samchain/econo-pairs-v2 huggingface dataset:
. after all, such intervention would have to be paid for by the home country ’ s taxpayers. problems arising from the need to rely on home country regulation and supervision have become evident in the aftermath of the melt - down of the icelandic banks and the subsequent disagreement between icelandic, british and dutch authorities regarding compensation of the customers of icesave, which was operated as a branch. 17 moreover, the incentives for monitoring banks with foreign branches may differ between the home and host countries ’ authorities. consider for instance the case where a bank which is relatively small in the home country runs a foreign branch which is systemically important in the host country. the home supervisors, who are responsible for the supervision of the foreign branch, may not think that the bank merits very careful supervision. at the same time the supervisors in the host country, who are responsible for financial stability in the host country, have strong incentives to monitor the bank closely. a third major issue connected to the increasingly integrated banking sector is the concern that some institutions have become “ too big to fail ” or “ too complex to fail ”. in principle, however, this concern is not related to whether banks are involved in cross - border activities or not. in practice, banks considered “ too big to fail ” tend to be banks with cross - border operation simply because multinational banks tend to be big. 18 as we know, the implicit government guarantee of the survival of banks that are “ too big to fail ” has raised serious concerns about the moral hazard built into the system. banks that expect to be bailed out if things go badly are likely to be willing to engage in excessive risk - taking in order to maximise their profits. policy responses and the importance of effective cooperation dealing with these difficulties is a top priority among policy - makers world - wide. a number of proposals on how to deal with large cross - border banks have recently been put forward. some of them include limiting the size of banking institutions that are considered too big to fail and restricting the scope of their operations. some suggest that we should consider preventing the banks from operating abroad through branches. there is no perfect solution. the moral hazard problems generated by banks being “ too big to fail ” are of course very important and we need to find ways to deal with them. but the nature of these problems is different from the one created by banks ’ cross - border operations. just because the biggest banks conduct foreign operations, it is not necessarily the foreign the disagreement between iceland, on the one

2010. the turner review ( march 2009 ) “ a regulatory response to the global banking crisis ”, www. fsa. gov. williams b. ( 2002 ), “ the defensive expansion approach to multinational : evidence to date ”, financial markets, institutions and instruments, vol. 11, pp. 127 – 203.
of all key players in the economy, including government, parastatals and the private sector. i thank you for your kind attention.

in april, august and october, within seven days following the respective monetary policy committee meetings. for the june and december monetary policy committee meetings, detailed press releases will be issued. this is to provide a continuous comprehensive update on inflationary developments as well as a context to policy decisions. i must, however, emphasise that all the six meetings of the monetary policy committee in a year are important and involve a careful consideration of any of the three likely outcomes and policy signals : that is, either to increase, decrease or maintain the level of the policy interest rate, which is currently the bank rate. i am also pleased to announce that, the honourable minister of finance and economic development approved the establishment of the financial stability council ( the council ) for botswana in april 2018. a memorandum of understanding between the four constituent members of the council, namely, the ministry of finance and economic development ; bank of botswana ; nonbank financial institutions regulatory authority ; and the financial intelligence agency, will be signed tomorrow, after the first monetary policy committee meeting of the year. the formation of the council is a significant step towards facilitating collaboration, cooperation and communication amongst the four government agencies for the purpose of implementing macroprudential policy. the other important facet relates to national contingency planning for a financial sector crisis, anchored on proactive macro - prudential assessments, stress testing and a deeper understanding of cross - sectoral interactions of firms and financial markets. given the nature and construct of financial intermediation and, in particular, the structure of balance sheets of banks, things will and often go wrong. for these reasons, the strengthening of financial sector safety nets, encompassing effective crisis management, recovery and resolution plans as well as a proposal for the establishment of a deposit insurance scheme in botswana, will form part of the agenda of the financial stability council in 2019. on this breath, the bank of botswana is gravely concerned by the incipient personal greed and reported governance failures in some segments of the financial sector, which has the potential to erode fiduciary responsibilities and, consequently, undermine public confidence in financial markets. i can assure you, honourable minister, and indeed the international community that, for its part, the bank will do all that is necessary, in collaboration with all key stakeholders, to preserve the integrity, safety and soundness of the financial system. this will include working tirelessly to support government actions and programmes, coordinated by the financial intelligence agency, in continuing to build a robust and sustainable anti
with bank resolutions in various jurisdictions. thank you for diligently delivering this workshop and for your hands - on approach in guiding the participants through the simulation exercise. we look forward to continuing this productive engagement with you. 1 / 2 bis - central bankers'speeches thank you and a nice weekend to you all. 2 / 2 bis - central bankers'speeches

caroline abel : closing remarks - bank failure simulation workshop closing remarks by ms caroline abel, governor of central bank of seychelles, at the bank failure simulation workshop, victoria, 1 april 2022. * * * facilitators, participants. we have come to the end of what has been a busy and fruitful week, and gauging from the interactions that i have witnessed, i am sure that all participants have a better appreciation of the importance of a practical and effective bank resolution framework and what this entails. in addition to bringing light to pertinent matters relevant to bank resolution, the workshop has given us the opportunity to navigate a simulated crisis. it has been a valuable learning experience, allowing us to understand the process when a bank actually fails and to identify gaps in our framework and capacity. importantly, this should bring home that each of us in our functions within our respective authorities needs to be aware of our responsibilities, decisions that need to be taken and actions that need to be performed in the face of a crisis. a very important takeaway is that a bank crisis can unfold quickly and have severe social and economic ramifications. as such, planning should be a priority and should happen well before the emergence of a crisis as this facilitates decision - making and yields effective resolution. the next step for the local authorities is to take what has been learnt over the past five days and apply it to the policy decisions relating to bank resolution, which is work - inprogress. i reiterate the sentiments expressed at the start of this workshop that this should not be a one - off exercise. we should leverage the momentum that has been built and maintain it even when the bank resolution framework has been reviewed and finalised. the framework will need to be tested, capacity will need to be continuously developed and co - operation mechanisms amongst relevant authorities will need to be put in place and strengthened. effective bank resolution and financial stability are in our interest, not only professionally but as consumers of bank services and agents in our country's economy. let us continue working together towards this important objective. to conclude, i would like to say thank you to all the participants for your active engagement in this workshop and for your commitment in the simulation exercise, which you approached as you would a real situation. i also wish to extend our sincere appreciation to james and the team for guiding us through the theoretical elements of this subject of crucial importance and most importantly, for your candid sharing of practical experience gained dealing
presentation provided us with very timely updates on the preparedness of irish smes for future threats and challenges. the events of the last weeks, following russia ’ s invasion of ukraine and the unfolding human tragedy, have only accelerated the need to ensure 2 / 3 bis central bankers'speeches that businesses are investing to improve their resilience to a range of shocks, from climate change to energy prices and availability, to cybersecurity. taking an irish standpoint, it is clear that more needs to be done in a number of areas. the perceived investment gap is higher among irish businesses than across the eu, while the use of external financing is confirmed to be lower than in other countries. the need for the domestic irish economy to be a growth engine itself, above and beyond the extraordinary contribution provided by the multinational sector, is something we in the central bank see as critical to ensuring future economic resilience in a world of ever - growing uncertainty. on climate change, irish businesses are reporting both lower current investments, and lower levels of investment planning, to address the impact of climate change than their european peers. the share of irish businesses reporting investments in energy efficiency was half the eu average in 2021. it is clear that a continuation of this, in the face of the growing need to build climate resilience is something we cannot afford as a society or an economy. perhaps the events of the last few weeks will provide the sometimes inevitable external catalyst to spur rapid action. interestingly, the eib survey highlights that roughly one - in - ten irish firms can be characterized as finance - constrained, about double the eu average. this confirms the findings of the esri and our own research using separate data sources, which again highlights the benefit of bringing many perspectives together for the event today to draw strong conclusions on certain matters. these represent dramatic reductions in the share of businesses experiencing financial constraints when compared to the pre - 2013 period. however, they suggest that there remains room for additional entry of specialist finance providers, or additional government interventions, to fill remaining financing gaps. our own statistics team have highlighted in recent years the emergence of non - bank financial intermediaries as an additional source of financing for many smes, most notably in the real estate sector, but nonetheless accounting for a quarter of all new lending in recent years across the sme sector in aggregate. 2 the evolution of this novel flow of financing, along with a more thorough assessment of both the benefits it brings to the local economy and the

risks associated with these intermediaries, will remain a priority topic for us. i now formally close the event, and wish you all the best. go raibh mile maith agaibh go leir agus slan agus beannacht. 1 12 % of smes surveyed “ strongly agree ” that a lack of financing was a barrier investment in 2020, while another 21 % “ agree ”. 2 heffernan et al. 3 / 3 bis central bankers'speeches
less fresh food is projected to be in the ranges of minus 0. 6 to minus 0. 4 percent for fiscal 2020, 0. 2 to 0. 5 percent for fiscal 2021, and 0. 5 to 0. 8 percent for fiscal 2022. of course, this outlook entails extremely high uncertainties, since it depends on the consequences of covid - 19 and their impact on domestic and overseas economies. if the strict public health measures are reinstated, economic activity could be constrained significantly again. moreover, attention should be paid to whether the second - round effects of a shock from covid19 will significantly depress the economy. specifically, whether the liquidity problem will shift to a solvency one and affect the financial system, thereby further pushing down the real economy, should be monitored. it also matters whether firms ’ and households ’ growth expectations will decline, leading to cautious spending attitudes. at present, it seems possible to avoid these risks owing to the government ’ s and the bank ’ s responses, but future developments warrant attention. lastly, let me touch on the bank ’ s thinking on future conduct of monetary policy. the bank considers it important to continue providing support for financing and maintaining stability in financial markets by conducting the three measures, which have been effective. since the economic and financial impact of covid - 19 is highly uncertain, the bank, for the time being, will closely monitor this impact and not hesitate to do whatever it takes as a central bank if necessary. thank you. 2 / 2 bis central bankers'speeches

##lation, by firmly supporting the positive movements in the private sector from the financial side.
central bankers ’ speeches

accepted and adopted by the global financial services industry as a gold standard. with this, let me congratulate the board of fspb with this launch. in taking this important initiative forward it is necessary for fspb to reflect the business needs of the financial services industry whilst balancing the interests of the community that the industry serves. bank negara malaysia and the securities commission malaysia will continue to be committed in supporting this important agenda of the financial services industry. bis central bankers ’ speeches
the rba's business liaison program pdf ’, rba bulletin, september, pp 1 – 6. gabaix x ( 2011 ), ‘ the granular origins of aggregate fluctuations ’, © reserve bank of australia, 2001 – 2019. all rights reserved. the reserve bank of australia acknowledges the aboriginal and torres strait islander peoples of australia as the traditional custodians of this land, and recognises their continuing connection to country. we pay our respects to their elders, past, present and emerging. https : / / www. rba. gov. au / speeches / 2019 / sp - so - 2019 - 10 - 04. html 13 / 13

to 2022. today, we are officially launching the crd project. the project aims to improve access to finance among smes by promoting risk - based lending which uses credit scoring models to assess the capacity of smes to repay their loan. the project is a tangible step in building a sustainable financing ecosystem for smes. banks, on the other hand, will benefit from the robust credit scoring models built on the database to supplement or to validate their internal scoring models. this will particularly be useful to those without a credit scoring model. the crd will enhance the credit risk management system of banks. 1 / 2 bis central bankers'speeches as we usher in the new economy and steer towards a strong post - pandemic economic recovery, we expect the crd to contribute to providing stimulus for inclusive economic development. as the crd will augment the access of smes to credit, it will lead to their enhanced productivity and competitiveness and also generate much - needed jobs and source of income for many filipinos. indeed, the project will provide long - term support to smes. i want to thank the government of japan and jica for their commitment towards socio - economic development in the philippines. i also wish to thank the 17 pioneer participating banks : land bank of the philippines, development bank of the philippines, security bank, rizal commercial banking corporation, philippine business bank, sterling bank of asia, china bank savings, malayan bank, philippine savings bank, ucpb savings bank, producers savings bank, queen city development bank, wealthbank, sun savings bank, allbank, card sme bank and first consolidated bank. their participation and commitment in the crd project is crucial in the development of the sector. msmes have taken steps to continue their businesses amid the pandemic. the bsp, in cooperation with jica and the philippine financial institutions, will do our part. together, we will create a sustainable and vibrant financing ecosystem in the country. thank you and mabuhay! 2 / 2 bis central bankers'speeches
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benjamin e diokno : opening remarks - moa signing opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the amlc and philippine amusement and gaming corporation ( pagcor ) moa signing, manila, 21 january 2020. * * * ms. andrea d. domingo, chairperson and chief executive officer of pagcor. atty. alfredo c. lim, ms. carmen n. pedrosa, mr. reynaldo e. concordia, and mr. gabriel s. claudio, board members and directors at pagcor. chairman emilio aquino of sec, oic erickson balmes of the insurance commission. atty. mel georgie b. racela, executive director of the anti - money laundering council ( amlc ) secretariat. guests from pagcor and colleagues from the amlc secretariat. good morning. it is my pleasure to welcome you all to today ’ s ceremony as we reinforce the ties between the amlc and pagcor. collaboration among agencies has always proven to be crucial in preventing and countering the abuse of the financial system domestically and globally. the latest national risk assessment notes a high sectoral money laundering threat among designated non - financial businesses and professions — including casinos which are highly vulnerable. similar to banks and other financial institutions, casinos undertake high - volume and high - speed financial activities but in the gaming context. being generally large cash - based businesses, casinos are competitive in its growth and susceptible to criminal activity. with internet - based casinos, casino junket operations, and reduced transparency of high - rollers, there is much vulnerability in identifying sources and movement of funds. thus, this calls for strict enforcement of and compliance to anti - money laundering and counterterrorism financing policies — urging the full cooperation of covered persons during the conduct of examinations — especially with the rise of philippine offshore gaming operators ( pogos ). both the amlc and pagcor appreciate the necessity of close coordination to accomplish the objectives of the anti - money laundering act of 2001, as amended, and the terrorism financing prevention and suppression act of 2012, thus promoting confidence in the integrity of the philippine financial system. with the policy of the state to ensure that the philippines shall not be used as a money laundering and terrorism financing site, the amlc, as the philippines ’ hybrid financial intelligence unit ( fiu ), is mandated to receive and analyze suspicious transaction reports
uganda, which in turn will enable more resources to be mobilised for the investment needed for the development of our economy. thank you for listening.

global financial system ( 2018b ). “ financial stability implications of a prolonged period of low interest rates ”. cgfs papers no 61. constancio, v. ( 2015 ). “ financial stability risks, monetary policy and the need for macro - prudential policy ”. speech at warwick economics summit, 13 february. corradin s., f. heider and m. hoerova ( 2017 ). “ on collateral : implications for financial stability and monetary policy ”. ecb working paper series no 2107. cunliffe, j. ( 2022 ). letter to the treasury committee, 5 october 2022. available here. de nicolo, g., g. dell ’ ariccia, l. laeven and f. valencia. “ monetary policy and bank risk taking ”. imf staff position note spn / 10 / 09. frazzini, a. and l. h. pedersen ( 2014 ). “ betting against beta ”. journal of financial economics, 111 ( 1 ), 1 - 25. hauser, a. ( 2022 ). “ thirteen days in october : how central bank balance sheets can support monetary and financial stability ”. speech at the ecb ’ s 2022 conference on money markets. hauser, a. ( 2023 ). “ looking through a glass onion : lessons from the 2022 ldi intervention ”. speech at the initiative on global markets ’ workshop on market dysfunction, the university of chicago booth school of business. lane, p. r. ( 2022 ). “ the transmission of monetary policy ”. speech at the suerf, cgeg | columbia | sipa, eib, societe generale conference on “ eu and us perspectives : new directions for economic policy ”, new york, 11 october. miranda - agrippino, s. and h. rey. ( 2020 ), “ u. s. monetary policy and the global financial cycle ”, the review of economic studies, vol 87, no 6, pp. 2754 - 2776. smets, f. ( 2018 ). “ financial stability and monetary policy : how closely interlinked? ”. international journal of central banking, 35th issue ( june 2014 ). schnabel, i. ( 2021 ). “ asset purchases : from crisis to recovery ”. speech at the annual conference at latvijas banka on “ sustainable economy in times of change