samchain/econo-pairs-v2 huggingface dataset:
burden is often over - stated as a contributor to the required fiscal adjustment. indeed, the interest cost of servicing the notes injected to recapitalize the banks only accounts for about one - tenth of the fiscal adjustment now in prospect over the next four years. i will not rehearse here the details of the scale on which capital has been injected into the banks with which members of the committee will be fully aware. it is important that relevant foreign investors have this information at their finger tips so that they can run their slide - rule over these figures so that they can see the extent to which buffers have been created to absorb not only the loan - losses that can be fully expected to occur, but also to take account of any additional loan - losses over - and - above what has been projected as likely over the coming couple of years. i sense a concern in the market that some other problems might be hiding somewhere. possibly this concern is due to the way in which the later nama loan tranches turned out to involve more severe haircuts than the first lot. specifically though, attention has naturally focused on the residential mortgage book, and the scale of the loan - losses that need to be allowed for here. although the actual accounting provisions taken by the banks on this portfolio are small, the central bank has insisted that allowance be made for much higher loan losses. the stress case loan - loss ratio to 2012 of 5 per cent used by the central bank for the irish residential loan books to determine required capital levels is well outside historic experience in ireland. despite recent trends in arrears and reschedulings, there is as yet no hard indication that the stress levels would be exceeded. in anticipation of next year ’ s update of the pcar exercise, the central bank is embarking on a more granular analysis of the this part of the portfolio in particular to track its evolving performance and determine whether the expected loss amounts remain sufficient. undoubtedly there are many stressed households with burdensome mortgage debts, not least in the buy - to - let category ; the policy challenges that this presents in terms of achieving workable and fair solutions are more complex than the mere issue of the likely loan - losses that might be involved. presumably over - capitalizing the banks could help build confidence, but this is not something which the state can be lightly asked to do, given the pressures on its finances. indeed, the market ’ s perception of the stressed condition of the sovereign is surely weighing also on the

sector and here i think more work is also needed on restructuring the finances of many small firms whose underlying viable business is threatened by the overhand of property - related debt that they accumulated on the side, so to speak. this is a challenging work out job for the banks to tackle, and it needs to be done expeditiously in order to ensure that viable businesses are not overwhelmed but can instead resume their contribution to the economic recovery.
of the 2000s, when capital inflows were dominated by flows into the equity markets. in other words, capital was attracted by growth prospects rather than interest rate yield differentials. to the extent that lower interest rates improve the growth outlook, the decline in interest - sensitive inflows may be more than offset by flows into the equity market or to direct investment. finally, i should emphasise that while the proposals may have an internal economic logic, the reality may be far more complicated. in particular, it is not always possible to achieve the goals of low and stable inflation, a competitive exchange rate and low real interest rates simultaneously. there are unfortunately times when conflicts between these objectives will arise, and the bank should be in a position to act independently, in line with its constitutional mandate, when such a situation arises. recent monetary policy the past year was a challenging one for the conduct of monetary policy. at the beginning of the year, the view that policy normalisation in the advanced economies would begin by the middle of the year implied an expected moderation of capital flows to emerging markets during the year. domestic growth was also expected to be positively affected by the improved global environment. at that stage, when the repurchase rate was still at 7 per cent, the exchange rate was at around r7, 60 against the dollar and inflation expected to average just under 6 per cent over the year. it was also our view that we had possibly reached the bottom of the interest rate cycle. the interpretation of the high frequency data at that time was also complicated by the distortions created by the world cup. as the year progressed, it became increasingly apparent that the monetary policy environment in the advanced economies was likely to remain highly accommodative for longer, and this view was reinforced by the emerging sovereign debt crisis in europe. this had implications for the rand exchange rate and its expected future path, as well as for the outlook for domestic inflation. domestic growth was also expected to be negatively affected by these events. as a result, our inflation forecast was progressively revised downwards. for example, at the march meeting, the expected low point for inflation in the third quarter of 2010 was 4, 9 per cent. by the september meeting this had been revised down to 3, 7 per cent. furthermore, and of greater significance, the longer term expected trend of inflation was also revised downward to the extent that the entire expected inflation trajectory over the forecast period was seen to be comfortably within the inflation target range.

targeting mandate. as always the bank stands ready to play its part in contributing to longer term sustained economic growth in the economy by ensuring a low inflation environment. low inflation or price stability can contribute to long - term growth by providing greater stability and reducing uncertainty, which will be positive for longer term investment. thank you.
et la lire italienne, pour la meme periode et sur les memes bases. l ’ image que l ’ on en retire est fort differente. la volatilite est beaucoup plus forte. la lire connait une longue periode d ’ appreciation jusqu ’ en 1992, puis chute dans un retournement dramatique de situation, suivi d ’ une nouvelle normalisation. vous connaissez les raisons qui se trouvent en arriere - plan de ces fluctuations de la lire. elles tiennent aux situations souvent difficiles rencontrees par la politique economique italienne durant ces annees. pour l ’ economie suisse, de telles variations de cours sont extremement douloureuses. le degre de competitivite de son industrie d ’ exportation se modifie dramatiquement, et ceci dans des periodes relativement breves. il s ’ ensuivit des couts eleves d ’ ajustement au plan economique et social. la relation entre le franc et le mark et celle entre le franc et la lire revelent donc deux aspects bien differents de notre histoire financiere recente. d ’ un cote, une relative stabilite, de l ’ autre, une volatilite marquee. c ’ est dans ce domaine qu ’ un progres considerable sera realise grace a l ’ integration monetaire europeenne. avec la fixation irremediable des parites, puis l ’ introduction de l ’ euro, une seule politique monetaire sera appliquee. le continent aura gagne en homogeneite financiere. si l ’ euro disposait, demain, des memes caracteristiques que le mark allemand, la relation entre le franc suisse et les monnaies europeennes sera beaucoup plus stable que par le passe. les progres de la stabilite monetaire profiteront donc non seulement aux europeens mais aussi a ceux qui vivent a leur cote. 2. 2. 2. une integration acceleree au - del

je ne parle pas seulement des etablissements financiers mais aussi de tous ceux qui commercent avec l ’ europe. mais sur la duree, notre industrie d ’ exportation pourra compter avec un environnement monetaire plus homogene, moins volatil que par le passe. l ’ union monetaire demandera aussi beaucoup de pragmatisme dans la conduite de la politique monetaire. le „ pragmatisme “ est souvent attrayant mais ne nous cachons pas qu ’ il est synonyme de prise de decision dans des conditions particulierement difficiles ou les points de repere sont moins evidents que d ’ habitude. nous avons bon espoir, mesdames et messieurs, que le nouvel ordre monetaire europeen ne creera pas de handicap majeur pour la suisse et le franc suisse. il s ’ agit au contraire d ’ une chance pour notre pays, celle de clore le chapitre de vingt - cinq annees de desordres monetaires en europe, pour deboucher sur une periode ou les politiques seront plus convergentes et stables. nous en attendons plus de calme dans les changes, ce qui sera dans l ’ interet du developpement de notre commerce exterieur et aussi dans celui d ’ un retour a la croissance economique dans notre pays. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
by permitting frictionless arbitrage between the two markets. secondly, if we are to allow access to the offshore markets to domestic entities, it may not serve any purpose if arbitrage between the offshore and onshore markets is blocked. if we are to pursue it to its logical end, this leads us to a situation where there is no restriction on forex derivative transactions in domestic markets and across the borders – either on eligibility, entry and exit of participants or on settlement. 25. here, what tempers our thinking is the principle i mentioned earlier : the imperative of regulatory consistency and irreversibility over time. do we have the appetite and wherewithal to tide over any possible future spate of volatility without undoing any relaxations we contemplate bringing about? this consideration argues in favour of moderation, gradualism and pacing our steps. the challenge is to hit an optimal middle path between throwing caution to the wind and allowing excessive caution to prevent any forward movement. concluding thoughts 26. having outlined some of our policy dilemmas in respect of capital controls and forex market development and regulations, let me now in conclusion turn to the role fedai and its member foreign exchange dealers can play in appreciating the challenges and actively engaging with the regulators. between the world where they just had to execute a transaction according to an rbi permit and the world where a foreign exchange transaction will be like any other inland rupee transaction except the currency risk falls a large territory where the foreign exchange dealers will have to facilitate external trade and investment related transactions keeping in view the genuine needs of the real sector without losing sight of the prudential requirements. authorised dealers will have to constructively engage themselves in appreciation of the evolving regulatory dispensation and, more importantly, provide a friendly, efficient and transparent interface with the end - users. regulatory framework, of course, has to evolve, amongst others, keeping pace with the way business is done and it is important for authorized dealers to be conversant with the purpose and principle behind change in regulatory regime not only for effective implementation but also for providing a conducive atmosphere for doing business. we find many violations of regulations occur not intentionally but due to ignorance or lack of appreciation. there is surely enough scope for bringing in improvement in this regard. the well thought out sessions planned for this conference, in a sense, will provide many insights to our understanding of some of the current issues relating to our financial markets. lastly,

i wish to emphasize that there is a need for establishing highest standard of code and ethics of doing business and guarding against temptations of perverse incentives, particularly in the financial sector. the financial markets and institutions survive and thrive on trust and it must be our constant endeavor to continue to deserve that trust. thank you very much for your attention. bis central bankers ’ speeches
let us all remain committed in being responsible stewards of this global policy network on financial inclusion. together, let us note that stewardship is not merely an obligation but a proactive response and opportunity for us to develop further what has been entrusted to us. we are all called to foster this global connection and move forward together toward institutional independence. thank you and more power to all of us. bis central bankers ’ speeches

the visayas region, the security thread of the 200piso banknote changes colors from green to blue. lastly, the 100 - piso was designed after an indigenous textile from the bicol region and with colors that shift from violet to bronze. all these banknotes also have three - dimensional and holographic features. in addition, the 1000 - piso and the 500 - piso banknotes feature design elements that use optically variable ink, which enables change in color when viewed at a different angle. the value panels of these two banknotes were added with a rolling - bar effect when tilted from left to right, and vice versa. finally, a distinct security feature will help us achieve our mission of bringing bsp closer to filipinos. we added tactile marks to the banknotes specifically intended to help the elderly and 1 / 2 bis central bankers'speeches visually impaired to quickly identify the value or denomination of the banknote. pairs of short horizontal bands are printed in intaglio or engraved at the extreme right and left sides of the note. a 1000 - piso has five pairs of this tactile mark ; the 500 - piso will have four pairs ; three pairs for the 200 - piso ; two pairs for the 100 - piso ; while a 50 - piso will have one pair of tactile marks. through this distinguishing feature, the elderly and the visually impaired will be more confident in using the banknotes for their transactions, paving the way for financial inclusion. needless to say, our banknotes are the treasure of our nation — as we always remind the filipino public, “ ingatan natin ang ating salapi, salamin ito ng ating yamang lahi. ” let us all do our part in preserving and safeguarding its value. maraming salamat at magandang hapon sa ating lahat! 2 / 2 bis central bankers'speeches
to build stronger links with a wider, more diverse group of colleagues, and also deepen those over time, as they progress through their careers. there is a very important further issue in all of this, which is sadly highly topical, namely to ask what is the antidote to the problem of lobbying? the answer is not to speak to no - one. that is not likely to lead to good decision making. the answer is to be rigorous about speaking to a diverse range of people to get their views. we look forward to engaging with you in the future, working together to understand financial market developments from a diverse and varied range of perspectives to inform our policy committee decisions. thank you i am grateful to christine boykiw, sumita ghosh, sam juthani, ankita mehta and arjun popat for their assistance in helping me prepare these remarks. 1 see carney ( 2017 ) – link in references section. gender, ethnicity, age, disability, sexual orientation and education are types of ‘ identity ’ diversity. ‘ cognitive ’ diversity is about our perspectives and how we think about and solve problems. 2 bailey 3 hauser ( 2020 ), cleland ( 2019 ), hauser ( 2019 ), breeden ( 2019 ), cleland ( 2019 ), carney ( 2019 ) among others. 4 see paterson ( 2020 ) for a recent update on bank activities. 5 see, for instance, haldane ( 2014 ) or sweeney ( 2019 ). 6 haldane and may 7 haldane 8 hauser 9 updated mi charteropens in a new window 10 updated uk money markets codesopens in a new window 3 / 3 bis central bankers'speeches

: info @ rbf. gov. fj website : www. rbf. gov. fj reserve bank of fiji develop and promote sustainable business models that support communities ’ response to climate change under the maya declaration and issuing sovereign green bonds – a world first for an emerging market. i also encourage you to use the financial pages in the diary to record your daily expenses as it will help you develop the habit of tracking and assessing your financial decisions to better plan for a sustainable future. i wish to take this opportunity to acknowledge the continued commitment of all the teachers to your personal development. to the students, my advice to you is to continue asking questions. be inquisitive and further your learning whenever possible. your teachers play a key role in giving you the necessary guidance to help you develop your financial literacy but it is up to you to make the most of your opportunities. conclusion i hope you will find this year ’ s student diary both useful and engaging. i encourage you to use it well and develop yourselves to become not just financially responsible but environmentally - conscious. remember that a concerted effort is required to ensure a sustainable future for us and our planet, therefore every bit that you do counts. finally, i would like to wish the teachers and students all the very best for the new academic year. may you flourish always, thank you! end private mail bag, suva, fiji tel : ( 679 ) 331 3611 fax : ( 679 ) 330 2094 email : info @ rbf. gov. fj website : www. rbf. gov. fj
come true, we also need to understand the forces behind the populist dissatisfaction with the union, and not dismiss them. the referendum debate in the united kingdom has been acrimonious. in striving to deliver a united europe, we need to be united in ourselves and build a shared eu - wide identity that delivers the necessary democratic legitimacy to the institutions. strive mightily, but eat and drink as friends. bis central bankers ’ speeches

, sustainable and balanced growth can be achieved in order to support our national objectives. luckily when it comes to regulatory reform in south africa it is the case of making good even better, or great, rather than having to fix what is broken. south africa ’ s financial system is rated among the best in the world. in the recent world economic forum ’ s ( wef ) competitiveness survey, south africa ranked third on overall financial market development, first in the regulation of securities exchanges and first in the strength of auditing and reporting standards. but there is no room for complacency, and the need for various regulators to work together more closely is crucial. we also have our work cut out in the area of financial inclusion, to address the challenge of a large proportion of the population not having access to formal banking, insurance and investment products. financial market infrastructures are a source of strength for the financial system, but could also bring risk that could be catastrophic. it is heartening to say that the south african regulatory environment is well developed and should foster confidence in our financial institutions as well as our financial market infrastructures. these institutions strive to meet international standards and best practice in order to be open for integration with other markets to ensure that we take advantage of opportunities that present themselves and manage risks appropriately. it is also encouraging to note that some of our domestic financial market infrastructure operators are already conducting self assessments based on the recently released international principles in the positive spirit of accepting the standards bis central bankers ’ speeches as being good for their risk management rather than viewing them as something that is being imposed on them by regulatory authorities. our participation in regional formations, international standard setting bodies and oversight arrangements also offers a platform for us to gain insight and learn from developments elsewhere. this also offers us an opportunity to make a contribution to these regional and international developments and shape them. i thank you for the opportunity to share these thoughts and trust that you will have a good conference. references : principles for financial market infrastructures, bis cpss & iosco, april 2012 a safer financial sector to serve south africa better, national treasury policy document, republic of south africa, february 2011 bis central bankers ’ speeches
##173306 - 502d0dda6b644e7db5d019dd44ac49b6. pdf [ 38 ] the central bank ’ s second motor insurance report of the national claims information database was published on 3 november 2020. it also confirms that the first employer liability ( el ) and public liability ( pl ) ncid report will be published in the first half of 2021 – see : https : / / www. centralbank. ie / news / article / pressrelease - second - motor - insurance - report - of - the - national - claims - information - database - issued - 03 - november - 2020 https : / / www. centralbank. ie / news / article / speech - braving - the - storm - ed - sibley - 4 - nov - 20 7 / 7

##pports / # : ~ : text = covid % 2d19 % 20working % 20capital % 20scheme, eligibility % 20criteria % 20apply [ 28 ] central bank. strategic role of the central bank [ 29 ] for further information on the ecb ’ s monetary policy responses, see ecb blog post by philip lane at : https : / / www. ecb. europa. eu / press / blog / date / 2020 / html / ecb. blog200501 ~ a2d8f514a0. en. html [ 30 ] see https : / / www. centralbank. ie / about / the - eurosystem [ 31 ] in the case of the ecb, comprehensive package of policy measures was provided through the pandemic emergency longer - term refinancing operations ( peltros ) and pandemic emergency purchase programme ( pepp ), the latter amounting to €1. 35 trillion equivalent to 11 per cent of euro area gdp [ 32 ] see european banking authority - https : / / eba. europa. eu / ; european insurance and occupational pensions authority - https : / / www. eiopa. europa. eu / ; european securities and markets authority - https : / / www. esma. europa. eu / ; european systemic risk board - https : / / www. esrb. europa. eu / home / html / index. en. html ; and european central bank - banking supervision ( ssm ) - https : / / www. bankingsupervision. europa. eu / home / html / index. en. html [ 33 ] makhlouf, g. " the covid - 19 crisis and the monetary policy response " 6 may 2020 [ 34 ] see https : / / www. centralbank. ie / consumer - hub / covid - 19 / research - and - publications for more details on publications [ 35 ] lydon, r., and mcgrath, l. " economic letter : regional impact of covid - 19 : western region & atlantic economic corridor " october 2020 [ 36 ] the business interruption supervisory framework is designed to identify and monitor insurers ’ approaches to these types of policies, to set out our expectations in relation to these, and to escalate our response where those expectations are not met. [ 37 ] see https : / / assets. gov. ie / 6256 / 060219