samchain/econo-pairs-v2 huggingface dataset:
capital plan, and stress test rules ( pdf ), 83 fed. reg. 18, 160 ( april 25, 2018 ). return to text 3 the capital planning evaluation remains as part of the normal supervisory process for these firms. return to text 3 / 3 bis central bankers'speeches

##ly and thoughtfully, and avoid the risk that firms will use this new information to engage in transactions that are solely designed to reduce losses in the test without reducing actual risk. firms have indicated that additional disclosure about models would not affect their own stress tests. we expect them to make good on that representation, as the federal reserve ’ s stress 2 / 3 bis central bankers'speeches test is not, and cannot be, a full picture of a firm ’ s resiliency in light of its idiosyncratic risks. we are confident that we can address these concerns through the regular examination process, by closely monitoring changes in firms ’ portfolios and ensuring sufficient capital, controls, and governance in light of the risk characteristics of their activities. qualitative objection i also want to reiterate a point regarding the role of the qualitative objection. the federal reserve eliminated this element of ccar for large and noncomplex firms in 2017, in part because of improvements in risk management at those firms. 3 in my view, the time has come to normalize the ccar qualitative assessment by removing the public objection tool, and continuing to evaluate firms ’ stress testing practices through normal supervision. while supervisory assessments would continue to center on a firm ’ s capital plan submissions, examination work would continue on a year - round basis, taking into account the firm ’ s management of other financial risks, and culminating in a rating of the firm ’ s capital position and planning. firms with deficient practices would receive supervisory findings through the examination process, and would be at risk of a ratings downgrade or enforcement action if those deficiencies were sufficiently material. conclusion these changes are aimed at preserving the foundation laid over nearly a decade of stress testing experience, including by many of the people in this room. our goal is to bolster the program ’ s credibility by increasing its transparency, simplicity, and stability, while maintaining the strength of the supervisory and internal stress testing elements that are central to the program today. these adjustments will be coupled with our continued commitment to strong supervision, and our expectation that financial institutions manage their risks and hold sufficient capital to continue operations through times of stress. i look forward to hearing your insights into these changes, and i thank you for your time. 1 see randal k. quarles ( 2018 ), “ a new chapter in stress testing, ” speech delivered at the brookings institution, washington, dc, november 9. return to text 2 amendments to the regulatory capital,
your kind attention.

october 2019 ( gdp ). " culture. there is a long - established network of production, distribution and consumption of chinese - language pop music, opera and films within the chinese community all around asia. in the 1990s, japanese television dramas became a staple of audiences across east asia. this success encouraged the korean television industry to actively export its own dramas regionally. these developments have resulted in a loosely integrated regional media and cultural industry in east asia which has also helped promote intra - asian tourism and cultural exchange. iii. asia as future with the increasing interconnectedness of the region and its growing economic presence, it is not surprising that there are expectations that asia can and will lead the world. but simply extrapolating from the strong economic performance of recent decades can be misleading. as we well know, economic size alone is not enough to be accepted as a global leader. looking back at history after world war ii and how the major powers have evolved, it clearly shows that it is not just about brute economic or military power. a combination of vision, moral values and respect toward others are also essential. what do we have to do in asia to truly harness the potential of this vast and complex region, so that asia can play an active role at the global stage? asian countries will need to work further to deepen intraregional collaboration based on mutual recognition and respect while acknowledging the diverse nature of this region. specifically, further deepening of economic regional interconnectedness will certainly be necessary. also, a broader perspective to increase joint engagement in the global community on non - economic issues will be important. i would like to touch upon them separately. enhancing regional integration if asia is to take on a global leadership role, this would require the promotion and maintenance of open and flexible economies and markets. the strengthening of asian supply chains would also be essential for enhancement of economic interconnectedness. much has already been achieved on economic integration. for example, in asean, there has been progress in eliminating tariffs, advancing services liberalization, liberalizing and facilitating investment and facilitating skilled labor mobility. however, as shown in chart 3, compared to europe, asia has a lower participation rate in global supply chains. promoting trade liberalization through frameworks such as tpp11 and rcep would be the way forward, especially in an environment where global trade tensions are high. it is important to promote trade not only in goods but also in services. the region is steadily transitioning from being mainly a production area of the world
, as you can see, architects need a mix of different abilities, a magic combination of art and science. thanks to this combination, architectural works of art have become a cultural symbol of europe over the years, as demonstrated for instance by the illustrations on our bank notes. similarly, a complex, but nonetheless useful, institutional architecture has characterised european integration. assessing this institutional architecture will require the same architectural skills as those originally needed to set it up. therefore, i would like to wish you today an open and constructive discussion combining both scientific method and the visionary perception that characterised some of the most influential european artists.

the legislature considered that, in a small country like ours, whose human and material resources are bound to be limited, the way to achieve significant reinforcement of the resources allocated to financial stability is to develop substantial synergy between the various institutions concerned, in order to achieve the maximum economies of scale and to take the resources thus released and reallocate them to the basic functions of each institution. the law of 2 august 2002 provides that the rules governing the arrangements for pooling resources must be set out in a protocol concluded between the institutions concerned and approved by the king. without waiting for the official inauguration of the fsc, its members have agreed on a framework for exploiting synergy and have submitted proposals to the minister for achieving greater cooperation in regard to prudential policy and various support activities. the fsc has also set up a number of priority projects for the coming months, in particular the launch of a national coordination initiative on the subject of business continuity, which will take account, in particular, of the lessons which can be drawn from the events of 11 september 2001. in conclusion, i would simply say that this new committee and the far more historic institutions from which it emanates are firmly resolved that they will actively seek the solutions best suited to the general interest in the field entrusted to them, namely the field of financial stability.
because it was seen as a prerequisite for restoring mutual trust among countries after the sovereign debt bis central bankers ’ speeches crisis. but mistrust has remained. on the crucial issue of bank resolution, after long and tiresome negotiations it has been decided that sharing the cost of a banking crisis among all the eurozone countries is not for now ; it is foreseen as the final step in a process lasting many years, and in any case it will involve private funds only ( the single resolution fund, financed by all the eurozone banks ). the use of money from the taxpayers of countries other than the one where the bank ’ s head office is located has been ruled out – contrary to the original intention ( anyhow, the use of national public money is in general forbidden by state aid rules ). as to the sdis, it was first postponed to an indefinite future ; more recently, a proposal has been presented by the european commission, but envisaging the same manyyear process before reaching a mutualisation such as the one established for the single resolution fund. the cmu, needless to say, is a totally different endeavour. still, overcoming the variety of national habits and interests will be a formidable task, the inherent difficulty of which must not be underestimated if we want cmu eventually to succeed. references european commission, 2015, action plan on building a capital markets union, http : / / ec. europa. eu / finance / capital - markets - union / index _ en. htm # action - plan. danielsson, j., et al., 2015, europe ’ s proposed capital markets union : disruption will drive investment and innovation, http : / / www. voxeu. org / article / europe - s - proposed - capital - marketsunion. juncker, j - c, 2014, a new start for europe : my agenda for jobs, growth, fairness and democratic change, opening statement in the european parliament plenary session, strasbourg, 15 july, http : / / ec. europa. eu / priorities / docs / pg _ en. pdf. langfield, s., pagano, m., 2015, “ bank bias in europe : effects on systemic risk and growth ”, ecb working paper series, 1797, may, https : / / www. ecb. europa. eu / pub / pdf / scpwps / ecbwp1797. en. pdf rossi, s.

nature and have their origin in defaults, must necessarily involve not only the technical authorities but also the political authorities because they may require interventions that, directly or indirectly, have a cost for the public purse. modern and efficient regulation provides protection for the weak and at the same time fosters competition. it is an essential instrument for promoting the growth of the economy. partly in response to traumatic events, parliament and the government have laid the foundations for a far - reaching reform that will affect basic aspects of the framework of rules governing finance. the work must be completed. legislation in the pipeline will provide an opportunity to do so. the bank of italy ’ s collaboration is unstinting.
conclude, allow me to further urge microfinance and other financial institutions to continue revising their interest rates and charges in tandem with the movements in key macroeconomic indicators such as inflation. i am conscious to the fact that all microfinance institutions are in business and are therefore expected to make profits. however, making super profits at the expense of the poor and vulnerable is regressive to economic development. there is a need to make financial services more affordable to the majority of our people as well as small enterprises in order to expand their operations, employ more people, and thereby provide an impetus to significantly reduce poverty levels in the country. let me, once again, extend my gratitude to microfinance transparency and the association of microfinance institutions of zambia for inviting me to officiate at this launch of the transparent pricing initiative in zambia. it is now my honour and privilege to declare the workshop on transparent pricing officially opened. i thank you for your attention. bis central bankers ’ speeches

an important part in making europe fit for the global challenges that the former chancellor has been analysing for many years. thank you for your attention. bis central bankers ’ speeches
in addressing the deficiencies identified in the mer. technical compliance with the fatf recommendations, however, is not sufficient. mauritius must also demonstrate that its aml / cft systems and measures are effective. the fight against financial crime and aml / cft is one that requires the involvement of all stakeholders. as a means of fostering closer collaboration amongst local authorities, two new mous were signed on 19 september 2018 among the financial services commission ( fsc ), bank of mauritius and financial intelligence unit ( fiu ) on the one hand, and the fsc, fiu and independent commission against commission, on the other hand. these two tripartite mous add to the gamut of existing bilateral and multilateral mous. in terms of coordinated actions with foreign authorities, we have, as of date, signed memoranda of understanding with some 17 supervisory authorities for sharing of information and collaborative actions. the bank of mauritius has also enhanced its internal supervisory framework on aml / cft by setting up a dedicated aml / cft team. we have upgraded the aml / cft off - site monitoring supervisory toolkit through a revision of reporting requirements by banks. further, with technical assistance from the world bank, we are implementing a risk - based supervisory framework which includes a separate module for ml / ft risk. significant progress has been achieved and we expect to conduct a series of pilot run exercises shortly to test the frameworks. banks, on their part, are expected to migrate to risk - based internal audit framework to complement the risk - based supervisory framework. concurrently, the bank of mauritius is working towards implementing a central kyc registry to facilitate the kyc procedure of banks. ladies and gentlemen, you will appreciate that no matter how elaborate, effective and comprehensive our regulatory and supervisory framework is, there will always be some element of residual risk that has to be managed by banks. let me also underscore that the fight for a clean and attractive international financial centre like ours is the concern of one and all, and is an ongoing process. your input is and will remain valuable as we continue to modernize our regulatory framework. we shall continue to work towards a financial system that is as safe as possible. you will remain a privileged partner in that process as we cannot achieve anything of substance without your cooperation. we look forward to continued collaboration with all of you as usual. with this final thought, i hope that by the end of today ’ s academy, we will have

and efficiency gains. 23 based on deloitte ’ s report released in september 2016 titled “ connecting global fintech : hub review 2016 ”. 6 / 7 bis central bankers'speeches 7 / 7 bis central bankers'speeches
alliance is an excellent business and investment opportunity for both countries and institutions. i wish you both the very best in your future endeavours. vinaka vaka levu bis central bankers ’ speeches

barry whiteside : microfinance and financial literacy development in fiji opening speech by mr barry whiteside, governor of the reserve bank of fiji, at the korovou microfinance expo, korovou, 19 may 2012. * * * the permanent secretary provincial development & multi - ethnic affairs, lieutenant colonel inia seruiratu the commissioner central, major bale tuitubou the roko tui tailevu, mr. semisi saukawa korovou town administrator, mr. jone bera microfinance clients and entrepreneurs representatives of banks and financial institutions government agencies and ngos the vanua of tailevu distinguished guests, friends, colleagues, ladies and gentlemen bula vinaka and a very good morning to you all. it is a real pleasure for me to be here today on this occasion to help open the korovou microfinance expo. i note that this is a first for your town and the feedback we have received since announcing our plan to bring the expo to tailevu has been very positive. i wish to acknowledge the tremendous support we have received from the commissioner central ’ s office, the roko tui tailevu, the principal of tailevu north high school mr. senikarawa, the northland rugby secretary and all the stakeholders here today in organizing this event. vinaka vakalevu! this is the first microfinance expo organized by the reserve bank this year and follows two we had in the maritime zone and at the suva hibiscus festival last year. our partners are here again today – the banks, other financial institutions, the non - bank financial institutions, investment agencies, government agencies, mobile network operators, ngos, microfinance institutions, the national centre for small and medium enterprise development and the micro enterprises and entrepreneurs. all are combining their efforts to promote greater awareness of financial inclusion. it is a good example of public sector, private sector and civil society partnership towards common goals. results are produced through such coordination and understanding. at the end of the day, it is the general population that will benefit from such collaboration. ladies and gentlemen, this microfinance expo in korovou is a rare opportunity for you ; we have brought microfinance and financial literacy to your door - step. i hope you will take advantage, and benefit from this opportunity. the occasion is meant to be educational and fun. apart from the abundance of useful information, services and products displayed and
low - paid workers. unequal access to health and education across and within countries and a consequent drop in human capital accumulation may worsen the impact on future generations. we praise management for the role the world bank group ( w bg ) is playing in this regard, having quickly conveyed substantial resources to help the poorest and the most vulnerable, supporting the health sector, and providing liquidity to the business sector in low - income countries. even more than in other episodes of widespread crisis, the w bg must provide countercyclical support while promoting long - term growth. these two objectives are not contradictory. indeed, it is necessary to help address the ongoing short - term financing needs of client countries in the fight against the covid - 19 shock while simultaneously promoting sustainable growth. interventions in some areas – such as health or social safety nets – emerge as key priorities. however, education and sustainable infrastructure must not be overlooked, as these sectors shore up resilience to environmental, economic and social vulnerabilities. needs arising from the consequences of the shock are huge, and financing a comprehensive economic recovery plan – targeting both poverty reduction and inclusive, sustainable growth – is challenging. only by working together is it possible to come out of the crisis faster and better : 1 / 2 bis central bankers'speeches international coordination is more important than ever. the world bank group ’ s financial resources have recently been boosted by the ibrd and ifc capital increase and the very successful ida replenishment. this calls for doubling the effort to coordinate with other multilateral development banks, international financial institutions, and the donor community and to leverage all sources of finance — including from the private sector. in this respect, w bg operations should be informed by a clear understanding of the reasons behind private sector retrenchment from developing countries. it is crucial to assess the extent to which retrenchment results from heightened uncertainty about the length and the depth of the crisis, which might call for a better use of guarantees or blending instruments. at the same time, putting the most appropriate economic policies in place is one of the most effective ways of de - risking. while policies aimed at protecting domestic industries to the detriment of fdi flows may have short - term employment benefits, they may entail larger medium - term costs in terms of innovation, technology transfer, and eventually growth potential. we encourage the w bg to support the adoption of long - term oriented policies in its dialogue with partners

to raising potential growth and to increasing the euro area ’ s resilience to shocks. we are now at your disposal for questions. bis central bankers ’ speeches
understanding of sustainability issues, thus allowing for better coordination of efforts to address sustainability risks throughout the value chain. in conclusion, it is our fervent hope that with sustainability, an innovative and collaborative mindset, we can come to develop value - driven solutions and discover new avenues for synergistic collaboration. i believe that the line - up of expert contributors for this programme will 2 / 3 bis central bankers'speeches be able to provide delegates with insightful perspectives on best practices to lead the transition to sustainability. the network built today among delegates can continue and be built upon for future collaborative initiatives, either through a local platform by ibfim or internationally, through cisl. to end my remarks, i would like to share this quote by winston churchill, “ i never worry about action, but only inaction. ” with that, i wish all of you a productive programme. thank you. 1 industries most and least impacted by covid - 19 from a probability of default perspective – september 2020 update 2 covid - 19 to add as many as 150 million extreme poor by 2021 3 / 3 bis central bankers'speeches

the community of participants in this market. i hope that you will keep this refrain in mind when you discuss the markets in this conference. i wish your deliberations all success. 1 sebi data 5 / 5 bis central bankers'speeches