed as immunization strategies against climate change, unlike the pandemic! the focus on esg and sustainability is, therefore, timely as both the economic and environmental landscapes are now marred, among others, by extreme weather conditions and biodiversity loss. in this respect, at the corporate level, ownership, accountability and responsibility of the issues at hand should be showcased at the very top level. indeed, corporate boards and senior management are the cornerstones for responding with alacrity by activating a corporate culture built on strong ethical considerations that epitomises inclusiveness and sustainability. looking at the turnout this morning, i can easily sense that the topic has garnered the required attention on the agenda of your respective boards. ladies and gentlemen while the public sector has a significant role to play in charting out the main contours and leading by example for accelerating the transition to a green economy, much of that transformation will, nevertheless, be investor driven. mauritius requires funding of usd 6. 5billion for meeting its nationally determined contributions which would entail a reduction in our greenhouse gas emissions by 40 per cent by 2030. the government and domestic

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