News/Financial Stability
Questions raised over UK’s FX volume surge
Market participants attribute a range of factors to the 23% rise in FX turnover in the UK reported by the Bank of England's FX Joint Standing Committee on July 25
Bank’s Miles allays fears over economic costs of Basel III
Bank of England external Monetary Policy Committee member David Miles says Basel III requirements will not have negative bearing on economy, as long as the transition is gradual
Ireland copies UK in new central bank law
Central bank can now order financial services providers to have an independent expert prepare a report on any regulatory matter; similar to UK provision
Draghi backs ‘consistent’ implementation of Basel III
In his foreword to a new book, Mario Draghi says consistent implementation of Basel III rules must be achieved
Lagarde sets out ‘four-C’ plan to keep IMF relevant
Christine Lagarde says IMF must focus on clients and connections, be comprehensive and credible; reform of voting system is a top priority
Greek debt guarantees were vital for monetary policy: Estonia’s Lipstok
Bank of Estonia chairman Andres Lipstok says pledge by eurozone leaders to provide European Central Bank with guarantees for Greek collateral was very important for its price stability mandate
South Sudan currency exchange begins in earnest: images
Senior officials in South Sudan exchange Sudan pound for new South Sudan currency; central bank sets deadline for public to exchange old banknotes for new ones
Markets turn to periphery in wake of Greek package
Yields on Spanish and Italian debt edge higher as markets remain uncertain over the wider impact of Greece's bailout on peripheral countries
HKMA misses design fault on new banknote
Hong Kong Monetary Authority forced to apologise for design flaw on new HK$100 banknote; cost of re-design and re-prints will be covered by banknote designer HSBC
Target 2 experiences three-hour outage
Target 2 payments system down for three hours on Monday morning; European Central Bank says source of interruption is as yet unexplained
Fitch sees default ahead for Greece
Rating agency says Greece will default on its debt after European heads of state agree on €109 billion bailout plan for Greece with private sector involvement and more scope for EFSF assistance
Philippines introduces new financial reporting rules
Central Bank of Philippines revises guidelines on financial reporting to improve stability of financial institutions; new rules bring Philippines into line with international standards
UK opts out of ECB's T2S
Reports emerge suggesting the UK has opted out of the European Central Bank's Target2- Securities project
Row brews in Costa Rica over new banknote
Central bank forced to defend wording on new banknote; debate erupts on ‘state’ versus ‘republic’
Banks have most to lose from a US default: Standard & Poor's report
Standard and Poor’s says financial institutions reliant on short-term funding from the US Treasury would be hit hardest if the US were to default on its debt
Azerbaijan releases new strategic plan
Document sets out response to changing economic climate; highlights nine targets for supporting macroeconomic stability and growth in the country
Euro area leaders thrash out Greece deal
Leaked document shows euro area leaders agree to extend maturities on Greece loans through European Financial Stability Facility; compares second bailout for Greece to Marshall plan
Fed aims for summer Sifi regulations
Bernanke says Fed expects to issue proposed rules on Sifi oversight this summer; also 'on schedule' to implement Basel III
New Zealand prepares to overhaul banknotes
Reserve Bank of New Zealand outlines plans to upgrade New Zealand’s banknotes
Iranian public votes on currency reform
Preliminary results show name of currency will change and four zeros will be removed from value
Basel targets 28 banks with GSIB surcharge
Basel Committee says 28 banks will be required to hold additional loss-absorbency capital under proposed methodology for identifying global systemically important banks
Euro area leaders face tough choices over Greece
Crucial euro area summit to address funding of second Greece bailout to be held; terms for private sector involvement on agenda
Progress made on information gap project
IMF and FSB report 'considerable' progress on implementation of information gap recommendations
Euro counterfeit figure drops
European Central Bank releases counterfeit figures; 18.8% decrease in notes found