samchain/econo-pairs-v2 huggingface dataset:
strong sense is that banks have both the desire and the commitment to continue to develop their internal ratings systems in a manner consistent with the requirements of the irb framework. the discussions with the industry have, however, highlighted various areas where banks may need to expand their efforts in preparing for implementation. i will offer comments on four areas where more work is needed : a. the design and structure of rating systems ; b. the necessary controls to ensure that ratings are accurate and up to date ; c. the availability and quality of credit data ; and, finally d. the overall corporate governance approach a. rating system design the first area concerns the design of a risk rating system, which is, of course, central to ensuring the effectiveness of the irb approach. the basel committee believes that banks ’ internal rating systems should accurately and consistently differentiate between degrees of risk. the minimum irb standards in this area build on the strongest risk management practices observed in the industry. to illustrate the point, many organizations either already have, or are in the process of developing a ratings system that captures both the risk of borrower default, as well as transaction - specific factors that shed light on the amount of loss that would arise if default occurs. in other words, these banks ’ systems are now oriented to capturing the several essential components in estimating credit risk under the irb approach. credit risk rating systems are clearly improving in various dimensions, including how finely they seek to distinguish differing degrees of borrower risk. to do so, banks typically look to expand the number of ratings categories into which they slot their exposures. however, just establishing more rating categories is not enough. the challenge is for banks to define clearly and objectively the criteria for these ratings categories in order to provide more meaningful assessments of both individual credit exposures and, ultimately, their overall risk profile. the clarity and transparency of the ratings criteria will be critical to ensuring that ratings are assigned in a disciplined and reliable manner. b. controls over the rating system of course, a ratings system is useless without the necessary system of checks and balances, or control structure, which is the second area i will discuss as needing banks ’ attention. banks must have the proper controls in place to ensure that the rating system is performing as intended, and that its ratings are accurate - that is, that a " 5 " rating really is a " 5 " and that a " 7 " really is a " 7. " there are at least three major structural elements that are

past two to three years.
indonesia

amando m tetangco, jr : pushing ahead through headwinds speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the regular membership meeting of the rotary club of manila, manila, 3 january 2008. * * * distinguished officers and members of the rotary club of manila led by your president benny laguesma, my colleagues from the bangko sentral led by monetary board member raul boncan, friends from the media, ladies and gentlemen, good afternoon. thank you for this opportunity to address your group on your first membership meeting in 2008. i know it is customary, having just moved into a new year, to begin a speech like this by looking back at the year past and taking stock of the positive outcomes that we had achieved. but for today ’ s remarks, i thought i would begin by considering instead the year ahead and anticipating the challenges we face amidst the uncertainty in the global arena. i liken this beginning to how one would probably wish to commence a round of golf on a course one has never played before. ( i hope you would pardon my reference to golf. but i know many here share my passion for the game. ) “ know your course. what hazards are around the corner? at midday, in which direction does the wind blow? etc, etc. in other words, let ’ s first consider the “ lay of the land ” ahead of us. then, after a quick review of these challenges, which i see to be manageable, let me put forward reasons why i believe the philippine economy would be able to ride out the headwinds that threaten to confront us and the steps we have taken and intend to take toward this end. challenges since the third quarter of last year, a good deal of attention has been focused on the turmoil in the financial markets in the us and europe and the sudden plunge in credit market confidence triggered by the us sub - prime mortgage crisis. since then portions of the underlying forces at work have been revealed – the complex nature of derivatives used, the high degree of leveraging on poor ( or even absent ) collateral, the underestimation of risk that had been prevalent in the financial markets and the surprisingly sizeable exposures of large financial institutions to some of the debt instruments and derivatives in question such as cdos. much, however, still needs to be uncovered for the general public to appreciate the full import of
a wide range of industries. to make the most of our opportunities as a trading nation, we need to let the adjustment process unfold as effectively as possible. it won ’ t be easy and it will take time. for the bank, the best contribution we can make is to set policy that will help keep inflation low, stable and predictable, so that canadians can plan and invest with confidence. and as business and community leaders, you can help by being proactive and innovative in your respective fields. i would like to thank rhys mendes for his help in preparing this speech. bis central bankers ’ speeches

from the bank ’ s interest rate cuts last year helped support the broader economy. but the impact of lower real incomes is gradually building. we expect it to become the dominant source of drag on the economy by 2017. as their wealth and incomes decline, households will likely restrain their spending and we will see lower, but still positive, consumption growth. how is the economy adapting? now that i have given you some numbers around the impact of the oil price shock on the canadian economy, let ’ s turn to my second question : how long and what form the adjustment will take. it is difficult for us to be precise about the timing of the underlying shifts in the economy. but our best guess is that the full adjustment will take longer than two years, our normal forecast horizon. having said that, we have a few clues that can help us to frame the timeline. first, in examining labour markets, we see an interesting development that suggests we may be adjusting to the economic shift more quickly than we have historically. in the past, regional shocks would have led to a persistent divergence in employment rates across provinces. between 1976 and 1997, the average difference between employment rates in any one province and the national rate was 5. 5 percentage points. this was much higher than the corresponding gap in the united states. but the gap in canada has now shrunk to u. s. levels, below 4 percentage points, as we explain in a staff analytical note posted on our website today. 9 while this is just one indicator of labour mobility, the convergence suggests that canadians have become more willing to d. amirault and n. rai, “ canadian labour market dispersion : mind the ( shrinking ) gap, ” staff analytical note 2016 – 3, bank of canada, 2016. bis central bankers ’ speeches move to where the jobs are. that may mean that regional labour markets will adjust more quickly to the decline in commodity prices. indeed, we are already seeing shifts in migration patterns. net interprovincial migration to alberta reversed in the fourth quarter of 2015. at the same time, over the past two quarters, ontario registered the largest inflow of interprovincial migrants since 2002. in addition, the flow of workers who were commuting from their homes in other provinces to alberta has fallen sharply. 10 a second clue is the close but imperfect link between our terms of trade and the value of our currency. it is no surprise that the value of the canadian dollar has fallen along with
is to expand and if the economy is to enjoy sustained growth. i am confident that you have the capacity to do this because you have so demonstrated in the past. i wish you a very productive and rewarding two - day conference. thank you.

welcoming remarks by jerome h. powell chair board of governors of the federal reserve system at the 2022 community banking research conference, sponsored by the federal reserve, the conference of state bank supervisors, and the federal deposit insurance corporation st. louis, missouri ( via pre - recorded video ) september 28, 2022 good morning, and welcome to the 10th annual community banking research conference. i have attended this conference twice before, including the first one back in 2013, and i can attest to the quality of the research and discussions. while i am coming to you virtually today, many of you are gathering in person for the first time in three years. i am sure it will make an excellent event even more enjoyable. the community banking research conference brings together researchers, regulators, policymakers, and community bankers to discuss the unique and important role community banks play in our economy. the conference was launched in the years following the financial crisis, in a collaboration by the federal reserve, the conference of state bank supervisors ( csbs ), and the federal deposit insurance corporation ( fdic ). the conference was developed to deepen our understanding of the community bank business model and to provide a forum to discuss research with academics, policymakers, regulators, and community bankers. the research presented over the years has informed supervisory and regulatory policy debates and continues to challenge our thinking. it has highlighted the vital links between community banks and small businesses, the availability of credit in low - and moderate - income communities, how community banks support their local communities in times of crisis, and the impact of technology. a critical feature of the research sessions is that community bankers join academic moderators to provide feedback from a practitioner ’ s perspective. the challenges facing community banks have changed significantly over the past 10 years. community banks have demonstrated remarkable resilience, and conferences like this have helped regulators and supervisors to better understand those changes. - 2i want to congratulate the federal reserve bank of st. louis for a decade of hosting an important and informative conference. and i want to thank our colleagues at the fed, the fdic, and the conference of state bank supervisors. on a sadder note, i want to recognize the passing of john ryan, who was president of the csbs, this past may. john ’ s impact on the csbs and his contributions to the financial services sector overall were significant, and he is missed by all who knew and worked with him. thanks also to the researchers and all the community banking professionals
i wish all of you – tomorrow ’ s titans – every success in all your future endeavours. let me conclude by wishing each one of you a very bright, promising and challenging career in the banking sector. bis central bankers ’ speeches

become an asset rather than a liability. 4. thou shalt do hard work all of you should remember always that hard work is the “ mantra ” of success. nothing can substitute your hard work. and those who do hard work during the initial years of their career, will be the ultimate winners in the system. thus, try to have a positive attitude towards work and try to have a good understanding about the challenges ahead. prepare yourself for meeting those challenges and meeting the expectations of your institution. at the end of the day you will be rewarded in one way or another. so, do not hesitate to take more responsibilities in the initial part of your career. be pro - active and do more work ; this will improve your understanding of the subject. 5. thou shalt develop the right attitude at times, the attitude of the bank staff also keeps rural illiterate customers away from the banking system. so, as new entrants to the banking industry, try to build up friendly customer relationships. do not discriminate customers based on their caste, sex, education and also by financial background. try to extend fair services to all customers of the bank irrespective of their background. you all should take extra efforts to bring financially illiterate customers to the bank. this is because a good bank should not confine it ’ s operations to metropolitan areas, it should be willing and innovative enough to expand its services to under banked rural and semi - urban areas. thus, as employees of the banking sector you have an important role to play in furthering financial inclusion, dealing with underprivileged sections of society and ensuring adequate flow of credit to activities associated with such people. 6. thou shalt attempt to become a pioneer globalization opens up lot of opportunities for the banking sector from across the globe. however, to take advantage of these opportunities, banks have to prepare themselves. banks will have to work in a multi - cultural and multi - linguistic environment to compete with the globally active banks. a group of efficient, young and well educated employees is a sine qua non for achieving this competitiveness. so, as employees of the banking sector, try to improve your communication skills, try to learn about the developments in the global banking sector and try to learn about the emerging opportunities. be innovative in taking advantage of the emerging opportunities. because, a pioneer has always an advantage over followers. so, try to be pioneers rather than followers in your career. 7. thou
to mitigating and offsetting the negative impact of foreclosures.

where we created a frugal indian model, we need a frugal, trustworthy, and effective indian model for financial inclusion. the dr. nachiket mor committee is helping us think through possible models, and i am hopeful that when we outline measures based on its recommendations, our fine banks, nbfcs, it companies and mobile players will rise to the occasion. the key will be to encourage entities to compete to serve the customers at the bottom of the pyramid. we should tolerate their making profit but not profiteering, and we will enhance our efforts in consumer protection and consumer literacy accordingly. and last but not the least, we have to deal better with distress ; we have to ensure that the system recognizes financial distress early, takes steps to resolve it, and ensures fair recovery for lenders and investors. we could wish for a more effective judicial process or a better bankruptcy system, but while we await that, we have to improve the functioning of what we have. next week, we propose to put out a paper for discussion that will focus on putting real assets back to work in their best use. the key elements to deal with distressed borrowers will include : ( i ) early formation of a lender committee with timelines for reaching agreement on a plan for resolution. ( ii ) stronger incentives for lenders to agree collectively and quickly to a plan – this will involve better regulatory treatment of stressed assets if a resolution plan is formulated and agreed to, accelerated provisioning if no agreement can be reached. bis central bankers ’ speeches ( iii ) a mandated independent evaluation of large value restructurings, with a focus on plan viability and a fair sharing of losses ( and future possible upside ) between promoters and creditors. ( iv ) more expensive future borrowing for wilful defaulters or uncooperative defaulters who do not work with lenders to achieve an efficient and equitable resolution of distressed assets. ( v ) more liberal regulatory treatment of asset sales and more encouragement for new entities to purchase or refinance assets. the lesson of every period of financial stress across economies has been that early recognition and resolution of problems gives the economy its best chance of robust recovery. through the measures that will be outlined next week, the rbi intends to help promoters and banks deal effectively with the financial stress that has built up. let me conclude. i will depart from the usual conservatism of a central banker to predict that the best of india is yet to come. we will be
in december 2023 of 200 basis points, and a further 50 basis points in february 2024, thereby raising the cbr cumulatively by 350 basis points to 13. 00 percent. this tight monetary policy stance continues to anchor inflationary expectations and addressing any residual exchange rate pressures. 1 / 3 bis - central bankers'speeches in addition to tightening monetary policy to anchor macroeconomic stability, we immediately embarked on several other key reforms including : ( i ) introducing a new monetary policy framework based on inflation targeting in order to enhance monetary policy transmission. ( ii ) introducing the kenya foreign exchange code for commercial banks, aimed at strengthening and promoting the integrity and effective functioning of the wholesale foreign exchange ( fx ) market. ( iii ) introducing the electronic matching systems ( ems ) in the interbank forex market in august 2023 to promote a transparent and accountable price discovery mechanism and ensure visibility to all market participants ; and ( iv ) unifying the parallel exchange rates whereby the cbk was quoting a different exchange rate from that quoted by commercial banks. we now have a single rate which is based on actual transactions in the interbank forex market. the cbk has also introduced a state of the art financial market infrastructure, the dhow central securities depository ( dhowcsd ), which was launched by his excellency president william ruto, on september 11, 2023. the system has transformed kenya's financial markets through enhanced operational efficiency and expansion of digital access, market deepening for broader financial inclusion, and improved monetary policy operations. it has improved domestic and foreign investor access to the kenyan capital market, by providing a simple, secure and efficient process for diaspora kenyans to invest in government securities, wherever they maybe globally. the dhowcsd platform has been named the winner of " central banking's payments and market infrastructure initiative award ", by central banking publications. the award recognizes the critical role dhowcsd has played in improving the financial markets infrastructure in kenya. in line with the government's focus on " hustlers " and ensuring no - one is left behind, the cbk intends to leverage the dhowcsd to introduce a retail bond for low - income investors, known as m - akiba. we expect low - income investors to invest as low as us $ 5 in government securities through m - akiba - thereby democratizing investing in government securities. turning to financial stability, kenya's banking sector remains sound and stable, with adequate capital and

##ence of the services sector, and implementation of government measures to boost economic activity across priority sectors in line with the bottom - up economic transformation agenda ( beta ). this projected growth is well above the global average of 3. 2 % and that of ssa at 3. 8 %. on this note ladies and gentlemen, and with humility and profound gratitude, i accept this award. thank you. 3 / 3 bis - central bankers'speeches
at the same time, we must stay alert to the potential risk of “ green bubbles ”. green investments are not automatically risk - free. to conclude : the general objective of regulation and supervision is to preserve and to improve individual and systemic resilience against financial risk. therefore, any regulatory changes suggested in the context of sustainable / green finance need to follow a risk - based approach. 1 / 2 bis central bankers'speeches we in the ngfs are developing an analytical framework in order to quantify and assess the impact of climate - related risks on the economy and the financial system. this will further strengthen our ability to safeguard financial stability and effectively supervise banks – which is why i look forward to paving the way for a greener, more sustainable financial system. 2 / 2 bis central bankers'speeches

be dealt with under the sgp. however, we should refrain from macro fine - tuning – be it at the european or at the national level. such efforts would definitely overburden economic policy and raise expectations that are bound to be disappointed. instead, reasonable macroeconomic surveillance should confine itself to the early detection of harmful domestic imbalances that have significant negative spillover effects on other member countries or even the euro area as a whole. this in principle also precludes the symmetric treatment of current account surpluses and deficits : divergences within the euro area were caused by distortions and the inefficient use of capital in deficit countries. hence, the brunt of the adjustments has to be borne by these countries, whereas – as studies demonstrate – additional stimuli by surplus economies would do little to ease this burden. at the current juncture, the fundamental characteristics of the macroeconomic surveillance procedure are still very vague. in my view, the details need to be worked out first. only once this has been done, can we decide whether it makes sense to complement the procedure with sanctions and what these sanctions might look like. 4. conclusion ladies and gentlemen, the economic and financial crisis has demonstrated that there is ample room for improvement and need for reform in our financial system as well as in the area of eu governance. a look at the global agenda shows that the main messages that the crisis has taught us seem to have been understood. as the recovery proceeds, it is of the essence not to relent in our efforts to implement the necessary measures. if the momentum for structural reforms in the various fields of economic policy can be maintained, we will have made significant progress on the path towards strong, balanced and sustainable growth. thank you for your attention.