samchain/econo-pairs-v2 huggingface dataset:
, there are several large ucbs with a wide network of branches, large number of depositors and borrowers, many of whom are medium / large corporates. in the latter kind of ucbs, the cooperative structure remains only as an organizational arrangement and their business model and goals are more akin to commercial banks. the extent of heterogeneity can be gauged by size - wise, region - wise and grading - wise analysis of the ucbs. size - wise distribution the frequency distribution of ucbs in terms of deposits and advances their relative share is shown in table 3. it is observed that at the lower end of the spectrum, 36. 2 % of the ucbs have a deposit base of less than rs. 10 crore and account for only 3. 0 % of deposits. at the same time, at the top end, only 14 banks had a share of 23 % in the total deposits. more than 50 % of the ucbs ( 962 banks ) fell in the deposit base range of rs. 10 crore to rs. 100 crore and accounted for 29. 5 % of total deposits. region - wise distribution the distribution of urban cooperative banks across the country is skewed, with significant concentration in southern and western regions. table 4 gives the region - wise distribution of number of ucbs and share of deposits of each region. grade - wise distribution as part of its on - site inspection exercise, reserve bank has a system of categorizing banks into four grades based on objective parameters relating to capital adequacy, asset quality, earnings, compliance with crr / slr requirements and adherence to rbi guidelines and / directives. while grade i covers banks with no major supervisory concerns, the other three grades would indicate existence of supervisory concerns in increasing degree. table 5 gives the grading - wise distribution of banks as on march 31, 2006 ( as per provisional data ). it is seen that 37 % of ucbs in the country, accounting for 25. 60 % of total deposits, were in grades - iii and iv signifying weakness / and sickness, while the remaining major portion ( 63 % ) of ucbs, accounting for 74. 40 % of total deposits, were in grades - i and ii, indicating good / satisfactory performance / financials. dual control urban co - operative banks are regulated and supervised by both, the state governments, through the registrars of co - operative societies, and by the reserve bank of india. the registrars exercise

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the global financial system.

around calibration, statistical quality and profit and loss attribution – and qualitative – around independent validation, documentation, model governance and the use test. the pra has approved 24 uk insurers to calculate capital requirements using a model, which is by some way the highest number by eu country. that gives us the advantage of peer comparison. we challenge hard where we think model calibrations are weak based on either comparison with other insurers ’ models or our own view of a risk. at the same time, though, we recognise that every insurer ’ s risk profile is different. insurers are many and varied. the standard formula cannot be flexible enough to work well for all of them. for this reason, internal models are an important element of the solvency ii framework. part of the reason for our intensive review of insurer models is that the interests of management and shareholders do not necessarily align with our own. financial performance is measured by return on equity. especially in a highly competitive trading environment, lowering regulatory capital requirements may seem a more achievable way to boost return on equity than increasing underlying profits. one legitimate approach is to reduce underlying risks. if an insurer ’ s internal model is well designed, lower risks should lead to a fall in all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx capital requirements. we become concerned when genuine risk reduction tips over into weakening of assumptions or more aggressive modelling of risks. it is one thing we look for when reviewing material model changes proposed by insurers. another is selectivity. insurers might seek to make changes to their models in areas where risks are reducing or they have overestimated them but neglect areas where risks are increasing or they have underestimated them. model drift model drift is the risk that the capital requirements calculated using an internal model may gradually weaken over time such that they no longer reflect the risks to which the firm is exposed. no measure of model drift is perfect. the pra tracks movements in internal model capital compared to the standard formula and the net best estimate of liabilities. 2 the first benchmarks the tailored risk calibrations in an insurer ’ s internal model against the ‘ off the peg ’ measures of risk specified in solvency ii. the second compares them to the size of the insurer ’ s balance sheet – a sort of insurance ‘ leverage ratio ’.
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understanding of climate risk, seeking to address those risks through upskilling, identifying useable tools and frameworks, raising awareness, and taking leadership applies to all participants in the financial system – including regulators – and we are supportive of many of the recommendations. i am particularly drawn to the new industry narrative recommendation, which proposes to articulate a coherent story on what role the industry is playing in support of wider climate goals. in my view, the establishment of the climate forum and the publication of this report is a substantial first step in building that narrative. but there is no doubt that we are very much in the early days of this journey. and while we can expect the regulations and industry best practices for meeting those regulations to evolve – there is a need to further embed climate risk and sustainable finance within our organisations and that can only happen through building capacity. as i have said before while the path toward a net - zero economy is a difficult one, it is nevertheless one that we must all walk together. my thanks again to the working group for making a substantive contribution in that journey with this report and i look forward to the rest of the event this morning. 2 / 2 bis - central bankers'speeches
largest five euro area countries, the gross input share of services in the production of final services has increased by 5 percentage points, to 81 %, from 1995 to 2011. for goods, it has increased by 2 percentage points, to 38 %. 33 see also masuch et al. ( 2018 ), “ structural policies in the euro area ”, occasional paper series, no 210, ecb 16 / 16 bis central bankers'speeches

albania has always been and remains frontrunner of change. 3. bank of albania, an evolving institution throughout the transition history, the bank of albania has shown able to change and embrace better contemporary and most effective practices. the nature and functions of the institution were fundamentally transformed in 1992, when the albanian economy started the transition process towards a free market economy. within a short period of time and in the presence of a shortage of an institutional heritage, the bank of albania succeeded to establish the contours of an independent monetary policy, being empowered in the presence of a free - floating exchange rate, regulate and supervise a private banking sector that functions based on the market principles. the qualitative transformation of the bank of albania towards a modern central bank evolved further with the approval of the new law on the bank of albania in 1997, which lays down the primary objective “ to achieve and maintain price stability ”. this law sets out the decision - making, financial and operational independence of the central bank in the pursuit of its objectives, in line with the best international practices. in addition, it is encouraging that this institutional independence enjoys a broad social consensus. during these years of transition, our monetary policy has marked a notable progress towards : developing a theoretical framework ; building up the completion of our knowledge with empirical studies ; perfecting the instruments for its implementation ; and the transparent communication with the public. since 2015, we have formally adopted “ the inflation targeting regime ”. this regime provides the adequate incentives, discipline and flexibility to the maximisation of the longterm social welfare. in parallel with the evolution of the monetary policy, the bank of albania, in years, has built on a modern and effective regulatory banking framework, in line with the best international practices. from time we have implemented the regulatory standards incorporated in basel i, ii and iii. then, we have helped the establishment of the albanian deposit insurance agency ( adisa ) and the resolution framework. these two elements are crucial for the stability of the financial system. in addition, we have been working in collaboration with other public authorities, on the development of the complete supervisory and regulatory architecture. i would like to mention in this regard the establishment of the financial supervisory authority ( fsa ) and the financial stability advisory group ( fsag ). in the light of such a historical background of development and evolution, the bank of albania has shown itself an institution able to be adapted and change to keep up with the times. in parallel, the gradual, well -
denis beau : financial supervisory and coordination - new issues and challenges regulatory policy contribution to the panel discussion by mr denis beau, first deputy governor of the bank of france, at the salzburg global finance forum, 22 june 2021. * * * regulatory policy and supervisory coordination has always been fraught with challenges. i remember panel discussions with market participants about this very topic at the bis twenty years ago. no surprise for me that it is still a topic today, because there is a deeply rooted reason for it : the inevitable tension between market forces on the one hand, which push for a borderless financial system in many of its layers, despite step backwards, as we have seen since the global financial crisis, and on the other hand the jurisdictions in which regulators and supervisors operate, are accountable and must discharge their obligations, which at best are regional for some and most often are national. this observation does not mean that we have not made progress in addressing this tension over the last decades. nevertheless, i would differentiate between coordination issues to manage large - scale crisis and to prevent those crisis. regarding the former, i think it is fair to say that the covid - 19 pandemic acted as a test of the resilience of our global coordination framework, which has improved with a strong g20 dimension after the gfc. international organizations, among which the financial stability board, and standard setting bodies have played a very important role in gathering and disseminating information, as well as ensuring adequate coordination among major public authorities. i would also point out that monetary policy has not been the only tool we have used to increase resilience and defuse the shock. different authorities have worked hand in hand, under a lot of time pressure, including financial regulators and supervisors, to deliver a very comprehensive and largely consistent set of measures to maintain the core functions of the financial system in these unprecedented events. comprehensiveness and consistency have been key elements in our collective ability to foster resilience. so the test regarding coordination in crisis time has been passed rather well so far. however, it ’ s not over yet and good coordination should be maintained for the exit phase of support measures, generally speaking. in the field of financial regulation and supervision, there were variations in approaches, see for instance the leverage ratio for credit institutions, which was okay for the duration of the crisis, but led to divergence in the implementation of standards that should not last. getting out of the crisis and unwinding support measures will require further coordination

to offer. thank you. 3 / 3 bis central bankers'speeches
government approach to recovery, we expect the philippines to move back to our pre - covid development path soon. the worst is behind us. the recovery phase has begun. now, the philippines is starting to write its post - covid narrative, which in the near future will speak of a remarkable rebound. as an active member of the international community, we are happy to share the things that we do to thrive, as much as we are willing to learn from and work with the rest of the world. thank you very much for listening. i wish everyone a productive conference. 3 / 3 bis central bankers'speeches

performing loans ( npls ), albeit slightly higher, remain manageable. the npl ratio stood at 3. 2 percent as of october 2020, way better than the double - digit npls we saw in the aftermath of the asian financial crisis. meantime, we have embarked on a reform momentum toward the “ new economy. ” this is our way of helping ensure the crisis — which has given a sense of urgency for reforms — is put to good use. our legislative agenda include : ( i ) a bill that will expand the list of sectors that banks can lend to, in compliance with the mandated lending for agriculture development ; 2 / 3 bis central bankers'speeches ( ii ) a bill that will lift secrecy of bank deposits, which will help efforts against tax evasion and money laundering ; ( iii ) a bill meant to enhance accessibility of credit to msmes through a comprehensive credit database, and ( iv ) a bill that will improve the protection of consumers of financial products and services. the bsp also has stepped up efforts toward financial digitalization — side by side our efforts to improve cyber security supervision. last october, we launched the digital payments transformation roadmap. this will aid faster economic growth and usher an era of a more financially inclusive philippines. with financial technology ( fintech ), credit, as well as savings, investments, and insurance products become accessible to more people. also, since it hastens payments, fintech increases the velocity of capital turnaround, thereby boosting income growth. also, we have issued frameworks for open banking, for the creation of digital banks, and for enhanced risk management. with our efforts, the philippines is recognized for having one of the best regulatory environments for financial inclusion. prior to the pandemic, the philippines had made significant strides in the economic and social fronts. poverty incidence had fallen from 23. 5 percent in 2015 to 16. 7 percent in 2018. unemployment rate had dropped to 5. 1 percent in 2019 from 7. 5 percent in 2009. and, we were about to become an upper - middle income economy. the covid - 19 crisis has caused setbacks for us. to return to our growth trajectory, medical and macroeconomic interventions should go hand in hand to protect public welfare, which is crucial to boost consumer and business confidence. having enough monetary space and tools, the bsp will continue to coordinate with the other government agencies as it shares in the heavy lifting to quicken economic recovery. with our whole - of -
, to foster meaningful collaborations, leveraging on the activation of business linkages through the mifc leadership council's strategic partnerships with counterparts in other countries ; second, to elevate the role of centralised shariah authorities forum in building stronger connections between shariah authorities to foster mutual respect and knowledge sharing in addressing common shariah issues ; and third, future - proofing islamic finance talent through collaborative initiatives that enhance talent mobility. this can be achieved through the exports of malaysia's expertise via talent development institutions such as inceif university, isra, ibfim, asas, and the multitude of other talent or capacity - building providers we have. these efforts will enhance malaysia's connectivity with various markets and reinforce malaysia's leadership in islamic finance at the global stage. ladies and gentlemen, in conclusion, building on kliff's decades of experience, i look forward to the actions that will be set in motion once the curtains close, on this year's kliff - bringing to life the theme of'revitalising the economy via islamic finance '. the discourse and initiatives launched here are the building blocks to real, impactful changes in driving forward the islamic finance industry. on that note, i hereby officiate kliff 2024 and wish everyone an engaging and insightful forum ahead. thank you. 1 sunan ibn majah 2443 2 as at 1h 2024 3 surah ali -'imran ( 3 ), ayat 200 4 vbi financing and investment impact assessment framework 4 / 5 bis - central bankers'speeches 5 / 5 bis - central bankers'speeches

bank since 2005 with the establishment of bnmlink at the bank ’ s six offices ; the bank ’ s call center, bnmtelelink ; as well as bnmlink mobile counter services in semi - urban areas to provide access of financial information and consumer redress mechanisms. the introduction of mobilelink also provides a platform for enhancing financial literacy and financial capability of consumers to make well informed and responsible financial decisions and thus participate meaningfully and effectively in the financial system. akhir kata, saya ingin merakamkan penghargaan kepada semua hadirin sekalian yang memberi sokongan kepada inisiatif “ mobilelink ” ini. kami berharap inisiatif ini akan dapat merealisasikan usaha bank dalam mencapai rangkuman kewangan yang menyeluruh. bagi mencapai objektif ini, kerjasama pihak yang hadir pada hari ini dengan bank negara malaysia adalah dialu - alukan bagi memastikan usaha yang lebih bersepadu dan berkesan dapat digembleng bersama. bis central bankers ’ speeches
##ko sentral in defining our shared vision of the future under the principle of collective responsibility. i believe we all want a banking system that is robust, resilient, responsive and responsible. how to achieve these in the midst of a constantly shifting and changing landscape is the challenge before us. i look forward therefore to this international banking convention of the asian banker to provide some answers for us. thank you all and mabuhay! bis central bankers ’ speeches

benjamin e diokno : the philippines - seizing opportunities for a better tomorrow speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at “ reuters next ” conference “ rethink, rebuild, recover : a new vision for a better tomorrow ”, 12 january 2021. * * * a pleasant day to all the participants of “ reuters next. ” as we start the new year, it is apt to share ideas on recovery given the unprecedented covid - 19 crisis that mostly defined 2020. the theme of this conference — “ rethink, rebuild, recover : a new vision for a better tomorrow ” — highlights the pursuit of a stronger world economy, which is a fitting top agenda for all nations. as an international community, we have to “ rethink ” the way we deal with key issues — such as inward - looking policies, equity, and climate change, among others — if we are to “ rebuild ” the global economy toward meaningful “ recovery. ” we must step up international cooperation to achieve recovery soon. as individual nations, we have to apply the lessons from the crisis that are peculiar to our respective economies to move forward. in the case of the philippines, we expect a much brighter 2021. besides government pronouncements that vaccines will be rolled out toward the end of the second quarter, the fact that the entire government, the bsp included, did our homework last year allows us to expect better days ahead. we worked hard not just to survive the crisis, but to ensure faster and smoother transition to our envisioned “ new economy “, which is stronger, more technologically savvy, and more inclusive than how we were prior to the pandemic. appropriate measures were implemented to address the impact of covid - 19 on lives, livelihoods, and the economy. vital laws ( bayanihan i and ii ) to support front - liners and small businesses were passed on time. other bills critical for economic recovery are expected to be implemented soon. one will slash corporate income tax and rationalize fiscal incentives ( create ) — this is now up for bicameral deliberations by congress ; and another will help banks dispose bad assets ( fist ) — this is now with the president for signing. as for the bangko sentral ng pilipinas ( bsp ), we implemented a long list of response measures. we injected nearly p2 trillion
close monitoring. we have not yet seen concrete evidence of higher investment and strong firm creation. these are some of the ingredients needed for a return to natural, selfsustaining growth with inflation sustainably on target. with that mr. chairman, carolyn and i would be happy to answer questions. bis central bankers ’ speeches

little emphasis on their other features. a number of investors failed to perform their own research or due diligence and instead relied too much on credit ratings as a measure of the ultimate risk in holding these complex debt instruments. in doing so, they failed to take into account other risks such as liquidity risk. the complexity of these instruments frequently made them opaque, and too often investors put their money and confidence into investments that they did not fully understand. at the same time, u. s. policy interest rates rose, and the basic loan quality of u. s. subprime mortgages worsened through 2005 and 2006, although this worsening did not become broadly apparent until the first half of 2007. the belated realization by the rating agencies of the poor quality of these loans resulted in downgrades of structured products with exposure to subprime mortgages, often by multiple notches. these instruments were held by a variety for a further discussion of these financial market events, please see the most recent issue of the financial system review ( ottawa : bank of canada, december 2007 ). of investment funds, including many sponsored by banks. indeed, some products were directly held by banks themselves. investors in canada, as well as those in the united states, soon came to realize that highly rated structured debt instruments could fall substantially in value and were subject to severe downgrades. as a result, they began to shun almost any type of structured product, partly because the complexity of such products made it difficult for many market participants to understand these instruments and, therefore, to accurately price the risk that these products posed to financial institutions. in canada, this included instruments such as abcp. almost immediately, non - bank - sponsored abcp stopped rolling over in canada, which led to the standstill under the montreal accord. as market players observed the downgrades of structured products based on u. s. subprime mortgages and the drying up of abcp markets, two additional concerns emerged. first, there was a concern about the financial health of counterparties, particularly banks. second, there was a concern that securitization would proceed at a much slower pace than in the past, thus requiring re - intermediation that would result in a more rapid expansion of bank balance sheets and an associated need for capital. these two concerns led to a significant increase in the interest rate spreads of bank debt over government benchmarks. widening of credit spreads as time has passed, it has not