samchain/econo-pairs-v2 huggingface dataset:
will only enhance the fine reputation that hsbc has so well established in the world of banking. • a bank, safe as houses ; qui ne presente, a nous, aucun risque. we look to banks, such as yours, to save us from the contagious risks of the growing, global, credit delinquency of the past decade. this, previously subterranean, force erupted in 2007, sweeping like a terrifying tsunami, across the oceans of the banking and finance world. and we, as bankers, were, frankly, as ill - prepared, as were the tourists and hoteliers, faced with the indian ocean tsunami, at this festive season, just three years ago. and now as a climate change is approaching, i look to you and all our colleagues in banking, to find the courage and leadership to adapt our early warning systems and take corrective action. there are few white knights left to come to our rescue. our destiny is in our own hands. we must never forget, that, despite our splendid buildings, and may i say your kind festive hospitality, despite these smart new surroundings, each bright new dawn, that you will see rising here over the beauties of grand bay, is not the herald of paradise to come, but merely a fresh light on the cold realities of the banking world. banks are fragile institutions. banking is a delicate business. for banks are like pretty girls and roses ; they last, while they last! in the global business sector, hsbc is a market leader. we are all looking to such global leadership to help to move us from the tidal waves of 2007 into calmer waters in 2008. mauritius is at a critical phase in its economic development. the country is undergoing significant reforms. inflation is coming down into single digit, the currency is stronger, tourism and investment are growing. banks, like yours, have a vital role to play with their potential to promote the principles of sustainable development through sounder lending and wiser investment. i trust you will continue to play your undisputable role in promoting the continued social and economic welfare of this country. in mauritius, bank branching, remains an indispensable strategy for banks. customers view nearness to a branch as a determining factor in the choice of their banks. hsbc has thus extended its network and now has 11 branches and 13 atms across the country. today, this new branch is for us, and for the people of mauritius, a

most welcome addition to the family of 20 licensed banks, with a total of 180 branches both in mauritius and rodrigues. i wish this infant branch a happy and profitable future. and i wish a prosperous new year, 2008, to all your staff, in all your branches, and in your headquarters. but i especially wish prosperity to all our customers, on whose patronage, ultimately, we all depend. thank you.
01 july 2008 sweden euro area 01 o ctober 2008 01 january 2009 us reporate and mortgage rates per cent 7. 00 7. 00 6. 00 6. 00 5. 00 5. 00 4. 00 4. 00 3. 00 3. 00 2. 00 2. 00 1. 00 1. 00 0. 00 01 january 01 january sbab 3 month rate 01 january 01 january m ortgage rate 3 months 0. 00 01 january repo rate tcw - index index : 18 november 1992 = 100 tcw index 01 january 2000 01 january 2002 01 january 2004 01 january 2006 01 january 2008

a section on the current economic situation and monetary policy, where i shall comment on new statistics without making any new assessment of monetary policy. the financial crisis in an international perspective course of events – from increased spreads to bank failures developments during the financial crisis can be illustrated in several ways, for example by using the so - called ted - spreads1, that is, the difference between three - month interbank rates and government security rates. the ted spread is the difference between an interbank rate and a government bond rate. as the banks lend to one another without collateral ( that is, with a credit risk ) in the interbank market, while government the first signs of problems emerged already at the beginning of 2007 when the interest rates of certain so - called structured products with links to the us housing market began to increase. they fell during the spring but rose again in mid - june 2007 when the us investment bank bear sterns was forced to liquidate one of its hedge funds due to major losses. but it was in august that the indications of an approaching financial crisis became clearer and the ted spreads increased significantly. one reason for this was that the french bank bnp paribas announced that it had stopped withdrawals from three of its mutual funds. the lack of liquidity in certain market segments with financial instruments linked to the us housing market had made it impossible to value the underlying assets. the banks began to protect their own liquidity and were unwilling to lend to each other. the gap between the " uncertain " interbank rate and the safe government security rate increased. the degree of financial unease then varied during the course of the following year. the ted spreads peaked when the banks wanted to secure their liquidity ahead of the turn of the year 2007 - 2008. a further peak was reached in march 2008 when bear sterns suspended payments, but things calmed down again after the federal reserve mediated the takeover of the bank by jp morgan. in mid - september 2008, when lehman brothers was forced to file for bankruptcy protection, the financial unease became an acute financial crisis. the ted spreads were driven up to very high levels. many banks, institutions and funds were highly exposed to lehman brothers. few had expected that such an important bank could fail. previously the us authorities had let the shareholders take the consequences. now the borrowers also had to take some of the losses. there was a great deal of concern that more players would end up in a similar situation. the remaining large investment banks in the united states also
tourist attractions have become more famous, mainly owing to the blessed natural landscape. under these circumstances, labor market conditions in the prefecture have tightened further, as evidenced by the active job openings - to - applicants ratio having been at around the levels seen during the bubble period. according to interviews conducted by the bank's shimonoseki branch, labor shortage was pointed out by a wide range of firms, regardless of industry. in response to this, i heard that administrative bodies and economic organizations in the region were providing various support programs, such as for job seekers who live outside the prefecture. firms also have been undertaking labor - saving investment and reviewing working conditions in line with the diversification of workers'needs. such active efforts by the public and private sectors are essential in order for the prefecture's economy to overcome the challenge of labor shortage and achieve sustainable economic growth. in the edo era, kokudaka - - land value expressed in terms of the estimated amount of rice production - - of the choshu clan in the former yamaguchi prefecture was about 369, 000 koku, which was not necessarily top class. despite that fact, the choshu clan played an important role in the great achievement of the meiji restoration. it is often said that this is because the prefecture turned out many prominent individuals and had strong economic power that substantially outweighed its kokudaka. the choshu clan gathered all its force to powerfully promote industries and made efforts to boost production of local specialties such as rice, paper, salt, and wax - - the so - called bochoyonpaku. furthermore, in shimonoseki, which was an important place for maritime traffic, an institution called koshinikata managed by the clan was established. together with merchants in the prefecture, the clan actively developed businesses with those on the ships that passed by. these various leading efforts significantly enhanced the economic power of the choshu clan, and this became the driver for the meiji restoration. i heard that, since 2018, which marked the 150th anniversary of the meiji restoration, efforts have been made toward making yamaguchi prefecture full of vitality through meeting challenges to achieve restorations in three aspects : industry, interaction, and living. i would like to close my speech by expressing my hope that such positive joint efforts by the public and private sectors will lead to growth in existing firms and creation of new work places, and that the prefecture's economy thereby will grow further. thank you

challenge and help to guide us in charting the way forward for agricultural modernisation in uganda. i thank you. bis central bankers ’ speeches
efficient markets and, in the context of africa, support for co - operation and integration of financial markets within the southern africa development community. the overriding challenge remains to bring inflation in south africa to a lower level that will be more in line with the average rate of inflation of our major trading partners. this will require a sound monetary policy approach, based on realistic ( but not necessarily low ) interest rates ; a stable ( but not necessarily fixed ) exchange rate ; a sound ( but not necessarily protected ) banking sector, and effective and well - functioning financial markets.

banknotes and coins. the ecb establishes the legal framework that protects euro banknotes, for example. we decide what types of reproduction are permitted9 and, together with the national central banks, clamp down on unauthorised reproductions10. this helps to preserve public confidence in euro cash. we keep a constant eye on costs, in terms of regulation too, to ensure that the provision of cash remains cost - effective. here we have an obligation to the public to increase efficiency even further. we ensure that cash retains its scope for use and we take action if the legal tender status is at risk.. in the legislative field, our efforts to protect and safeguard the currency mainly take the form of ecb opinions on legislative proposals at national or eu level which relate to our tasks. the ecb has to be consulted on all such legislative proposals, 11 especially when they have the effect of limiting the legal tender status of euro banknotes. until 2016, these consultations by member states on limiting the use of cash were a routine exercise. from the first consultations the ecb established the position12 that national measures in this area must : have a legitimate purpose and to that end be proportionate, that is suitable, necessary and adequate. “ suitable ” in this case means that the planned legislative measures will actually be able to achieve their aim, i. e. that they are efficient and effective. on the basis of this position, the ecb has recognised, in particular, the fight against money laundering, terrorist financing and tax evasion as legitimate purposes. there has been no criticism when member states have planned proportionate measures to address these issues. since around 2016, and with the peak i mentioned in 2017, the ecb, with increasing regularity, has had to address in detail the topic of limits to cash payments. we have maintained a consistent position on this and, for the first time, we found ourselves having to comment on measures that were not suitable. these measures involved limiting the use of cash for transactions that are not subject to tax. the national legislator had justified the measures on the grounds that they would help prevent tax evasion. however, limits on non - taxable payments do not help to combat tax evasion13. with due respect for the prerogative of the legislator to evaluate the matter, the ecb must point out such errors of assessment. we also faced for the first time, in the context of a consultation on a very low proposed cash limit,
as well. see https : / / www. japanforunhcr. org / archives / 3833 / ( available in japanese only ).

november 28, 2017 bank of japan asian financial markets - - 20 years since the asian financial crisis, and prospects for the next 20 years - keynote speech at 2017 annual general meeting of asia securities forum in tokyo haruhiko kuroda governor of the bank of japan introduction : the past 20 years good morning ladies and gentlemen. it is my great pleasure to join you this morning at the annual general meeting of asia securities forum. the year 2017 marks twenty years since the asian financial crisis. before the crisis, the region was highly praised for its strong economic growth. but at the same time, weaknesses had been accumulating, such as large current account deficits, high external debt, and massive non - performing loans. when a combination of economic, financial, and corporate problems triggered a sharp loss of confidence and capital outflows from the region, the crisis erupted and countries faced extreme recessions. twenty years later, asia is now the largest contributor to global growth, accounting for 57 percent of global growth in real terms for 2016. 1 domestic demand, especially consumption, has become the engine of growth and major cities in the region have prospered, being often characterized by the simple phrase, " lively and vibrant. " here in tokyo, the surging number of asian tourists to japan is itself evidence for the strength of growing consumption in asia. i cannot but think of the significant changes that the economies of asia, including japan, have experienced over the past twenty years. these changes have been made possible through countless painstaking efforts, initiatives, and policies that countries in the region have introduced, both individually and collectively. i myself have been at the forefront of policy making in orchestrating crisis responses and enhancing regional cooperation in asia for almost two decades, at japan's ministry of finance, the asian development bank ( adb ), and the bank of japan ( boj ). confirmation of the region's greater resilience against a major economic shock is deeply reassuring. let me touch upon the responses taken in the region after the crisis two decades ago. first, asian countries improved their current account balances and strengthened foreign exchange reserves. the increase in net external assets has enhanced resilience against possible capital outflows. second, the ratio of non - performing loans has decreased, and regulatory and the percentage share is based on real gdp ( constant 2010 u. s. dollars ), taken from the world bank's world development indicators. " asia " in this context includes asia &
well educated professionals. you will all have seen, for instance, the startling numbers which were published recently, showing that financial sector employment alone grew by nearly 19 % during 2006. programmes such as the gedp demonstrate that we have the capacity, together with our partners, to develop our human resources, and give me the confidence that together we will continue to move forward and meet tomorrow ’ s challenges. thank you for your attention.

that, in 2002, bahrain was the first country in the region to adopt a single regulator model for the financial services industry and create a one - stop shop for today ’ s complex and internationally active financial firms, whose product offerings are not restricted purely to one type of financial service. the single regulator structure has also enabled the cbb to apply uniform standards of regulation and supervision to all our licensees, be they banks, insurance firms or capital market players. the 6 - volume cbb rulebook is at the very core of our regulatory development and enhancement programme, which is driving the continued growth and development of bahrain ’ s financial sector. a forward - looking, market - enabling regulatory framework for the insurance and takaful industry has helped attract a critical mass of takaful and retakaful providers in bahrain. all this is providing the momentum for the double - digit growth we are seeing in the insurance and takaful sector. the cbb is also focusing much attention on upgrading and enhancing regulations governing capital markets, which are central to the functioning of a modern, sophisticated financial centre. the recent volatility in international stock markets underscores the need for transparency which the cbb has achieved through enhanced disclosure standards introduced as of the start of this year. nevertheless, adapting and adopting new and enhanced regulations is not a panacea for maintaining sound and stable financial institutions and financial systems. we, the regulators, and the industry need to work together to maintain the integrity of our institutions, financial systems and confidence in our jurisdictions. i can assure the industry that the cbb strives to be an even - handed, transparent regulator and that we are open to suggestions from the industry. finally, i wish you a pleasant stay in bahrain and a fruitful discussion during the conference. thank you.
the public opinion. the market disclosure rules foreseen by the new legislative framework will really allow everybody interested to have access to the financial bis central bankers ’ speeches position of an insurer with an unprecedented level of detail. the inherent sophistication and complexity of solvency ii, however, raise issues that need to be addressed. it is essential that such informative treasure be of high quality, that could be easily understood and used. a possible complication stems, at least in our country, from the coexistence of the solvency ii informative approach with financial statements based on accounting standards not matching the former. it may be a source of confusion and misunderstandings, possibly endangering the reputation of both supervisors and companies. it will be interesting to exchange views on that today. let me conclude, ladies and gentlemen, with a word of caution. solvency ii is just a regulatory framework. it designs the urban map, it imposes one - way streets and speed limits, it deploys traffic lights and traffic officers. all this infrastructure has just been changed, and today we are going to discuss how to ease the transition towards the new regime. but the traffic itself, the thousands of cars and drivers in a modern city, well, that is the market. and the insurance market, all over the world, is now facing a bigger challenge than the one posed by a change in the rules of the game, though radical. the challenge is twofold. a structural one : technological innovation. the other one is apparently of a conjunctural nature, but it is actually persisting almost like a structural feature : that is the environment of low and volatile financial returns in which we have been living for years now. i said low, i could have said negative, in the short - term segment of financial markets. how fast will the new technologies disrupt the traditional way of conducting the insurance business? how long will monetary policies keep interest rates at the present unprecedented levels, or even lower? nobody knows, and every opinion is legitimate. but the whole business is rocked by these developments. understanding the trends and the challenges behind the current state of affairs in the insurance market should be a common endeavor for regulators / supervisors and the industry. for the time being, we have to work together in order to make the implementation of solvency ii as smooth and effective as possible, also for the purpose of strengthening the insurance sector and make it capable of resisting the present headwinds and catch the

opportunities of tomorrow. thank you for your attention. bis central bankers ’ speeches
to the private sector ( peltros : – 0. 25 % ). moreover, to facilitate banks ’ participation in such operations, which are to be conducted until the end of 2021, we have decided that counterparties should benefit from collateral easing measures and that the range of eligible securities accepted as collateral should be temporarily expanded. in combination with the easing of banking supervision rules, such as allowing banks to operate with a lower capital adequacy ratio during the pandemic period and extending the flexibility towards loan repayments, as well as with the provision of government guarantees to loans, the aforementioned monetary policy measures make a decisive contribution to the protection of borrowers and the support of credit expansion. 2 / 4 bis central bankers'speeches following the adoption of the above measures since the pandemic outbreak, the size of the eurosystem ’ s balance sheet has grown from about €4. 7 trillion in early 2020 to more than €6. 9 trillion in december ( over the same period, the balance sheet of the bank of greece has increased from around €110 billion to around €175 billion ). the effectiveness of our prompt and decisive monetary interventions is evidenced by a normalisation in financial conditions and a strengthening of macroeconomic outcomes. as estimated by the ecb1, the package of these measures could add 1. 3 percentage points to euro area gdp growth and 0. 8 percentage points to inflation in the period 2020 – 2022, while it has helped to preserve one million jobs. without these decisions, we would have faced much lower growth rates and more negative inflation rates than those currently observed. nevertheless, there is no room for complacency. we are currently amidst the second wave of the pandemic, which creates renewed uncertainty among citizens. we estimate that this uncertainty will remain elevated until an effective vaccine becomes widely available, which is expected in mid - 2021. until then, the necessary social distancing measures exacerbate the economic fallout of the pandemic and hamper the recovery. in light of the above, fiscal and monetary policies need to remain expansionary and mutually reinforcing, continuing to support citizens ’ incomes, output and consumption across the euro area. we, the members of the governing council, are ready to adjust the instruments available to the ecb as appropriate in order to ensure that inflation moves on a sustained path towards levels consistent with our primary objective of price stability and that the euro area economy will recover. in tandem with our monetary

speeches