Financial Stability
Bulgaria turns to the ECB in wake of bank failures
Collapse of Corporate Commercial Bank revealed extent of supervisory shortcomings that IMF warned of 15 years ago; Bulgaria now wants to join ECB's Single Supervisory Mechanism
Fed official reiterates forex options clearing guidelines
Lawrence Sweet highlights industry discussions around forex options clearing as key component of a private sector solution
Suriname governor says deeper international connections increase contagion risks
Governor Gillmore Hoefdraad says debate over housing macropru and monetary policy at the same institution is over, but the evolution of the instruments is ongoing
Carney tells parliament BIS report was 'made in a vacuum'; Kohn defends leverage ratio plans
Donald Kohn argues the case for a time-varying leverage ratio at parliamentary hearing; Carney and Bailey question practical application of BIS annual report
Bulgarian state to rescue majority of depositors at scandal-hit banking group
Central bank seeks law change as council claims banking supervision was only in the purview of one deputy governor; loan records apparently destroyed on purpose
Israel publishes first financial stability report
Bank of Israel repeats demand for new committee for setting macro-prudential policy in its first financial stability report since 2004
Financial Policy Committee angles for full powers over UK leverage ratio regime
Bank of England body poised to ask for lead role in design and implementation of leverage ratios in UK; move described as a natural fit
Fischer keen to add financial stability to Fed mandate
Fed vice-chair Stanley Fischer praises progress with reforms in his first speech since becoming second in command; open to reforming the Financial Stability Oversight Council
Balance between Hong Kong and Singapore ‘vital’ for financial stability
Researchers at the IMF find Hong Kong and Singapore complement each other as financial centres because they specialise in different markets and clienteles
Regulation may force some banks out of repos, says NY Fed's Davis
The New York Fed's head of financial market infrastructure, Jeanmarie Davis, says some banks will 'revisit their presence' in the repo business due to increased regulatory requirements
Central Bank of Colombia looks to Switzerland for help on financial stability issues
Colombian central bank signs two-year capacity-building agreement with Swiss authorities; Azerbaijan governor praises SNB's ‘technical assistance'
Parliamentary committee questions Central Bank of Ireland transparency
Committee will examine whether confidentiality provisions in central bank legislation mean information on financial misconduct is withheld from the public
BoE's Andrew Bailey says Basel III will be more transparent in the future
Head of the Prudential Regulation Authority also argues level of ‘precision' for rules sought by banks and investors ‘is not realistic'
Incoming BoE deputy Shafik says SSM makes working with ECB more important than ever
Minouche Shafik says single supervisory mechanism will improve co-ordination with Bank of England, but that it is too early to tell whether 'huge' project will be successful
IMF paper examines banks’ public bond holdings
Working paper published by the IMF finds that large banks accumulate high-risk public bonds during sovereign crises; examines relationship with bank lending
Georgia selects symbol for national currency
Central bank hopes new symbol, chosen by a commission guided by a public vote, will increase the popularity of the lari
Highly indebted poorer households pose risk to Israeli banking system
Bank of Israel says lenders should look more carefully at ‘payment-to-income' ratio, which is highest for those households most exposed to macro- and micro-level economic shocks
Cut in capital requirements opens door for new UK banks
Regulators say efforts to lower barriers of entry for small banks, including lower capital requirements and easier application process, is spurring competition
Bad news in US and Europe calms emerging markets, says Banxico deputy
Market calm in EMs ‘seems to increase with bad news from the pace of recovery in advanced economies', says Manuel Sanchez
Ingves outvoted as Riksbank cuts 50bp
Swedish central bank hits zero lower bound for first time since 2010 as inflation plummets; outvoted Ingves says his standing is not weakened, calls housing situation ‘acute'
Yellen takes sides in ‘lean against the wind' debate
Federal Reserve chair says monetary policy faces ‘significant limitations as a tool to promote financial stability'; macro-prudential policies ‘far more direct' and effective
Zeti calls for governance overhaul at central banks
Bank Negara Malaysia governor Zeti Aziz says central banks need to understand ‘the new realities’ of crisis management; argues for new internal committees dedicated to the cause
MAS deputy reveals plans to tighten AML/CFT regime
Ong Chong Tee says Monetary Authority of Singapore will require banks to conduct wider assessments of money laundering and terrorism financing risks
Italian socialist tipped to lead ECB-watching Econ Committee
Roberto Gualtieri likely to be elected as chair of the Econ Committee next week in the European Parliament, making him the chief point of contact with the European Central Bank