samchain/econo-pairs-v2 huggingface dataset:
the newer risks the operations expose a bank to. therefore, while the banking sector has grown rapidly and displayed high resilience, the need for continuous vigil on the part of bank managements and the regulator can hardly be overemphasized. for me therefore, it is the systems and processes for being able to anticipate risk events in time in a complex financial world that should be the focus area for banks the world over including the banks in india. thank you all for you attention.

the global fmi. it connects over 9, 000 financial institutions in more than 200 countries and territories. we learn from swift ’ s 2009 annual review that 3. 76 billion fin messages – fin is swift core store - and - forward messaging service – were exchanged in that year. that means 15 million messages everyday. swift has experienced exponential growth since it sent its first message in 1977. and it is extremely reliable. with 99. 99 per cent availability of fin and swiftnet, swift truly lives up to its motto : “ failure is not an option ”. the use of swift allows fmis to support near real - time payment services using a single standard messaging platform within a private, secure and reliable environment. this leads to lower costs, lower operational risks and less operational inefficiencies. because fmis facilitate the clearing and settlement of monetary and financial transactions, safe and efficient fmis are particularly important for maintaining financial stability. their critical role comes to the fore in times of crisis when, given the interconnectedness and interlinkages of the global financial system, systemic risk is at its peak. if fmis are not properly managed, they can pose significant risks to the financial system and be a potential source of contagion. an efficient cross - border clearing and settlement process is a sine qua non for global markets to operate seamlessly and efficiently. cross - border credit transfer services are a legitimate concern of regulators. they must be rapid, efficient, reliable, cheap, and able to cope with a rapidly - changing financial landscape. by transporting financial messages, swift is at the heart of the global clearing and settlement system. if swift didn ’ t exist, something looking like it would have had to be invented. bis central bankers ’ speeches swift is part of the plumbing of the international financial system. plumbing plays a vital role in our homes ; but it is normally hidden away, tiled over, and taken for granted. it is certainly not the subject of polite dinner table talk. until, that is, when it springs a leak, malfunctions, or clogs up – when fixing it becomes the utmost priority, on pain of having no dinner, never mind the talk. so it is with swift. and it is because of this systemic importance that the central banks of the g - 10 countries agreed in 1998 that swift should be under cooperative oversight by central banks. as swift is established under belgian law, the national bank of belgium functions as the lead overseer.
vol. 13 ( september ), pp. 1 – 42, https : / / www. ijcb. org / journal / ijcb17q3a1. pdf. roberts, john m. ( 2006 ). “ monetary policy and inflation dynamics, ” international journal of central banking, vol. 2 ( september ), pp. 193 – 230. simon, john, troy matheson, and damiano sandri ( 2013 ). “ the dog that didn ’ t bark : has inflation been muzzled or was it just sleeping? ” in world economic outlook : hopes, realities, risks. washington : international monetary fund, april, pp. 79 – 95, https : / / www. imf. org / external / pubs / ft / weo / 2013 / 01 / pdf / c3. pdf. swanson, eric t. ( 2018 ). “ the federal reserve is not very constrained by the lower bound on nominal interest rates, ” nber working paper series 25123. cambridge, mass. : national bureau of economic research, october. yellen, janet ( 2015 ). “ inflation dynamics and monetary policy, ” speech delivered at the philip gamble memorial lecture, university of massachusetts, amherst, - 7september 24, https : / / www. federalreserve. gov / newsevents / speech / yellen20150924a. htm.

elsevier, pp. 369 – 422. brand, claus, marcin bielecki, and adrian penalver ( 2018 ). “ the natural rate of interest : estimates, drivers, and challenges to monetary policy, ” occasional paper series 217. frankfurt : european central bank, december, https : / / www. ecb. europa. eu / pub / pdf / scpops / ecb. op217. en. pdf? 57d8cac4d66960cce deb5c2a59dd46cd. bullard, james ( 2018 ). “ the case of the disappearing phillips curve, ” speech delivered at the 2018 ecb forum on central banking, sintra, portugal, june 19, https : / / www. stlouisfed. org / % 7e / media / files / pdfs / bullard / remarks / 2018 / bullard _ ec b _ sintra _ june _ 19 _ 2018. pdf? la = en. cecchetti, stephen g., michael e. feroli, peter hooper, anil k. kashyap, and kermit l. schoenholtz ( 2017 ). deflating inflation expectations : the implications of inflation ’ s simple dynamics, report prepared for the 2017 u. s. monetary policy forum, sponsored by the initiative on global markets at the university of chicago booth school of business, held in new york, march 3, https : / / research. chicagobooth. edu / % 7e / media / 806fc2ded9644b5da99518d2b07cc6 37. pdf. chung, hess, etienne gagnon, taisuke nakata, matthias paustian, bernd schlusche, james trevino, diego vilan, and wei zheng ( 2019 ). “ monetary policy options at the effective lower bound : assessing the federal reserve ’ s current policy toolkit, ” finance and economics discussion series 2019 - 003. washington : board of governors of the federal reserve system, january, https : / / dx. doi. org / 10. 17016 / feds. 2019. 003. clarida, richard, jordi gali, and mark gertler ( 2000 ). “ monetary policy rules and macroeconomic stability : evidence and some theory, ” quarterly journal of economics, vol. 115 ( february ),
won, ignoring the consequences of his or her actions on mortgageholders or corporate borrowers. fortunately, there are some signs that global banks are returning to their roots. complex securitisation chains have dissolved. mechanistic reliance on credit ratings is declining. with higher capital requirements on trading activities ( and the prospect of structural restrictions ), traditional lending is looking more attractive. these shifts will promote diverse private sector judgments, reduce cliff effects and build resilience, and possibly over time, a measure of trust. but there arguably has not yet been a full recognition of the need for banks to return to what ed clark calls “ old fashioned banking – activities that help grow their country and communities. ” 4 to do this, some banks may need to reconsider their values. core values the fifth “ c ” – core values – is the responsibility of the financial sector and its leaders. their behaviour during the crisis demonstrated that many were not being guided by sound core values. many in the wake of the crisis looked first to how compensation affects behaviour. indeed, an important lesson was that compensation schemes that delivered large bonuses for short - e. clark, “ building a better banking system for america ” ( speech to chief executives ’ club of boston, boston college, boston, ma, 26 april 2012 ). bis central bankers ’ speeches term returns encouraged individuals to take on too much long - term and tail risk. in short, the present was overvalued and the future heavily discounted. to better align incentives with long - term interests of the firm and, more broadly, society, the fsb developed principles and standards for sound compensation practices. core elements include deferred variable performance payments, paying bonuses in stock rather than cash, and introducing bonus clawbacks. of course, no compensation package can fully align the incentives of a bank ’ s shareholders and its risk - takers. even if such a package could be devised it would not internalise the impact of individual actions on systemic risks, including on trust in the banking system. more fundamentally, to think that compensation arrangements can ensure virtue is to miss the point entirely. integrity cannot be legislated, and it certainly cannot be bought. it must come from within. purely financial compensation ignores the non - pecuniary rewards to employment, such as the satisfaction received from helping a client or colleague succeed. when bankers become detached from end - users, their only reward is money, which is generally insufficient to guide socially useful behaviour. 5

target. • the bank retains considerable flexibility in the conduct of monetary policy at low interest rates, consistent with the framework outlined in the april mpr. with that, paul and i would be pleased to take your questions.
important that banks are in a position to bear the risks they take on. in the snb ’ s opinion, this requirement is met by most domestically focused banks owing to their good capitalisation level. capitalisation levels appropriate to the exposures incurred need to be maintained in future, too. this is particularly relevant in view of the previously mentioned granting of mortgages with high affordability risks, which increases the banks ’ loss potential. given the risks i have just described, the snb continues to take the view that targeted measures in the area of residential investment property lending should be considered. such measures are currently being examined. in addition, the snb will continue to monitor developments on the mortgage and real estate markets closely, and regularly reassess the need for an adjustment of the countercyclical capital buffer. page 3 / 3

they are not older than 45 years of age. • they are professionally active in switzerland. • they are familiar with the essential printing procedures. • they have already demonstrated their creative and graphic skills. • they dispose of adequate resources in terms of infrastructure and staff to ensure continuity, or are willing to build up such resources. • they are willing to commit themselves to a long - term engagement. in april 2005, a banknote seminar will be held for these designers to expand their knowledge of the subject matter. the seminar will also mark the beginning of the competition. the participants have to submit their drafts by 31 october 2005. a jury will assess the drafts and award prizes. at the end of november 2005, the drafts will be presented in a public exhibition. the jury will be chaired by 2 / 3 jean - christophe ammann, an art historian, exhibition organiser and former director of the museum of modern art in frankfurt / main, germany, and will be composed of art and design experts. the national bank may decide at its own discretion, however, with which designer it wishes to collaborate in the future. he or she may, but must not necessarily be one of the prize winners. 3 / 3
on resolution and deposit insurance are needed. while these will require political decisions, we will contribute with our perspective and expertise. effective resolution and supervision in fact reinforce each other. i would thus continue to cooperate closely with the single resolution board ( srb ). finally, effective international cooperation is essential, as our banks operate in markets that are not under the supervision of the ssm. * * * to summarise : it would be a great honour to lead the ssm into its next decade. i would build on its strong foundation, ensuring that our banking sector remains strong, resilient and at the service of european citizens. i look forward to your questions. 3 / 3 bis - central bankers'speeches

amando m tetangco, jr : rcbc – banking on emerging corporates speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at rcbc ’ s ( rizal commercial banking corporation ) relaunching of its program for small and medium enterprises, makati city, 26 march 2008. * * * ambassador yuchengco, chairman dee, president tan, other officers and staff of rcbc, special guests, good evening. in many countries, including the philippines, small and medium enterprises constitute the backbone of the economy. as such, initiatives that provide meaningful support to smes represent welcome news indeed. it is in this context that i view rcbc ’ s re - launch of its sme lending program. through the years, consolidated lending of the banking sector to smes has shown considerable growth. in 1991, the year republic act no. 6977 or the magna carta for small enterprises took effect, credit to smes amounted to p17 billion. by december 2007, or 16 years later, total loans extended to smes have reached p352 billion. this is roughly 21 times more than the 1991 total. we at the bangko sentral ng pilipinas acknowledge the banking sector ’ s commitment to support smes. as a whole, the banking sector has consistently exceeded the mandatory credit allocation for smes under the magna carta for small enterprises. although this law lapsed in august last year, congress has already ratified the bill extending and enhancing the sme law. we expect this to be signed into law in the very near future. in the meantime, the bangko sentral ng pilipinas encourages banks to continue supporting smes. it is in this light, that we commend rcbc for taking a leadership role in promoting and allocating resources for its sme lending program. as one of the major banks in our country, rcbc is bound to influence others to take a similar stance. to me, support for smes translates directly to a vote of confidence for our people and our country. recognized as the biggest employers in our country, smes account for about 80 % of employment generation. if, therefore, we are able to keep the sme sector on a consistent growth track, we would be able to accomplish broad - based and sustained growth for our country. equally important, we would have a strong domestic economy that
have experienced plunges in the markets for our goods. we recovered by developing new goods and services and entering new markets. there can be no doubt that we have the entrepreneurial spirit, the skills, the educated work force and the expertise to compete successfully in the global marketplace. but that does not make it easy. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

worth. canadian banks are held to the highest global regulatory standards and subject to rigorous supervision. at the bank of canada, we will continue to monitor the financial system closely for signs of stress. and we have the tools needed to provide emergency liquidity if severe stresses develop. in fact, we recently reviewed our pandemic - related liquidity interventions to help us better target our responses in the future. we stand ready to act, if needed, to safeguard the stability of the canadian financial system. the governor and i will now be happy to take your questions. 3 / 3 bis - central bankers'speeches
fear of recrimination. the amnesty succeeded beyond all expectations of the authorities. more than 42 000 people applied for amnesty and more than 99 per cent of these applicants were granted amnesty. all four stated goals of the amnesty were achieved. first, amnesty applicants disclosed undeclared receipts and accruals amounting to r1, 36 billion, which will increase the personal income tax base by an estimated r400 million. secondly, applicants who disclosed previously unauthorised assets are shielded from prosecution. moreover, the amnesty legislation also relieved banks and financial advisors from reporting responsibilities in terms of the south african financial intelligence centre act, thus protecting the applicants. in terms of the third objective, applicants disclosed around r 68, 9 billion in foreign assets, of which r 45 billion constituted unauthorised foreign assets. fourthly, the amnesty process facilitated the repatriation of funds to south africa. applicants paid a total of r 2, 87 billion in amnesty levies in respect of unauthorised foreign assets. these levies amount to some 0, 7 per cent of total tax collections of the central government in the 2005 / 06 fiscal year, and to some 2, 3 per cent of personal income tax for the same period. the successful completion of the amnesty in south africa is a further step in the direction of complete exchange control liberalisation. the stated objective of the south african government is to proceed with a gradual relaxation of controls. relatively few controls remain, so much so that when full abolition is announced, it will most likely be a non - event. the south african financial markets financial market developments in south africa have significant implications for financial markets in the region. i would therefore like to share with you some key features of the south african financial markets. starting with the equity market, the jse is one of the oldest stock exchanges in the world, having been established as far back as 1886. in its 120 years of existence, it has developed into the 17th biggest stock exchange in the world - a remarkable achievement for an emerging market country like south africa. over recent years, there have been a number of important developments in the jse, which contributed to its efficiency and global standing. trading is fully automated through an electronic clearing and settlement system, the strate system ( share transactions totally electronic ). the product base of the jse has also expanded to include not only shares, but also a range of equity, commodity and interest rate derivatives. in 2002, the jse entered into

efficient. i would now like to declare this workshop officially open. bis central bankers ’ speeches
david dodge : monetary policy report a€ “ introductory statement opening statement by mr david dodge, governor of the bank of canada, at a press conference following the release of the monetary policy report, ottawa, 19 october 2006. * * * today, we released the october monetary policy report, which discusses current economic and financial trends in the context of canada's inflation - control strategy. the canadian economy is judged to be operating just above its production capacity. while global economic growth is expected to be a little higher than previously anticipated, a weaker near - term outlook for the u. s. economy has curbed the near - term prospects for canadian exports and growth. the bank's outlook for growth in the canadian economy has been revised down slightly from that outlined in july's monetary policy report update. the bank's base - case projection now calls for average annual gdp growth of 2. 8 per cent in 2006, 2. 5 per cent in 2007, and a return to 2. 8 per cent in 2008. weakness in labour productivity growth has led the bank to lower its assumption for potential growth to 2. 8 per cent for the 2006 - 08 period. together, these factors imply that the small amount of excess demand now in the economy will be eliminated by mid - 2007. core inflation is expected to move a bit above 2 per cent in the coming months but return to the 2 per cent target by the middle of 2007 and remain there through 2008. lower energy prices have led to a downward revision to the near - term projection for total cpi inflation. total inflation ( which includes the temporary impact of the gst reduction ) will likely average about 1 1 / 2 per cent through the second quarter of 2007, before returning to the 2 per cent target and remaining there through to the end of 2008. as we noted at the time of our 6 september interest rate announcement, the risks around the basecase projection are judged to be a little greater than at the time of the july update. the main upside risk relates to the momentum in household spending and housing prices, while the main downside risk is that the u. s. economy could slow more sharply than expected, leading to lower canadian exports. the bank judges that the risks to its inflation projection are roughly balanced. on 17 october, we left our key policy rate unchanged at 4. 25 per cent. the current level is judged, at this time, to be consistent with achieving the inflation target over the medium term. we at the bank will

continue to pay close attention to the evolution of risks as well as to economic and financial developments in the canadian and global economies.
policy evaluation in law and which provides the necessary financial and data resources. it is important for researchers to contribute their expertise and ideas, and play a part in this process. more often than not, bright ideas are the “ by - products ” of stimulating debate with peers. that ’ s the reason why we ’ re all here today, so without further ado, i will bring my speech to a close. thank you for your attention. bis central bankers ’ speeches

expansion while they grew steadily in previous expansions ( figure 5 ). consumer credit has risen at a modest rate in this recovery – comparable to that of the last cycle ( figure 6 ). this category includes auto loans, credit cards and other consumer debts that are mainly originated by banks. but it also includes student loans where the federal government is the dominant lender. student loans have risen robustly during this expansion, and have driven much of the rise of overall consumer credit. we will have much more to say about them later in today ’ s briefing. the u. s. financial system relies more heavily on capital markets than other advanced economies. bonds and other negotiable debt instruments are an important source of funding to credit - worthy corporations. indeed, the growth rate of real nonfinancial corporate bonds outstanding during this expansion has been roughly similar to that of previous expansions ( figure 7 ). a similar pattern is evident in the commercial paper market ( figure 8 ). notwithstanding the robust performance of debt markets during this expansion, the sharper decline in outstanding bank loans to businesses that i mentioned earlier was likely a contributing factor to the slower economic recovery we have observed this time around. these developments appear to have had adverse consequences on the cost and availability of credit for bank - dependent borrowers. also, in the early years of this recovery, bankdependent firms appear to have deleveraged more and invested less than firms with access to capital markets. so, the impairment of banks ’ ability to extend credit still has the potential to hinder investment and adversely affect the overall economy. we see similar correlations when it comes to lending to households. the expansion in auto lending that commenced in 2010 coincided with a recovery in auto sales, which have now essentially regained the ground they lost during the recession. until recent quarters, overall consumption growth has been slow, consistent with a pattern of slow growth in credit card balances. the most obvious case is mortgages where – after a massive tightening from 2007 to early 2010 – underwriting standards remain very tight. this tightness, especially for nonprime borrowers, has likely been a factor behind a persistently sluggish housing market that has held back this recovery relative to earlier ones. overall, these patterns of credit growth support the idea that the weakness of banks at the end of the great recession has been a contributing factor to the slow recovery of the u. s. economy since the recession. these patterns are consistent with evidence provided