Financial Stability
Portugal's Constâncio: markets cannot self regulate
Bank of Portugal governor Vítor Constâncio discusses new vision of European regulation
Shirakawa wants financial stability as primary mandate
Governor of the Bank of Japan believes central banks' key task should be to achieve a stable financial environment; says higher inflation targets would do little good at the zero bound
Sarb - Banking Supervision Annual Report (2009)
Sarb banking supervision annual report puts forth proposals on compensation practices to be used in new banking sector legislation
Brussels backs bank tax to fund new resolution network
European Commission calls for a network of resolution funds to bear cost of winding down firms; cost covered through levy on lenders
US, Chinese regulators sign cross-border resolution deal
Federal Deposit Insurance Corporation and China Banking Regulatory Commission to cooperate and write shared contingency plans for cross-border failures; move follows United Commercial Bank failure
ECB insists eurozone bonds decision was its own
Political pressure played no part in ECB decision to buy bonds, says board member
Interview: Howard Davies
The founding chairman of the UK Financial Services Authority discusses Britain’s new regulatory architecture, weaknesses in the European Central Bank’s voting arrangements, and how inflation targets need to change
Turkey’s Yilmaz keen on second tool for central banks
Governor of Turkey’s central bank Durmus Yilmaz argues that a dual mandate is conceivable if additional tools are available
Fed overpaid for crisis assets by $21 billion: government report
Congressional Budget Office report estimates the Federal Reserve subsidised banks and investors by $21 billion through its credit programmes
An open letter to the chancellor of the exchequer
The UK government’s plans for financial regulation are far from clear, writes Bill Allen, a former deputy director at the Bank of England
ECB buys another €10 billion in government debt
Analysts split on whether second round of purchases with German ban on naked short spooks European markets
Spanish CDS spread jumps as four banks announce merger
Four regional savings banks announce merger after one ailing lender was seized and placed into administration by the central bank on Saturday; move plays into investor fear that banking sector is unsteady
Iosco calls on regulators to share information
International securities body says members should cooperate outside an enforcement context to spot disturbing trends; report sets out principles of bilateral information-sharing deals
Richmond Fed – Annual Report 2009
Richmond Federal Reserve study on systemic risk finds that policy interventions may harm market incentives if implemented during a crisis
Bank of Spain bail-out spooks investors
Spanish central bank’s rescue of savings bank CajaSur on Saturday sees Spanish bank shares falling on Monday; central bank says rescued bank accounts for very small percentage of system overall
Volcker rule fails to make approved Dodd bill
Key amendment omitted; Fed gains powers but will face audit in sweeping regulatory reform
ECB's Trichet: ESRB will deliver macroprudential oversight
European Central Bank president Jean-Claude Trichet outlines role of European Systemic Risk Board in supervisory framework
Riksbank's Persson: don't shoot CDS "messenger"
The Swedish central bank uses CDS spreads as an indicator of financial stability
Weber calls for broader scope to Basel III
Bundesbank President Axel Weber says new Basel rules should incorporate a macroprudential element to overcome systemic risks
IMF’s Lipsky: IMF should be at core of global financial safety net
IMF first deputy director John Lipsky says Fund is best placed to introduce global safety net
Norges Bank: payment prices should reflect costs
The Norges Bank annual report on payment systems calls for greater efficiency in sector
Macroprudential tools need hard, fast rules: BIS
Basel-based Committee on the Global Financial System says macroprudential policy needs as strong a mandate as monetary policy to work
Iceland seals deal to buy back Luxembourg-based króna bonds
Icelandic central bank agrees to buy nearly all outstanding bonds pledged by Landsbanki's Luxembourg subsidiary to secure funds from Luxembourg central bank
Systemic risk regulators should direct policy not just give warnings, says HSBC's Haswell
Past experience suggests the new financial stability bodies should direct regulatory policies, not just warn about instability