Financial Stability

Indian committee suggests overseas clearing agent

INDIA - A committee set up to study the Indian financial system's payment and settlement modes has recommended creating an overseas clearing agent and a guarantee fund for foreign exchange clearing, a central bank statement said on 16 July.

Indonesia c-bank implements new settlement system

INDONESIA - Bank Indonesia (BI), the Indonesian central bank, has implemented the Real-Time Gross Settlement (RTGS) system in Bandung. RTGS facilitates high-speed, high-value transactions. BI will also use RTGS to monitor the liquidity of banks and as an…

Federal Reserve Bank of New York Research

RESEARCH - Kevin J. Stiroh at the Federal Reserve Bank of New York has published an article titled Investing in Information Technology: Productivity Payoffs for U.S. Industries. The article is published in Current Issues in Economics and Finance, June…

China to unify mark on banking cards

CHINA - China's central bank issued a circular Monday demanding that all commercial banks adopt a unified "Yinlian" mark on their banking cards for the purpose of settling in the local currency, Renminbi.

Euro € - Reynders wants euro boost at cash machine

BELGIUM - Didier Reynders, the Belgian finance minister, on 28 June proposed making euro notes available to consumers on a limited basis prior to next year's January changeover, to help reduce the risk of queues and delays forecast by retail groups.

Third edition of the ECB's "blue book"

EUROPE - The European Central Bank (ECB) is today releasing to the public a report entitled "Payment and securities settlement systems in the European Union", also known as the "Blue Book".

Mobile phone plan may hasten cashless society

EUROPE - The FT in London reports on 28 June that three major mobile phone manufacturers are negotiating with leading banks so that mobile phones can be made to act as a type of creidt card.

Bank of Canada outsources 500 jobs

CANADA - The Bank of Canada said on 27 June it has hired Electronic Data Systems Corp. to help run a program that sells Canada Savings Bonds and other types of debt to the public, cutting the central bank's payroll by a third.

Computer law to fight bank fraud

US - The House Financial Services Committee approved legislation on 27 June that encourages regulators to link computer systems to help crack down on financial fraud.

Euro € - Warning on readiness for euro

USA - Oracle, the world's second largest software company, has warned that companies could hit an "information technology bottleneck" in the run-up to the introduction of euro notes and coins on 1 January.

Bank Indonesia Real Time Gross Settlement BI-RTGS

ARTICLE - Bank Indonesia began operating a Real Time Gross Settlement system in Bandung area on 5 June. With this system, inter-bank payments are settled in real time where the participant bank's accounts can be debited/credited several times per day.

Pricing of interbank payment services

RESEARCH - John A Weinberg, Vice President and Economist at the Federal Reserve Bank of Richmond has written a discussion paper titled 'The Pricing of Interbank Payment Services in a Changing Competitive Environment'. The paper was completed while he was…

Bank of England revamps its web site

UK - The Bank of England has transformed its online presence with a complete makeover to its external website and details on the Centre for Central Banking Studies handbooks.

Settlement system to remain in New Zealand

NEW ZEALAND - The Reserve Bank of New Zealand announced on Apr 18 that its plan to move the hardware used for inter-bank settlements in New Zealand to Sydney will not proceed.

CLS Bank may reduce foreign exchange risk

ARTICLE - The Economist magazine reports in its Apr 14 edition on the introduction of a new financial institution later in 2001 which is designed to reduce the risk of a crisis in foreign exchange payments.

Philippine monetary board OKs liquidity facility

PHILIPPINES - The Monetary Board, the policy-making body of the Philippine central bank, has approved the establishment of an inter-day liquidity facility to help banks in their financing requirements.

Brazil's new payment system delayed to Jan 2002

BRAZIL - The Brazilian central bank late on Apr 11 said it delayed the implementation of the country's new system for payments for the banking sector to January 2002, to allow for more testing.

SARB-payment system risk reductions measures

SOUTH AFRICA - The South African Reserve Bank announced on Apr 5, 2001, that it has embarked on a phased implementation of certain risk reduction measures in the national payment system.

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