samchain/econo-pairs-v2 huggingface dataset:
andrew bailey : speech at the lord mayor ’ s banquet speech by mr andrew bailey, deputy governor of prudential regulation and chief executive officer of the prudential regulation authority at the bank of england, at the city banquet, london, 16 october 2014. * * * lord mayor, thank you once again for inviting us round to dinner. events at the mansion house never cease to be special, with an aura that sets them apart. it is a true story from some years ago that a very senior official from another country came to a lunch at the mansion house, at which he spoke, and after which he came to visit the then governor of the bank. he had been impressed by the grandeur of the surroundings, the food and drink, the speeches ( in plural ), but he had just one question for the governor. how does anyone make money in the city if that is how they carry on? the governor was wise and slightly avuncular in his answer, to the point of remarking that it is not a question that anyone in the city would ask. lunches may have become shorter, but dinners remain a place to take stock over good food and wine and with good company. and, for martin and me it is a chance to take stock after just over eighteen months of the new arrangements. the pra is responsible for the prudential supervision of banks, insurers and major investment firms. we take all of our responsibilities very seriously, as of course we should. across the board, there have been developments over the last year that give me a sense of cautious satisfaction – by the way, that is at the happier end of the spectrum of emotions for a central banker seriously, i am afraid that we must not get carried away here. we are in many ways in the second phase of the financial crisis. the first phase was a prudential one, while the second phase has revealed past misconduct. fixing the financial system requires more than just fixing capital and liquidity standards. standards of governance, conduct and the right incentives structures are all extremely important. after commenting on two material development this year i want to use the rest of my time to set out four areas where we are either taking action, or watching very carefully to determine whether action may be required. let me start by describing two developments which point to some cautious satisfaction. first, the capital position of uk banks has strengthened. market conditions have supported actions to raise capital and reduce non - core assets, and

currencies including rmb. ladies and gentlemen, we have made good progress on rmb internationalisation. the future trajectory depends on the joint effort of policy makers and, more importantly, market participants including both the real sector and the financial sector. the hkma will continue to proactively engage with the various stakeholders to maintain a conducive environment that supports this journey. with that, i wish you all a fruitful and insightful event. thank you. 3 / 3 bis - central bankers'speeches
boost confidence in the euro area ’ s banks. bis central bankers ’ speeches

of 2022. 2 / 4 bis - central bankers'speeches for now, our assessment is that strong wage growth mainly reflects " catch - up " effects related to past inflation, rather than a self - fulfilling dynamic where people expect higher inflation in the future. but to assess how wages are evolving and whether they pose a risk to price stability, we will be closely monitoring a number of developments. first, whether firms absorb rising wages in their profit margins5, which would allow real wages to recover some of their past losses without the increase being fully passed through to inflation. second, whether there is some easing of labour market tightness, which would prevent excess demand for labour from becoming a driver of persistently high wage demands. and third, that inflation expectations remain anchored, which ensures that, when the current shock passes, wage and price - setting will be guided by our 2 % inflation target. in other words, we will need to remain attentive until we have firm evidence that the conditions are in place for inflation to return sustainably to our goal. that is why we have said our future decisions will ensure that our policy rates will be set at sufficiently restrictive levels for as long as necessary. and we have made those future decisions conditional on the incoming data, meaning that we can act again if we see rising risks of missing our inflation target. conclusion let me conclude. we have faced a major inflation shock and we have made a major policy adjustment in response. the effects of that adjustment are increasingly being felt and inflation pressures are easing. but there is still a journey ahead of us. our monetary policy is in a phase where we need to be attentive to the different forces affecting inflation – but always firmly focused on our mandate of price stability. 1 feldman, g. ( 1993 ), the great disorder : politics, economics, and society in the german inflation, 1914 - 1924, oxford university press. 2 bobasu, a., di nino, v. and osbat, c. ( 2023 ), " the impact of the recent inflation surge across households ", economic bulletin, issue 3, ecb. another study by ecb staff looks at the effects of fiscal measures on low - income households. see pallotti, f. paz - pardo, g., slacalek, j., tristani, o., violante, g. ( 2023 ), " who bears the costs of inflation? euro area households and the 2021
pace and content of capital account liberalisation will depend upon the future events, but the regulatory regime has to be clear and transparent. a regulatory regime that creates uncertainty and obfuscates imposes tremendous cost on the economy and the society. e. finally, the issue of fair pricing. forex customers, especially from small and medium enterprises and retail segments, have approached us on several occasions highlighting “ high ” charges levied by authorised dealer banks on their forex transactions. not only there appears to be a wide variation amongst the banks in the charges levied on the smaller customers, there appears to be a complete lack of transparency regarding the information on charges levied for such customers. i am aware that fedai has issued a special circular in this regard but i once again urge all banks assembled here to pay due attention to this aspect before calls for regulation of forex rates become more vocal. 33. i wish the conference, whatever is left of it, all success. i also wish each one of you all success in the years to come. as i leave the stage, rather than singing along with frost that we have miles to go before sleeping, i would rather echo tennyson ’ s brook ( read markets ) that will surge along irrespective of men ( like me or any other ) who may come and go. i shall of course continue to watch the developments from the sidelines. good bye. bis central bankers ’ speeches

forward. 17. please join me in welcoming arvind subramanian. bis central bankers ’ speeches
you well during your deliberations for the rest of the day as we search for new and innovative ways to address the challenges that we collectively face in an effort to make this country of ours truly great, in amplification of the inspiring achievements of teams sa at the london 2012 olympic games, that have made us all proud. i thank you. bis central bankers ’ speeches

the cma are not familiar with securitisation ; many mortgage and instalment sale contracts have already been securitised, but these have tended to be very straightforward “ plain vanilla ” securitisations. the international financial market turbulence has resulted in slower global economic growth, and is projected to continue doing so. recent forecasts suggest a significant slowdown in growth in the us, which is bound to spill over to the rest of the world. talk of decoupling from the united states is dodgy, at best. accordingly, cma exports – and especially those exports destined for the countries most affected by the financial turmoil – are likely to be held back to some extent. as far as the money market in the cma is concerned, liquidity has remained adequate throughout this episode of international financial market turmoil. the lack of enthusiasm to do business with other private - sector participants in the money market has not emerged in the cma. interbank lending, for instance, has continued without any disruption, and the interest rates at which interbank funds are placed have not risen significantly ( as would have happened if perceptions of risk had deteriorated ). for instance, the margin between the south african reserve bank ’ s repurchase rate and the sabor, or south african benchmark overnight rate, has not changed much over time. the turbulence prompted investors to demand higher risk premia on a wide variety of securities. securities issued by emerging - market countries were affected, and the cma was no exception. accordingly, the spread of debt instruments issued by cma governments over “ risk - free ” us treasuries have widened. however, as can be seen in the graph, this widening was mostly attributable to declining us treasury yields, which attracted investors owing to their safe - haven status. while it seems fairly safe to say that the pricing of financial instruments has been influenced by this turmoil, it is more difficult to establish what the impact has been on non - resident capital movements – in other words, the magnitude of capital flows rather than the price thereof. south africa currently runs a sizable deficit on the current account of the balance of payments, and has since the emergence of the deficit been able throughout to finance the shortfall through capital inflows. since late 2007 the composition of the flows has changed : portfolio inflows have faltered but at the same time inflows of foreign direct investment and other investment funds have picked up considerably. the turmoil has so
thomas jordan : swiss national bank ’ s assessment of the economic situation introductory remarks by mr thomas jordan, chairman of the governing board of the swiss national bank, at the media news conference of the swiss national bank, berne, 19 june 2014. * * * ladies and gentlemen welcome to the swiss national bank ’ s six - monthly news conference. as usual, i will begin by explaining the monetary policy decision and outlining our assessment of the economic situation. afterwards, jean - pierre danthine will present our latest financial stability report, before fritz zurbrugg comments on current developments in the financial markets. following our introductory remarks, we will be pleased to answer any questions you might have. monetary policy decision i will begin with the monetary policy decision. the snb is maintaining its minimum exchange rate of chf 1. 20 per euro. the target range for the three - month libor will remain unchanged at 0. 0 – 0. 25 %. the swiss franc is still high. we will therefore continue to enforce the minimum exchange rate with the utmost determination. if necessary, we are prepared to buy foreign currency in unlimited quantities for this purpose. with interest rates close to zero, the minimum exchange rate is the right tool to avoid an undesirable tightening of monetary conditions. this applies especially if the upward pressure on the swiss franc were to intensify once again. and, if required, we are also willing to take further measures. our new conditional inflation forecast shows that inflationary pressure has receded once more in the medium term. the inflation forecast for the coming quarters is slightly higher than in march. this is because the departure point for the forecast has moved upwards, as inflation was somewhat higher in may than expected. however, from mid - 2015 onwards, inflation will be lower than forecast in the previous quarter. the reason for this is that the global economic outlook has deteriorated slightly. another factor is the unexpectedly weak inflation in the euro area. at 0. 1 %, the inflation forecast for the current year is 0. 1 percentage points higher than in march. for 2015 and 2016, the new forecast – of 0. 3 % for 2015 and 0. 9 % for 2016 – is 0. 1 percentage points lower, in each case, than at the previous monetary policy assessment. it is important to bear in mind that our forecast is conditional. it is based on the assumption that the three - month libor remains at 0. 0 % over the next three years

be participating today - i hope we manage to play a small part in sending you down that path. 1 / 2 bis - central bankers'speeches finally, on that note, i would like to encourage everyone to reach out to others joining today. strong networks of both mentors and peers can be a lifeline. they are critical to entering and completing advanced degree programs. they help navigate the professional landscape. and they will offer both support and advice as you advance in your career. and we do hope that for some of you, that path is economics, and you will make the federal reserve a stop along the way. thank you for joining us and enjoy the day. 2 / 2 bis - central bankers'speeches
roskilde bank's operations. representatives of any association or similar organisation that may be established by old shareholders in roskilde bank to safeguard a significant part of their interests would be welcome to participate in regular meetings to discuss the activities of the new bank and the discontinuation process in general. i would like to emphasise that this is indeed an extraordinary situation. roskilde bank suffered from very substantial exposure to the property market, unfavourably combined with a lenient credit culture. as a result, the bank was unable to survive on its own, and we had to step in to ensure responsible discontinuation.

that several other danish banks are also relying on the international capital markets as a source of financing. consequently, any losses on loans to roskilde bank may have an adverse knock - on effect on other danish banks. since friday evening, we have negotiated with the parties concerned – roskilde bank's management and board of directors, the danish financial sector, the danish financial supervisory authority and the government – in order to reach a solution for roskilde bank that would mitigate the adverse effects. today, i am pleased to announce that we have found a solution that has met with full support from all parties. danmarks nationalbank and " det private beredskab " have entered into an agreement with the board of directors of roskilde bank on taking over all assets and liabilities of roskilde bank, except subordinated loan capital, hybrid core capital and an encapsulated savings bank fund. the operations of roskilde bank will continue in a new bank to which danmarks nationalbank and " det private beredskab " are expected to contribute kr. 4. 5 billion. the purpose of the new bank is to continue banking business in order to maximise the proceeds from the discontinuation of the business taken over from roskilde bank. managing director søren kaare - andersen will be managing director of the new bank, also called roskilde bank. together with " det private beredskab ", we are in the process of composing a well - qualified board of directors for the new bank. at the same time, danmarks nationalbank has agreed with three danish banks – danske bank, nykredit and nordea – that they are to make a number of experienced credit experts available to the new roskilde bank. they are to help improve the general credit culture and participate in a full - scale review of existing credit exposures with a view to gaining an overall picture. unfortunately, under the current circumstances, this takeover agreement means that the shareholders and depositors of supplementary capital and hybrid core capital have probably lost their money. however, the agreed structure implies that on completion of the discontinuation process, any funds left after remuneration of the contributed share capital will be allocated to the owners of subordinated loan capital and the old shareholders of roskilde bank in that order. danmarks nationalbank and " det private beredskab " aim to ensure transparency in the discontinuation of
the remainder of the year. at the same time, it appears that inflation and inflation expectations have eased. i encourage you to not only focus on economic conditions that affect the bond market, but to also pay attention to emerging regulatory issues. the depth and diversity of bond markets will continue to support economic expansion as long as investors can rely on the integrity of information about issuers and characteristics of specific securities.

funding. a locom accounting model applied to such instruments is not consistent with this important management function. we have always expected banks to regularly review the fair values of all their securities. but the concept of “ tainting ” due to realized losses from the available - for - sale portfolio had not been widely applied in such a narrow way. covitz, daniel and steven a. sharpe, “ which firms use interest rate derivatives to hedge? an analysis of debt structure and derivative positions at nonfinancial corporations, ” working paper, july 2004. i commend the financial accounting standards board ( fasb ) for listening to questions raised by preparers, auditors, and bank regulators and agreeing to defer the effective date for the troublesome paragraph 16 from the third to the fourth quarter. it has also issued some implementation guidance, and has a comment period that runs until october 25. i would encourage you to read the new guidance, and to provide comments if you feel additional clarification is needed. pay particular attention to the facts and circumstances that should be considered. note that the guidance allows sales of available - for - sale securities at a loss for the same reasons that you can sell held - to - maturity securities without tainting the remaining portfolio, for example mergers and changes in regulatory capital. the guidance also permits sales for unexpected and significant changes in liquidity needs or increases in interest rates. in practice, eitf 03 - 01 should make all organizations with available - for - sale securities review their procedures for identifying impairment. clearly, investors should continue their current practice of monitoring for credit downgrades and changes in prepayment speeds, especially for mortgage - backed securities booked at a premium and interest - only strips. but in addition, the trigger for recognizing impairment is no longer an intent to sell, but rather whether the investor no longer intends to hold the security until fair value recovers to its amortized cost. also note that the disclosure aspects of eitf 03 - 01 do apply in third quarter financial statements. the major change is separate disclosure of securities whose fair value is below carrying cost. organizations now must disclose separately the amount of securities that have been in a continuous unrealized loss position for more than one year, and in the narrative discuss why the loss has not yet been recognized. fair value and regulatory capital issues as you know, the basel ii effort to revise bank risk - based capital standards is now in its final stages and moving toward implementation. importantly
unions are able to place greater emphasis on real factors, such as productivity, that will help to boost income and living standards. 3. inflation targeting : is the target set too low? now i would like to turn to concerns by some analysts that the level of the inflation target is set too low. this is measured by the standard deviation of inflation, which fell from about 3 in the 1980s to 0. 7 in the last part of the 1990s. johnson ( 1997 ). in addition, long - term inflation expectations would appear to be better anchored in canada than in the united states. see kozicki and tinsley ( 2002 ). perrier and amano ( 2000 ). dodge ( 2002a ). inflation targets, whether in canada or elsewhere, have typically not been set at zero. one argument for excluding zero is that there is downward rigidity in nominal wages. more specifically, it says that a little inflation is needed to “ grease the wheels ” of the labour market because nominal wages are downwardly rigid. thus, it is argued that the target for the inflation rate should be in the 2 to 4 per cent range to facilitate adjustments in the real wage. 21 you will recall that, in canada, the target range is set at 1 to 3 per cent. one reason behind this argument is the belief that inflation allows firms to provide real wage increases to workers whose productivity is rising, while reducing real wages to less - productive staff without having to cut nominal wages. 22 therefore, for firms to achieve the desired adjustment in real wages in the face of adverse demand shocks, inflation would have to be above zero. otherwise, unemployment would rise, perhaps at an increasing rate, as inflation approaches zero, because firms would have to resort to layoffs to keep wage bills at their desired level. why might nominal wages be downwardly rigid? this could result from money illusion - for example, workers refusing to accept nominal wage cuts when, in fact, they may have suffered a similar reduction in real wages in the past because of inflation. firms might also be reluctant to cut nominal wages because of notions of fairness. they might also have concerns that such cuts would adversely affect the quality of candidates they seek to attract, or lead to higher quit rates. on the face of it, downward nominal wage rigidity would seem to have little relevance for canada. 23 as i will discuss in more detail later, in the late 1990s, the unemployment rate fell sharply even though inflation had stabilized around 2 per cent

without the noise of variable inflation. this, in turn, leads to a more efficient bargaining process with lower transactions costs and less loss of output, 54 as well as to a more productive allocation of labour in the economy. this has contributed to an economic environment where there are rising employment / population ratios, higher participation rates, and lower unemployment rates. longworth ( 2002 ).