Financial Stability
Kenya overnight lending rate leaps in unscheduled move
Overnight lending rate raised to 8%, 175 basis points above the benchmark central bank rate
Strong financial conditions ease sale declines: Fed paper
Federal Reserve study shows firms in good financial condition experience a smaller decline in sales during the crisis
Norges Bank - Payment Systems Annual Report (2010)
Norges Bank 2010 Payment Systems Annual Report says payments should be made more swiftly, securely and at a lower cost
Regulation reform dominates British Bankers’ Association conference
Regulatory reform causing concern for all involved; any changes made must be the right ones, say speakers at the BBA Annual International Banking Conference
NY Fed’s Dudley on development of bank stress tests
New York Federal Reserve president William Dudley says development of stress tests is an ongoing process
OECD says crises will continue to occur
Organisation for Economic Cooperation and Development report warns crises are likely to repeat themselves as the global economy becomes more interconnected
Buba paper identifies inconsistencies in central bank risk forecasts
Bundesbank study raises concern over systematic connection between risk assessments and central bank forecasts
RBA’s Debelle calls for greater focus on banks’ asset quality
Reserve Bank of Australia assistant governor Guy Debelle says greater weight should be placed on asset quality rather than funding structure of banks
Fed’s Hoenig says Sifis are at odds with values of capitalism
Kansas City Federal Reserve president Thomas Hoenig says systemically important financial institutions inconsistent with capitalism
BIS Annual Report highlights action needed in key global economies
General theme of Annual Report is of slow global recovery; the United Kingdom, the United States and China all pinpointed for action
RBI’s Subbarao says capital flows are advisable
Reserve Bank of India governor Duvvuri Subbarao distinguishes between strategic and tactical capital controls
ECB paper on exchange rate misalignments
European Central Bank study identifies methods to improve policymaking under exchange rate imbalances and fluctuations in capital flows
Ex-BIS GM on limitations of narrow banking
Bank for International Settlements former general manager Sir Andrew Crockett says narrow banking will not prevent excess build-up in credit
Sovereign debt crisis dominates BoE’s first FPC briefing
European sovereign debt crisis leads discussions at Bank of England’s first interim Financial Policy Committee briefing; body issues five policy recommendations to Financial Services Authority
IMF's Lipsky urges European cooperation
IMF acting managing director John Lipsky says greater cooperation in Europe will be key to post-crisis recovery
Canada’s Carney forecasts moderation in domestic growth
Bank of Canada governor Mark Carney says supply chain disruptions and higher energy prices will slow pace of economic growth in Canada
Kenya addresses currency concerns
Central Bank of Kenya to expand number of commercial banks with access to foreign currency window in bid to end speculative trading
Chile governor warns on Europe and US
Central Bank of Chile governor says Europe in “trouble” and US at risk of waking up from “lethargy” too slowly
Barroso confirms European finance ministers agree to EFSF fund rise
European Council set to meet in Brussels to discuss economic policy change and the Greek crisis; Barroso reveals finance ministers agree to raise European Financial Stability Facility fund
IMF urges further Spanish reforms
IMF mission to Spain says authorities have implemented strong fiscal and structural reforms to aid recovery, but plans need to be strengthened
Canada unveils polymer banknotes
Canada unveils new polymer banknotes; changes to combat counterfeiting
China ups gold coin production
People’s Bank of China more than doubles issuance of gold panda coins for 2011; demand outstripping minting
Bank of Finland highlights threat of dual imbalance in China
Bank of Finland study shows large external imbalances in China’s current and capital account risk creating asset bubbles
Israel’s Fischer highlights risk of Israeli housing bubble
Bank of Israel governor Stanley Fischer voices concerns over rapid rise of house prices in Israel