Financial Stability
Bank veterans identify challenges to macroprudential policy
Bank of England paper co-authored by Andrew Large and Alastair Clark highlights difficulties in developing macroprudential policy toolkit; identifies conflicts with monetary and regulatory policy
Former deputy chairman charged over Securency scandal
Bill Lowther to appear in court next week on charges of bribery; latest development in ongoing Securency corruption scandal
Housing bubble fuelled by light-touch regulation: IMF paper
Fund study shows light-touch regulation of independent mortgage originators fuelled the US housing bubble
ECB's Bini Smaghi on overcoming moral hazard problems
European Central Bank executive board member Lorenzo Bini Smaghi says delicate balance should be kept between maintaining credibility and ensuring stability
Euro climbs as major central banks boost dollar liquidity
Bank of England, Bank of Japan, European Central Bank and Swiss National Bank to offer three-month loans to market; euro moves higher against the dollar but nearly breaks Swiss franc floor
IMF paper identifies most systemically important jurisdictions
Fund study says risk-based surveillance should focus on systemically important jurisdictions
NY Fed paper identifies causes of US housing bubble
New York Federal Reserve study shows US housing boom was driven by lower lending standards and overly optimistic investors
Domestic factors major contributor to global crisis: ECB paper
European Central Bank study says contribution of systemic contagion effects from US markets towards global crisis are overplayed
Non-cash payments growth slows
World Payments Report 2011 finds slower growth in non-cash payments; key regulatory and industry initiatives are combining to gradually transform the payments landscape
Financial stability reports effective communication tool: NBP paper
National Bank of Poland study says central bank communication can reduce market volatility through financial stability reports
Survey-based measures offer benefits over factor models: ECB paper
European Central Bank study says survey-based measures provide substantial forecasting benefits during recessions
First regulatory co-operation council meeting held in New Zealand
Council of Financial Regulators meets; confidential discussions focus on identifying trends and issues and co-ordinating responses to them
UK ring fence poses legislative challenges
ICB stops short of asking for complete separation of retail arm from investment operations; how the government will legislate on the proposals is still unclear
Sensible ideas from Vickers – but are they too late?
As the banking industry sits on the brink of another crisis, Robert Pringle asks, has the ICB report come too late?
Target2 offers useful liquidity monitoring tool: Netherlands Bank paper
Netherlands Bank study says Target2 payments systems can identify early signs of bank illiquidity
Innovation in payments systems: Fed’s Lacker
Jeffrey Lacker discusses central bank's role in payments systems innovation
Mauritius launches 'overdue' cheque truncation system
Bank of Mauritius governor Rundheersing Bheenick says internal turf battles delayed launch of new cheque truncation system
Lagarde adds to pressure on G-7 meet
Lagarde calls for global action; Canada set to raise dissatisfaction with Swiss franc exchange rate limit at G-7 gathering in France
Carstens content with Mexican position
Governor of Mexican central bank says country is in a strong policy position; ready to act if global economy worsens
CNB’s Hampl: debt reduction is only solution to sovereign crisis
Czech National Bank vice-governor Mojmír Hampl, says some form of debt reduction is needed to resolve the European sovereign debt crisis
Market conditions factor in liquidity costs: ECB paper
European Central Bank study shows price of liquidity systematically depends on bank characteristics and market conditions
Kohn calls for improved transparency for all
Donald Kohn calls for more information from banks; notes “considerable” resources and effort put in by Bank of England to better understand the market
Australian regulator moves to implement Basel III two years early
The Australian banking regulator proposes early implementation of Basel III capital and liquidity rules; draws immediate criticism from the Australian Bankers’ Association
Sovereign debt crisis reflects lack of confidence in euro: RBA’s Stevens
Reserve Bank of Australia governor Glenn Stevens says fiscal position of European countries risks undermining confidence in euro