Financial Stability
ECB’s Cœuré urges ‘revival’ of money markets
ECB policy-maker says money markets are “vital” to the financial system; discusses steps that should be taken to reduce risk concerns to restore activity
Egyptian official recalls emergency planning during unrest
Manager of risk department at the Central Bank of Egypt describes what happened when social unrest took hold of the country; bankers decamped to a hotel in the suburbs to maintain services
Malawi central bank releases new currency
Reserve Bank of Malawi introduces series of banknotes and coins; follows decision to devalue the kwacha to appease international aid donors
BoJ’s Shirai considers eurozone impact on Japan
Sayuri Shirai examines eurozone crisis and discusses impact on Japan; sets out three main channels through which the economy is affected
Riksbank commentary challenges EC debt measure
Economic commentary assesses measure of private debt to GDP used by the European Commission in its February report on imbalances in the EU; says measure overestimates debt in Sweden
FSB report highlights countries behind on OTC reforms
Progress report shows many countries failing to implement OTC derivatives market reforms; calls for 'aggressive push' to meet deadline
UK credit and liquidity schemes met with uncertainty
BoE and government announce plans to improve credit and liquidity picture in UK; banks’ shares rise but questions remain on effectiveness of plans
Draghi defends sovereignty in an economic union
President of the European Central Bank discusses future of economic union in the eurozone; hints at more stimulus
Riksbank’s Ingves considers bank regulation lessons
Stefan Ingves discusses banks’ role in financial crisis; warns of 'delay and lingering uncertainty' in European banking reform efforts
IMF paper models wholesale funding impact on credit supply
Working paper looks at effect of bank wholesale funding during financial crisis; finds use of wholesale funds negatively impacted credit supply during the crisis
SNB reports on countercyclical capital buffer implementation
Swiss National bank report clarifies the central bank’s role in the implementation of a new countercyclical capital buffer in line with Basel III
UK plans joint BoE-government funding scheme
Mervyn King announces 'funding for lending' scheme for banks; stresses full support from government is necessary
HKMA unveils new phase of cross-border settlement platform
Hong Kong and Malaysian central banks to add cross-border collateral management service to settlement platform to promote growth in 'underdeveloped' Asian repo markets
BIS paper examines impact of financial cycle
Working paper studies the financial cycle and its relationship to the business cycle; emphasises importance of considering the medium term in designing policies
JP Morgan loss was bungled attempt to cut Basel III RWAs, says Dimon
Loss-making unit's RWAs would have tripled under Basel III, JP Morgan chief executive says - but attempting to cut capital burden made its hedges more complex
UK banks must remain under national supervision, says Lloyds chief
Lloyds Banking Group chairman says it is 'crucial' UK banks remain under national supervision; calls for more forward-looking regulation
Fed’s Tarullo calls for prompt action to regulate shadow banking
Fed board member Daniel Tarullo sets out 'more or less immediate' steps that should be taken towards regulating the shadow banking sector
Ukraine issues commemorative Euro 2012 coins
National Bank of Ukraine reveals commemorative coins dedicated to the European Football Championship 2012; first ever half-kilo gold coin forms part of the series
FSA’s Sants airs fears of overburdened BoE governor
Hector Sants says operational tasks handed to Bank of England governor under recent reforms could be “too great”; slams government and BoE for not listening to advice concerning Northern Rock collapse
IMF paper develops model of systemic risk
Working paper studies asymmetric financial system response to shocks in individual institutions; finds negative bias towards shocks grows significantly with firm size
BoE’s Tucker discusses credit market lessons
Bank of England deputy governor Paul Tucker considers lessons learned from credit boom and bust; urges careful assessment of policies by monetary authorities
RBA ends 'excessive' card surcharges
Australian central bank publishes final reforms for surcharging standards for payments by credit and debit card in the country; allows “reasonable” charges to continue
Irish deputy assesses Solvency II implementation in Bermuda
Matthew Elderfield examines application of Solvency II regulations to Bermudan insurance market; says Bermuda is making “extremely good progress” towards compliance
Central Bank of Chile paper examines transmission of shocks
Working paper studies reaction of investors and fund managers to shocks; finds behaviour amplifies crises and transmits shocks