News/Financial Stability
IMF makes strong call for strengthened policy response in Europe
International Monetary Fund wants stronger financial integration to bolster Europe’s recovery; comes as officials gather in Greece to see progress
Thai governor becomes latest to attack IMF capital controls framework
Bank of Thailand governor Prasarn Trairatvorakul’s criticisms of IMF framework on capital controls come after similar comments from Brazilian, Indian officials
Lambert will not take up seat on Bank’s FPC
Former Monetary Policy Committee member Sir Richard Lambert says he no longer wishes to become one of four external members of macroprudential body
Basel Committee unveils final proposals on pay
Basel Committee on Banking Supervision reveals risk-adjusted remuneration report; urges large firms to move away from remunerating employees based purely on their profits
Funding pressures influencing rate votes: BoE’s King
Bank of England governor Mervyn King notes gap between rates and funding costs “enormous”; says “big picture not changed much”
Bank of Namibia to issue new banknotes in 2012
New security features will be added to notes; old notes will still be legal tender
IIF: cross-border resolution regime an ‘absolute priority’
Global trade body for banking industry calls on G-20 to set up task force; calls on banks to identify “critical functions” that need to be preserved in the event of failure
Yellen defends IMF proposals on capital controls
Federal Reserve vice-chair takes Fund line on framework to tackle capital inflows; follows criticism of framework from Indian, Brazilian officials
Elderfield details Ireland's new risk assessment model
Matthew Elderfield, head of financial regulation at the Central Bank of Ireland, reveals details of new ‘Prism’ risk assessment model
Too big to fail must end; FDIC chair Bair
Being labelled a Sifi will not mean being anointed too big to fail, leading to automatic bailouts, Federal Deposit Insurance Corporation chairman, Sheila Bair warns
Indonesia issues tough sanctions for Citibank
Bank Indonesia bans Citi from opening branches for a year
Bernanke sheds light on new macroprudential approach
Federal Reserve chairman Ben Bernanke touches on benefits of new macroprudential approach in the United States under the Dodd-Frank Act
Bank of England keep rates at record low
Bank holds for fourteenth month in a row
ADB discusses stability, inflation and the dollar at AGM
Annual general meeting of the Asian Development Bank touches on core issues for the region; stability, inflation and reforming the international monetary system
Draghi calls for EU law to govern bail-in powers
Financial Stability Board chairman Mario Draghi says measures to enable bondholders to receive haircuts before the collapse of a financial institution should be placed in European Union legislation
Wellink clarifies position on Greece restructuring
Media reports suggest Netherlands Bank president Nout Wellink is open to a debt restructuring for Greece; central bank spokesperson denies suggestions, says president’s views remain in line with European Central Bank
SNB turns profit in first quarter following steep loss in 2010
First quarter profits likely to come as relief after criticism that greeted $20.7 billion loss in 2010
Bulgaria ordered capital hikes, report released
Bulgarian National Bank publishes 2010 Annual Report; asked three banks to increase capital
IMF urges emerging markets to tighten monetary policy
IMF Regional Economic Outlook for Asia report says emerging market central banks must tighten monetary policy to stave off inflation; acknowledges limitations of monetary tools
Central banks continue to purchase gold
World Gold Council releases first Gold Investment Digest of 2011; shows central banks are still net buyers of gold in Q1
Finland’s central bank unveils first volume of official history
Bank of Finland publishes first of two-part history; describes how governor fought to stabilise national economy during the Great Depression
West African central bank reopens offices in Ivory Coast: reports
West Africa’s regional central bank resumes operations in Ivory Coast
Hong Kong plans to regulate credit-rating agencies
Hong Kong announces it will begin regulating credit-rating agencies from June; agencies and analysts must apply for licences
Role of Fannie, Freddie failure in crisis has been underplayed: ex-Fed’s Warsh
Recently departed governor Kevin Warsh tells Central Banking that decision to take government-sponsored enterprises into state ownership had significant ramifications