samchain/econo-pairs-v2 huggingface dataset:
. we see in this occasion, an imperative for the bank of ghana to strive to be a champion institution in the community of central banks. to conclude, i should say that i consider it a privilege and an honour to be here and be part of this important milestone of the nation ’ s central bank. i would like to welcome you all to this ceremony and we look forward to your participation in the activities lined up for the jubilee celebrations. thank you for your attention.

promoting disciplined macroeconomic policies, with the budget and monetary policy playing complementary roles to promote growth with stability. monetary policy is most effective when the public is willing to hold and use the currencies introduced by the bank as legal tender and as a store of their wealth because of confidence that the value will be stable over time – the value is the same – and by implication prices will remain fairly stable as well. but the key here is the credibility of macroeconomic policies. at the time of independence, the banking industry consisted of 3 banks. this has grown over the years to 23 banks with a network of some 600 branches, 123 rural banks, 13 savings and loans companies, as we celebrate this golden jubilee. these operate alongside an array of non - bank financial institutions, insurance companies, and other micro - credit institutions. we now have a banking industry that is reasonably competitive and well capitalized, sound and liquid, having withstood the pressures of rapid disinflation over the past years. your excellency, as we look forward, the bank of ghana has a responsibility to promote the development of a financial system that is effectively integrated and in tune with the global financial market ; and that is capable of providing a diversified range of financial instruments and services to support a dynamic growing economy. the bank is building the nucleus of a payments system infrastructure and a financial system that can develop over time into a vibrant segment of the international financial industry in the west african region, a financial centre of global standards in terms of the quality and incentives built into the regulatory environment, financial institutions and the services they can deliver. this positioning of the industry is even more important in the context where the entire ecowas regional market may well come under a common currency regime, and become a single economic space ; with free mobility of capital, goods and services, and labour. the future of the financial sector should be one that is vibrant and well anchored in price and financial stability, better to serve as a pillar for economic growth towards achieving the millennium development goals and middle income status. this is the theme of the symposium organised as part of these celebrations. your excellency, the quality of public institutions, and for that matter the public service, is an important determinant of the financial sophistication of the state ; and the central bank – the bank of ghana – has a pivotal role in pioneering the process. ghana @ 50 – the nation ’ s golden jubilee – had the theme “ championing african excellence ”
. once again, my sincere thanks for inviting me here today. i congratulate you - both westpac and carpenters fiji - for this joint initiative and i wish your project every success. thank you.

sada reddy : improving access to money in fiji address by mr sada reddy, deputy governor of the reserve bank of fiji, at the official opening of anz atm no. 70, nasese, 5 august 2008. * * * mr. robert, bell, general manager anz bank management and staff of anz bank distinguished guests ladies and gentlemen introductory remarks good morning to you all i would like to thank the anz bank for the kind invitation to open this new atm, their 70th to date. it is certainly an honour for me to be part of another milestone in anz ’ s history and growth in fiji. it is always encouraging to see banks in fiji expanding their services through opening new branches and atms. such developments bring banking services closer to the people and the community. in this regard, i congratulate anz for their long term commitment to fiji and to the economy of fiji. anz bank in fiji let me say a few words on anz ’ s history in fiji. anz ’ s association with fiji goes back to the 1800 ’ s when the union bank of australia, an ancestor of anz, began operations in levuka in 1880. as you know, levuka then was the capital of fiji. when suva was established as the capital, anz opened a branch here in 1883. for various reasons, anz withdrew from fiji by 1895. however it re - established operations in fiji in 1951. since then, of course, anz has grown from strength to strength. today anz bank in fiji has many points of representation - 16 branches, 2 prime banking sites. 2 business centres, 831 electronic merchants countrywide, 734 eftpos terminals, 24 / 7 phonebanking and internet services, banking facilities within the concourse and transit lounge of nadi international airport and an agency at nausori airport and is deeply involved with mobile rural banking services. anz is the largest bank in fiji with total assets of $ 1. 6 billion and forms 40 percent of the total banking system. anz ’ s rural banking let me say a few words about anz ’ s rural banking services. anz started its rural banking services in october 2004. to date, this business has grown substantially from almost nothing to $ 7 million in deposits. total lending is approaching $ 1 million. the customer base was more than 50, 000 as at end march 2008. through mobile banking trucks, anz services the rural areas of tail
will lead to further strengthening the foundations of this important industry. a pure islamic financial system with its inherent focus on equity justice and social responsibility is ideal and this demands serious and coordinated efforts of all stakeholders on the continuous basis. i wish the best of luck to the industry and thanks once again to all the participants and organizers. thank you. bis central bankers ’ speeches

a key flaw. [ 4 ] i will return to this issue later on in this talk. the second major crisis – the 2007 – 2009 global financial crisis – is still fresh in our minds. the build - up of excessive leverage and subsequent deleveraging in the banking sector [ 5 ] and within financial markets more generally [ 6 ], is widely viewed as one of the main causes of the global financial crisis. notably, an important conclusion of this literature is that leverage and liquidity were closely interlinked and reinforced the stress in the financial system. one of the key lessons from the history of financial crises is that the negative externalities of excessive leverage and associated liquidity risks that give rise to systemic risk provide a fundamental rationale for macroprudential policies. these limit the build - up of leverage in the financial system in a pre - emptive manner. in pursuit of excess returns, market participants engage in excessive leverage without internalizing systemic costs of their risk - taking behaviour. these comprise spillovers to counterparties and financial networks [ 7 ] or asset price declines triggered by fire sales. [ 8 ] a large and growing literature [ 9 ] supports the conclusion that these systemic externalities of excessive leverage call for macroprudential policies that restrict the use of leverage pre - emptively, as a way to improve general welfare. the next crisis will likely come in a different form and perhaps involve different markets and entities, but history tells us that it is a fair bet to say that excessive leverage will again play a major role. to the extent that derivatives and securities financing transactions ( sfts ) are the main means to create leverage, in particular in the non - bank financial sector, this calls for pre - bis central bankers ’ speeches emptive regulatory action in these markets. let me now explain in more detail why i believe we should equip macroprudential authorities with the power to set margins and haircuts. macroprudential margins and haircuts as tools to control leverage and avoid liquidity spirals margins and haircuts are a determinant of the build - up of leverage via derivatives and sfts, and are strongly interlinked with the procyclicality of that leverage. for derivatives, the initial margin determines the amount of exposure that can be created for a given amount of equity. in turn, the size of the haircut on sft collateral, particularly in repos, determines the amount of funding market players can obtain for
had and have to say was perhaps often predictable, but more often than not your saying it lent it weight and inspired confidence. moreover, what you once aptly said is absolutely true : “ man kann schone sonntagsreden halten. die entscheidungen fallen an werktagen. ” you are known to be a hard worker - some would even say a workaholic and you have tremendous “ ausdauer ”. you never get tired of putting your analysis and convictions across, as has again been demonstrated tonight. we owe you a great deal of gratitude. after august we central bankers will miss you as a colleague, although i believe we have internalised your basic principles. they will therefore still be around as if you are still present yourself. and should we tend to forget them, i am sure that ernst welteke will help me to remind other colleagues of them. sometimes, i wish that we could do the same as they do in the world of sport in the united states. there, when an outstanding player retires, in order to honour him the number he wears on the back of his shirt is never again used by another player. central bankers do not wear shirts with numbers on the back, but if we did, i am sure that we would withdraw your number. retirement is the natural end of one ’ s career, but it should not be overdramatised. people do matter - and you have certainly shown that - but institutions generally outlast them. in fact, that is what many people work for. luckily, i am convinced that this is the case in central banking. so, the institutions that you have worked to build will go on. meanwhile, as i look ahead to august, i know that while i will lose a colleague, i will still have the same friend. i know that is true for many of us here this evening. i should therefore like to close by simply expressing my thanks for your support over the years both as a colleague and a friend.

in financial markets towards fair and ethical trading practices. consider the traction that sustainable investment has gained within the financial markets industry in recent years. green finance is no longer a niche market. the ecb is therefore also supporting work on sustainable finance - related topics in various fora, including at the level of the g20. all of this means, and with this i would like to conclude, that adhering to the code has benefits that go well beyond the fx market. as signatories, you are ambassadors for responsible investment. we need broad and active engagement, and the contribution of the entire fx industry, to continue ensuring that the code ’ s principles appropriately reflect the structure of the fx market. in this respect, we rely on you, our foreign exchange contact group members, to do your utmost to fulfil this expectation and support us in driving this process forward. thank you. 1 according to the data available at the gfxc ’ s global index of public registers. 2 / 2 bis central bankers'speeches
s first tokenised government green bond. our experience in tokenising green bonds offers a glimpse of the power of digitalisation as an enabler of a greener, more inclusive and more connected future. to conclude, globalisation is now at a crossroads. but with good preparation, the asia region is well positioned to adapt to changes in the global trade landscape. i hope that today's conference will give us further insights on how to manage the risks and seize the opportunities ahead. thank you. 4 / 4 bis - central bankers'speeches

growth for hong kong. in financial services, hong kong has long been the largest offshore rmb centre and this role will continue to grow as the rmb is used more widely in international trade and investment. to develop capacity and maintain its position as the leading offshore rmb business hub, hong kong is working hard on three fronts : liquidity, products, and infrastructure. hong kong already hosts the biggest offshore rmb liquidity pool. the enhanced currency swap agreement with the people's bank of china provides further liquidity support to the offshore market through the rmb liquidity facilities set up by the hkma, to meet the growing business demand. as regards products, hong kong will continue to upgrade and expand the family of connect schemes between mainland china and hong kong. our unique advantages of physical proximity to the mainland, the common law system and world - class infrastructure make us the perfect " testing ground " for china's journey towards capital account liberalisation. at the same time, we are constantly working to widen the spectrum of rmb products and tools for cross - boundary investment, asset allocation and risk management. on infrastructure, the central moneymarkets unit, which is hong kong's central securities depository, is undergoing a major overhaul to upgrade its operational capacity and product offerings, to better support the growth of rmb bond issuance and associated custodian services. our mbridge project, which is a collaboration with the bis and a number of central banks including the people's bank of china is also pressing ahead. our latest pilot test has demonstrated that this wholesale central bank digital currency platform can speed up cross - border payments at reduced cost and with better transparency. we are expecting to welcome more fellow central banks to join this open platform. and very soon we will launch what we call a minimum viable product, 3 / 4 bis - central bankers'speeches with the aim of paving the way for the gradual commercialisation of mbridge. hopefully this new innovative platform will help resolve longstanding pain points in cross - border payments and enhance the efficiency of the global value chain. meanwhile, hong kong will stay at the forefront of the latest global trends such as digitalisation, innovation and esg. as examples, we recently published our new fintech promotion roadmap to accelerate fintech adoption in the financial services industry. hong kong's green financing platform also offers an excellent way for asian corporates to tap sustainable financing and enhance their esg performance. hong kong recently issued the world '
turnover in the china interbank bond market ( cibm ) are traded through northbound bond connect, and over 70 % of foreign holdings in onshore equities are held through the stock connect. we have been working closely with mainland authorities to support the opening - up of the mainland financial market. just last month, the hkma and the people's bank of china ( pboc ) announced six new measures to deepen financial cooperation between hong kong and the mainland. these measures include promoting the use of onshore bonds as eligible collateral in offshore markets, starting with the hkma's rmb liquidity facility, and further opening up the onshore repo market. they will enable bond connect investors to better manage liquidity using their existing bond holdings. the third measure enhances the crossboundary wealth management connect scheme in the greater bay area, which will open up new avenues for growth for our asset and wealth management sector. other than the connect schemes, the other focus of our mainland - related work is to encourage the use of the rmb in cross - border trade settlement and investment. last year, the rmb surpassed the usd for the first time to become the number one currency in china's cross - border payments. the share of rmb settlements in the total value of goods trade jumped to 25 % at the end of 2023, up from 15 % just two years ago. to support the wider international use of the rmb, we are doing further work to enhance liquidity, promote the launch of new products and risk management tools, and modernise our financial infrastructure. 2 / 4 bis - central bankers'speeches second is on sustainable finance. as i mentioned earlier, climate change is affecting all of us, and there is a role for everyone to play in mitigating its impact. at the hkma, we have been actively contributing to the climate agenda, leveraging our core functions as a bank supervisor, responsible investor and market facilitator. as a bank supervisor, we have taken concrete steps to strengthen banks'climate resilience. in 2022, we developed a two - year plan to embed climate risk considerations into our supervisory processes, and looked to harnessing the power of technology to help banks assess the impact of physical risks. we are the first in asia to mandate climate - related disclosure across the financial sector by 2025, and the first market working to operationalise the common ground taxonomy jointly developed by china and the eu. as

##ment of on - hand liquidity has been less significant than that of the same period in the previous year. in these financial environments, credit conditions, which had tightened previously, have eased somewhat. the following continue to warrant careful monitoring : how actively investors will take risks ; how far private banks will ease their lending stance ; and how these changes will affect firms ’ propensity to invest.
day to come. in the next hour, we will examine the reasoning for macroprudential policy from an international perspective, from a financial stability perspective, and from a theoretical perspective. we hope this will establish common grounds for the discussions we will have the rest of the day. my co - hosts poul thomsen from imf and david lando from copenhagen business school will guide you through session 2 and 3. here, i would like to let you know that both session 2 and 3 are conducted using chatham house rule. the keynote speech will be given by william r. white from c. d. howe institute in toronto. he will give you some food for thought about " what is macroprudential policy not? " i am looking forward to an interesting day with some juicy discussions. page 4 of 5 i now leave the stage to the first speaker francesco mazzaferro, head of the european systemic risk board secretariat. page 5 of 5

been given additional resources and powers. the crisis revealed various weaknesses, and they have been addressed. but as we have seen previously, pressures to ease the rules will emerge at some point. personally, i am rather surprised to see what is happening in denmark. the bank rescue packages enjoyed broad political support and until recently they had a clear aim : a financial crisis – never again! the time had come to tidy up and tighten the rules. however, winds of change seem to be sweeping across the political landscape. has the danish financial supervisory authority now been given too much power, and have the requirements imposed on mortgage banks become too tight? it is as if the financial crisis has already been forgotten. but i would be surprised if our collective political memory is that short. if so, it would be shorter than in other european countries. so i would like to remind you that in denmark we provided massive support during the financial crisis, and the government took on huge risks on behalf of the tax - payers. under bank rescue package 1, the government provided guarantees for an astronomical kr. 4, 200 billion. with bank rescue package 2, the government gave the financial sector a capital injection of kr. 46 billion in order to prevent a potential credit crunch, and it guaranteed debt issuances of kr. 194 billion. on the fifth anniversary of the introduction of the general government guarantee, the government has still injected capital totalling kr. 31 billion into the sector. so far, the government has not had any direct costs that have not been covered by the sector ’ s payments for this support, but the risk has been enormous. in that perspective there can be no doubt that there was a need for tightening. yes, we have come a long way in terms of tidying up, but it would be unfortunate if the pendulum has already begun to swing back. thank you for inviting me to speak. bis central bankers ’ speeches
concerning the global systemic risk landscape. thank you very much for your attention. 6 / 6 bis - central bankers'speeches

olli rehn : addressing systemic risks to financial stability in the european union speech by mr olli rehn, governor of the bank of finland and first vice - chair of the european systemic risk board ( esrb ), to the cfa institute systemic risk council, washington dc, 18 december 2024. * * * presentation accompanying the speech esteemed members of the cfa institute systemic risk council, may i first thank the systemic risk council for the invitation. it is a great honour to speak before such a distinguished audience. i am looking forward to hearing your views and i hope we can have a lively discussion after my talk. let me start with a snapshot of our financial stability journey : since the global financial crisis, we have gained a sharper understanding of the systemic vulnerabilities in our financial system. the last 15 years have underscored the importance of financial stability as a cornerstone for effective central banking. during this transformative period, seminal work, by ben bernanke, charles kindleberger, hyman minsky and others, has provided a rich theoretical foundation for understanding these risks. bernanke shows that inadequate monetary policy and financial market failures can turn economic shocks into prolonged depressions. his emphasis on the role of central banks as lenders of last resort, combined with the concept of the financial accelerator, greatly helped to frame the policy responses to the global financial crisis and reduce the risk of another great depression. kindleberger and minsky illustrate how financial instability is not merely a by - product of irrational behaviour, but an almost inevitable aspect of financial cycles dubbed by minsky as the " financial instability hypothesis ". to quote kindleberger : " the essence of financial crises is that they are all alike ". this suggests that, while details differ, systemic patterns persist. globally, we have made notable strides in this domain. in the european union, our enhanced regulatory and supervisory frameworks, ranging from increased capital requirements to advanced macroprudential policies and all the way to the banking union, have played a pivotal role in shielding the financial system from recent global shocks. the european systemic risk board ( esrb ) has made an important contribution to these efforts and is an essential part of the macroprudential architecture in the eu. nevertheless, emerging challenges, particularly from the non - banking sector and cyber risks, remind us only too well that vigilance remains paramount. looking ahead, the completion of the basel iii regulatory reforms described by some as the " basel