samchain/econo-pairs-v2 huggingface dataset:
of financial products, as well as the structure of bank liabilities. while the bulk of the impact may be behind us, there are still a number of changes in the pipeline, particularly around deposits. bis central bankers ’ speeches

market failed. these lines were spread across banks in a range of countries, so problems experienced by a conduit vehicle in one country affected banks in many countries. when investor attitudes to credit risk changed abruptly in early august, these links quickly spread the problems worldwide. asset - backed commercial paper markets came to a virtual standstill, forcing the bulk of these conduit vehicles to turn to the lines of credit they had negotiated with banks. this in turn meant that banks in a wide range of countries found themselves under increased funding pressure in order to meet commitments on credit lines. the effects on markets across countries were very similar : overnight money market rates rose above the level targeted by central banks. for example, while the us fed is currently targeting 5. 25 per cent, the actual rate in the market rose to 6 per cent on 9 august ( graph 3 ). graph 3 in libor and swap markets, which are further away from the direct influence of central banks because they are more internationally focussed and have a greater diversity of participants, margins widened relative to cash rates ( graph 4 ). graph 4 yields on securities issued by banks, such as short - term bankers acceptances, rose noticeably. in the us they were up by 0. 25 percentage points for terms of 90 days ( graph 5 ). graph 5 yields on asset - backed commercial paper, which as noted had been at the same level as the fed funds rate for much of the past year, rose even more sharply, by about 60 basis points ( graph 6 ). more importantly, activity in this market dried up sharply, the effect being that for a time funding was not available at any price. graph 6 yields on us treasury bills fell by almost 2 percentage points, to 3. 25 per cent, as investors scrambled into secure and liquid investments ( graph 7 ). graph 7 there were also spillovers to other markets, including sharp falls in share prices, particularly for financial stocks, and some significant re - adjustment of exchange rates ( graph 8 ). graph 8 these were all symptoms of rising risk aversion. central banks responded to this by sharply increasing the amount of funds supplied to their banks in the money market. among the developed economies, the european central bank, the us fed, the bank of japan, the bank of canada, the swiss national bank, the norges bank, the reserve bank of new zealand, as well as ourselves here in australia, all did so to varying degrees. some also took other measures
to many of the positive developments we have seen - through their own example in promoting community involvement, including their support for the heart of the city campaign ; through their own role in maintaining security and co - ordinating the " public " infrastructure - both vital to all our contingency plans ; and through their support for the fundamentally international character of the city, not least in opening the way to the guild. i am profoundly grateful to them for all the help and support they give to us all. it is in that context that i ask you now to rise and join me in a toast to " the rt hon the lord mayor, the corporation of the city of london and the sheriffs. "

. in particular, the mpc ’ s chosen approach has been to accept a temporary period of above - target inflation, rather than seeking to hold inflation as close to the 2 % target as possible at all times. achieving the latter would have required a markedly higher level of bank rate and with it most probably a somewhat higher level for sterling. that would have moderated some of the external inflationary impulses facing us, but would also have depressed activity and pay even more and retarded the requisite re - balancing of the economy. the committee ’ s approach has, i believe, been consistent with its mandate from the chancellor of the exchequer, which recognises “ that the actual inflation rate will on occasions depart from its target as a result of shocks and disturbances ” and that “ attempts to keep inflation at the inflation target in these circumstances may cause undesirable volatility in output. ” it is almost 100 years to the day since the ill - fated titanic was launched from queen ’ s island, just across the channel. it may be tempting to see a parallel between the hubris and excessive risk - taking that resulted in its tragic encounter with an iceberg on its maiden voyage, and the hubris and excessive risk - taking that led up to the great north atlantic financial crisis of 2008. but a more optimistic parallel is provided by rebirth of the old harland and wolff shipyard as the titanic quarter, the biggest regeneration project in northern ireland ’ s history and the largest waterfront redevelopment in europe. that serves as a reminder of the ever changing nature of the fabric of the economy, as old industries make way for new. and it also serves as a suitable metaphor for the uk economy more generally, as it begins to re - balance in the wake of the deepest downturn in the post - war period. thank you! 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
radovan jelasic : the development of small and medium size enterprises in serbia speech by mr radovan jelasic, governor of the national bank of serbia, during his visit to the enterprise “ doo pavle ” pancevo, user of a loan under the credit line granted by the italian government, pancevo, 24 november 2006. * * * ladies and gentlemen, the outstanding performance of this enterprise is the best example of what can be achieved when a powerful private business initiative is given adequate bank credit support. it is one of 36 enterprises that were granted such support on exceptionally favourable terms under credit line in the total amount of eur 33. 25 million granted to serbia by the italian government in mid - 2005. so far, over eur 13. 2 million have been disbursed and 200 new jobs created. we expect that disbursement of the second and the third tranche in the amount of eur 10 million each will also result in the creation of a notable number of new jobs. the results achieved by this enterprise are yet another proof of our ability to compete in business if the state secures a stable macroeconomic environment, the nbs provides for stable prices and the banking sector grants adequate credit support. since the beginning of transition in serbia, the nbs has acted as agent for disbursement of funds under another two credit lines : 1 ) when in 2001 we began disbursing funds under european agency for reconstruction donations for small and medium size enterprises it took us almost two years to disburse rsd 1. 2 billion via credits granted through domestic banks. now we need much less time. due to regular servicing of debt under these loans, a revolving fund was created and additional rsd 1. 1 billion was granted to private enterprises. in late 2005 funds under this credit line became property of the republic of serbia and shall be disbursed over the next 10 years under the same terms and conditions ( eur 200, 000 loans with five year maturity and one year grace period and annual interest rate down to 8. 08 % ) and for the same purpose – development of small and medium size enterprises. on the overall, so far 303 enterprises were granted rsd 2. 3 billion from this credit line, which provided for the creation of 2, 486 new jobs. 2 ) first long term loans to finance domestic small and medium size enterprises and local government infrastructure projects were granted in 2002 from the first financial agreement

problem will not be helpful for small and medium size enterprises only. during our visit today we have found yet another evidence that there are successful entrepreneurs in our country. the good news is that banks are willing to grant loans and the “ bad ” news is reserved for the italian government : stand ready and start arranging yet another credit line!
##p ’ s initiatives towards a globally competitive economy and stable financial system. mabuhay po kayo! 5 / 5 bis central bankers'speeches

happy therefore that when we tracked the correlation between the results of our expectation surveys with actual data on the gdp, inflation, interest rates and foreign exchange we found high overall convergence. ladies and gentlemen, we continue to achieve high correlation because you provide us accurate, comprehensive and timely survey inputs. thank you! as a result, the bangko sentral ’ s policy decisions continue to provide the stability that preserves the public ’ s purchasing power and creates a planning environment conducive to strong and sustainable growth. with bsp ’ s policy rates now at record low levels, average interest rates charged by banks to their customers have also dropped to single digit levels. this has benefitted consumers in terms of access to more affordable credit while business is able to expand and create new jobs with lower financing costs. bis central bankers ’ speeches moving forward, therefore, the bangko sentral will continue to focus on fighting inflation and safeguarding price stability to achieve sustained and inclusive growth. the bangko sentral also needs your support for other surveys including cross border transactions, coordinated portfolio investment, information technology - bpo outsourcing services, and foreign direct investment. among others, these surveys help us determine our balance of payments position, a closelywatched indicator of our transactions with the rest of the world. we are pleased to report that our external accounts remain robust, providing much - needed insulation from external shocks. external payment dynamics remain strong on the back of rising foreign exchange reserves, sustained influx of overseas filipino remittances and bpo receipts, and declining external debt to gdp ratio. i am also happy to note that our network of committed partners continues to expand. from seven in 2004, we now have 71 awardees, 42 of whom are in areas outside the national capital region. ladies and gentlemen. as we take stock of our achievements, we also take note that the resiliency of our economy strongly reflects the efficient performance of our information sharing initiatives. indeed, our partnership continues to generate synergies that lead to transformational growth. and while recent developments in the external front have made economic conditions more challenging, we have been able to ride out these headwinds to economic growth. we attribute these largely to the strength of our partnerships and to the buffers that the philippine economy has built through the years. another source of strength of the philippine economy is our sound and stable banking system. deposits continue to increase to record levels, in tandem with healthy growth in lending. and the quality of loans continues
nri. besides the other buzz - words of transparency, independence and integrity, what do these words entail? you may also ask why i continue to speak on this particular topic, as in my previous speeches. this is because i have seen in practice what good governance and accountability can do to an individual, an organisation and society as a whole. it is an important issue which should be given more prominence in our various training programmes and courses. i am glad that the ‘ governance ’ topic in your course took up about 9 hours of your course programme and contributed 5 percent to your overall grade. this is a clear reflection of the importance of this issue in public policy and management. you can have the best policies and strategies but these may not work if good governance is missing in their implementation. and in png, we have had a poor record - but it is improving. the lack of corporate governance and accountability in many of our institutions has been an area of concern. our past history and record of management in papua new guinea, especially in public institutions which are guardians of the nation ’ s interests and wealth, has given rise to the need to reestablish proper procedures and order. the on - going work of the parliamentary public accounts committee, which is an attempt to instill accountability on the use and management of public resources, is commendable. so are the efforts of the ombudsman commission, the institute of directors, inc., transparency international and other organisations that aim to promote good governance and accountability. these institutions not only advocate the use of proper rules and guidelines in conducting business, but also the use of one ’ s good sense and due diligence. whilst it is one thing to have in place the best rules and regulations, it is another thing to practice them using common sense. the collapses of large companies abroad, some due to accounting fraud but others due to carelessness and neglect, highlight the need for diligence. closer to home, the turn around of the former png banking corporation, prior to its sale, other financial institutions that we supervise and pension funds ( case of npf ) from loss - making institutions to profitable ones in a short space of time was based on one thing alone ; the newly appointed board and management of these institutions ensured that everyone was diligent and followed the established rules and guidelines re - sounding good governance. the important lesson here is, do not take short cuts. as you all return to your workplace, it is

i look forward to further interactions with you at the cocktail which i will host for you this evening. thank you. bis central bankers ’ speeches
europa. eu ). seemed excessive, also considering the downside risks to growth that the ecb ’ s governing council had signalled and that they duly manifested themselves. indeed, the projections were again revised in early june, and the cut in the official interest rate to 1 % decided in may is consistent with that revision. the objective of the decisions to supply liquidity to the banking system was not to “ rescue the banks ” but to ensure the continued functioning of the financial market, starting with its base, i. e. the money market. the ecb ’ s entire range of instruments, characterised by a wide corridor between the interest rate on the marginal lending facility and the rate on the deposit facility, weekly repurchase agreements, the acceptance of a large number of counterparties and a wide range of collateral, is based on the money market functioning. if the money market doesn ’ t work, the mechanism for transmitting monetary policy doesn ’ t work. the only solution remaining for a central bank at this point is to stand in for the market and perform the role of the banks, even by lending directly to the private sector. maybe this solution is the most preferable? i don ’ t believe so. in my opinion, the functioning of the market is a statutory objective for a central bank. it should therefore intervene to guarantee the liquidity of the market. it should be remembered that every injection of liquidity is guaranteed by the collateral deposited by the counterparty banks. this means that banks ’ assets are made liquid. it ’ s obvious that without such a liquidity intervention, the market would collapse, taking the banking system with it. this is always true for last - resort interventions whose objective is to keep a solvent but illiquid system alive. it is at the heart of the role of central banking, particularly in times of systemic crisis. there can be no doubt that the ecb had to take on this role and i believe it has done so in an appropriate way. however, the point is not to intervene to remedy problems of solvency resulting from wrong decisions regarding investment or resulting from insufficient capital. in this regard, a central bank is not in a position to deal with these problems, nor is it its job to. this is the responsibility of the political authorities. following the collapse of lehman brothers, this has become clear in europe. only the heads of state and government, in their meeting in paris prompted by president sarkozy, were able to commit public funds to

extent, on the european parliament.
are likely to constrain the speed of recovery. for that reason, as the fomc stated last week, exceptionally low interest rates are likely to be warranted for an extended period. given the highly unusual economic and financial circumstances, judging when the time is appropriate to remove policy accommodation, and then calibrating that removal, will be challenging. still, we need to be ready to take the necessary actions when the time comes, and we will be.

of governors of the federal reserve system, at the cyberpayments conference ’ 96 ( june 18, 1996 ). disruptions and bank failures, especially when the disruptions and failures spread beyond the initial impetus. ” 4 a bank supervisor should have concerns other than cost, and these comprise the bad news - - the “ risk ” aspect of banking on the internet. in the simplest terms, while we strive to ensure that banks remain efficient and cost - effective, we also have to ensure that banks know what they are getting into, and that they are capable of handling the risks that accompany banking on the internet. the tension between the two is very constant and real, particularly because the technology today seems to be moving so much faster than bankers or bank supervisors can fully absorb. at the federal reserve bank of new york, we are being proactive in this area. we currently conduct on - site, information systems examinations of state member banks in our district - - in addition to commercial, trust, trading, and compliance examinations - - in which we try to review and constructively criticize the examined bank ’ s entire mis infrastructure. there is no separate, independent electronic or internet bank exam as such. however, a part of the information systems examination reviews the bank ’ s electronic and internet activities and plans, and all examiners ask general questions that we feel that any bank offering on - line banking services should be able to answer responsively. in addition, we have convened a special task force at the federal reserve bank of new york to review security issues involving on - line and internet banking. the goal of this task force is two - fold : ( 1 ) to gather, review, and benchmark current and future on - line security procedures and policies of state member banks in our district ; and ( 2 ) to then somehow disseminate, without unduly disadvantaging any specific depository institution that provided us with its information, the best of these policies and procedures into a kind of “ sound practices ” security guide for banks to use for their electronic and internet banking services. the task force should issue its first report in the summer of 1997. in a similar vein, i believe that the united states federal bank supervisors, while mindful of the risks, have tried to be as supportive of electronic and internet banking as possible. each of the various bank supervisory agencies, i. e., the board of governors, the office of thrift supervision ( “ ots ” ),
for initiating this programme on financial fitness for you young students. like cartac, i am of the view that instilling the basics of managing your money wisely from an early age will serve you well in your adult life. and as i intimated throughout my presentation, looking after your financial health is equally as critical as taking care of your physical health. the power to do both resides with you, even as young people. i thank you for your attention.

delisle worrell : introduction of new banknotes in barbados address by dr delisle worrell, governor of the central bank of barbados, at the launch of the new family of currency notes, bridgetown, 2 may 2013. * * * this is a very special occasion for the central bank and for barbados. as i reminded everyone in my first press conference after being appointed governor, the enduring worth of our currency is a source of national pride for all barbadians. understandably so, because maintaining the value of the currency is what has distinguished between the more successful small economies the world over, and those that have fallen behind in the race to improve living standards. in the caribbean the contrast is obvious, where small poorly endowed islands, barbados among them, have moved far ahead of their larger more richly endowed neighbours. the caribbean is not unique in this regard. singapore is a country held in high regard by many ; the value of the singapore currency is carefully managed by their monetary authority, albeit with the use of a basket of currencies rather than the us dollar, as in our case. today we preview the introduction of new currency notes, for the first time since the barbados currency was first introduced in 1973. the new notes are grounded in the past stability of our money. the personalities featured on each value note remain the same, and the general look of the note will be familiar. but barbados has come a long way since 1973, and we are now considered a developed country, as evidenced by our very high levels of purchasing power, health and education, when compared with countries around the world. as a symbol of our new status, we are now introducing notes that are as modern as the latest technology can make them. these notes are our declaration of intent ; we recognise that, having reached this advanced level of human development, we must cross swords with the best in the world and prevail, in order to maintain our forward momentum. that is why we have spared no effort in making our new notes the best they can be : the design is appealing, yet classy, the security features incorporate the most up - to - date technologies, and the notes include special aids for the visually impaired. our mandate to our banknote printer, de la rue, was to provide us with a secure, userfriendly series, and we are happy that we have accomplished this. the new notes have a contemporary layout and design that mirrors our status as a modern nation, but that