Resolution
EBA and US agencies agree framework for cross-border resolution
Document lays out principles for information sharing and future crisis management agreements
Portuguese governor clashes with government
Treasury intends to transfer banking resolution competencies out of the central bank
RBNZ proposes tougher rules for bank outsourcing
Banks must show they can open at 9am the day after entering resolution; foreign-owned banks need to supply separation plans
Portuguese government welcomes proposal for new supervisory agency
New agency could take financial oversight and bank rescues away from the central bank
Bad assets ‘keep me awake at nights’ – RBI deputy governor
Reform proceeding at a “glacial pace”, says Viral Acharya
Portuguese bank seeks legal ruling on resolution fund payouts
BCP concerned by contingent obligations in Novo Banco sale; Portuguese government and financial sector have financed the resolution fund since its creation in 2012
Emergency liquidity fund set up for stressed Russian banks
Move follows the Bank of Russia taking effective control of a systemically important lender
Italian bail-outs may set bad precedent, ECB supervisor warns
But recent resolutions show system is working well operationally, Angeloni says
EU countries must stop state-funded bail-outs, Bundesbank board member argues
Use of state funds to bail out banks “not in the interest” of legislators, Dombret says
Bank resolution regime rolls out in Hong Kong
HKMA chief outlines how the new bank resolution regime can end the use of taxpayers’ money in case of a bank failure; authority also plans to conduct a public consultation on loss absorbency
FSB says ‘significant work’ still needed on cross-border resolution
Work is progressing but major obstacles remain; FSB’s Elke König urges regulators not to lose “reform momentum”
CCP network study uncovers highly concentrated core of firms
First data-collection exercise of its kind reveals a concentrated core and more dispersed periphery, with the possibility of shocks spreading outward
EC must address concerns over state aid – ECB’s Angeloni
ECB supervisor says Italian aid to Intesa raises serious questions
EC approves state aid for two Italian banks
Small regional banks will receive about €5 billion, having avoided resolution
ECB approves resolution of Spanish bank
Santander set to raise €7 billion to cover capital shortfall at Banco Popular Español
RBI begins to wield new banking clean-up powers
Central bank puts pressure on banking sector to carry through plans to address non-performing assets; floats idea of supplying its own credit ratings to prevent “rating shopping”
Nouy criticises EC’s regulation reform proposals
ECB supervisor questions a “one-size-fits-all” approach to supervision
Fed greenlights Wells Fargo revamp, lifts growth limits
Bank’s 2015 plan contained “deficiencies” that have now been corrected, US agencies say, although a further hurdle is coming this year
Rajan and Weber: central banks may fail next crisis test
Heavyweight economists say central banks may well find themselves intervening at the next major liquidity crisis, despite ostensible progress on resolution
Ukraine’s Gontareva to step down
NBU governor says her mission is complete, resigning three years into a seven-year term amid intense pressure
EBA provides guidance on bail-ins under European directive
Guidelines cover shareholders, debt-equity conversions and “grandfathered” assets
CEPR report ‘cautiously optimistic’ on bail-in
Thomas Philippon and Aude Salord find range of issues with European bail-in rules, but say they can probably be fixed; Cyprus bail-in “terribly” executed but still worked
Bank of Russia proposes major resolution reforms
New law would considerably extend the central bank’s powers
Bank of Jamaica proposes ‘hybrid’ resolution framework
New “hybrid framework” proposed after FSB report showed gaps in current resolution processes; parties have until April 14 to comment