Financial Stability
ECB receives strong demand for three-year liquidity
European Central Bank extends €489 billion in loans to banks in its first three-year liquidity operation. But analysts believe the measures will do little to ease funding pressures in the eurozone
Sepa migration deadline pencilled in for 2014
European Union says migration end-dates for credit transfers and direct debit to Single Euro Payments Area will be February 2014
IMF paper identifies weaknesses in Central America's supervisory practices
Fund study says there is considerable scope for Central American countries to enhance financial supervision and regulation
BIS paper warns of risks from long-term interest rate volatility
Bank for International Settlements study cautions against the use of long-term interest rates as a policy variable
Demand shocks strongly influence eurozone profit levels: ECB paper
European Central Bank study shows reaction to demand shocks explains variation in profit growth across countries in region
Interview: Harry Newman
Swift’s head of market initiatives for Europe, Middle East and Africa explains how its new RTGS back-up, the new Market Infrastructure Resiliency Service, will work
Banking structure reform gets go ahead from British government
UK government lays down plans to incorporate Independent Commission on Banking recommendations into law; process to begin next year
Lagarde applauds Nigerian sovereign wealth fund creation
Christine Lagarde makes first visit to Africa since becoming managing director of the IMF; hails creation of Nigerian sovereign wealth fund as an “important advancement”
BoJ paper finds limited impact of tax benefits on corporate capital structure
Research finds default costs and the costs of outside equity have a larger effect on corporate capital structure than tax benefits
Anwar stresses rising importance of Islamic finance
Governor of the State Bank of Pakistan discusses developments in Islamic finance and calls for innovation to continue
Bank consults on instruments of macroprudential policy
Bank of England releases discussion paper to gather feedback on possible tools for macroprudential policy management
ECB says financial stability in Europe faced ‘strong headwinds’ in 2011
European Central Bank releases Financial Stability Report; says weakening macroeconomic growth prospects and “unprecedented” loss of confidence to blame for rise of key risks in the region
Basel releases consultative document on capital disclosure
Proposal could see banks complying with new disclosure requirements from the date of publication of their first set of financial statements relating to a balance sheet date on or after January 1, 2013
South Korean won slips following Kim Jong-il’s death
Death of North Korean leader causes South Korean won to hit two-month low against dollar and sterling; world waits to see how youngest son will handle succession
UN and US lift sanctions on Libyan central bank
UN Security Council and US government announce removal of sanctions on Central Bank of Libya's assets
BoE Quarterly Bulletin reports market deterioration
Bank of England Q4 report notes financial market sentiment and functioning decline since last bulletin
Bini Smaghi shares thoughts on monetary system reform
Lorenzo Bini Smaghi talks about shortfalls of international policy co-ordination and looks at ways to improve it
IMF working paper on bank competition
Researchers look at effects of intermediation technology on banking competition and financial stability
Caruana presses importance of central bank balance sheets
Jaime Caruana explains how central bank balance sheets have been forced to change during the financial crisis; says medium-term risks require attention
Liquidity crisis did not alter settlement method: Cleveland Fed paper
Cleveland Federal Reserve study shows liquidity risks to net and gross settlement systems had little impact on payment methods
South Korea takes heed of US sanctions on Iran
US Senate passes bill containing strict new sanctions affecting Central Bank of Iran; South Korea government warns businesses of implications
Noyer blasts ratings agencies on Twitter
Banque de France verified Twitter page publishes stream of comments from governor Christian Noyer; criticises credit ratings agencies and slams UK economic performance
Draghi explains extraordinary policy measures
ECB president sets out the reasons behind governing council’s decision to cut the benchmark interest rate and introduce three measures to support bank lending and liquidity in the eurozone
National Bank of Hungary paper explains strong demand for cash in Eastern Europe
National Bank of Hungary study shows transactional cash demand is influenced by the level of improvement in payment systems