Financial Stability

Gay online bank shuts down

US - The first online bank aimed at the gay and lesbian community in the US is to close after admitting it could not make a profit in the current economic climate.

Speech by Villy Bergstrom of the Sveriges Riksbank

SPEECH - In the speech given 11 February Bergstrom said capital market regulation and the idea of a levy on speculative foreign exchange transactions, a "Tobin tax", may gain favour among politicians after a decade of currency crises.

Punt passes away quietly

IRELAND - The Irish pound ceased to be legal tender from midnight on Saturday as Ireland became the second country within the eurozone - after the Netherlands - to ditch its old notes and coins.

Credit card clean-up in Australia

AUSTRALIA - The Reserve Bank of Australia is poised to make sweeping changes to credit card regulations in 2002. Should it prohibit the banks' interchange fee structure, as has already been flagged, Australia's banks will lose a collective $A400 million…

Research by the Fed Bank of Minneapolis

RESEARCH - From The Region, December 2001 published by the Federal Reserve Bank of Minneapolis. The Federal Reserve and Electronic Payments. What do considerations of principle, experience and reputation tell us? By Gary H. Stern, President.

Fears that euro ATMs will run dry

UK - The stock of euro notes in banks' cash machines is in danger of running out in the first weeks of the new currency's launch on 1 January, bankers have warned.

5m euros are stolen in three months

EUROPE - Armed gangs and other criminals have stolen Euros 5m ( £3.1m) in the three months since minting and printing of euro notes and coins began, and the situation is set to worsen, European police have warned.

Euro launch reaches its final phase

ARTICLE - Securitas GmbH, a German armoured-car company, has suffered only a few mishaps since it began hauling the new euro cash in September. Some workers threw out their backs lugging the 20-kilo sacks of coins. Others accidentally dropped the heavy…

Distribution of euros to start tomorrow

GERMANY - The mass distribution in Europe of new cash in euros begins tomorrow, when France, the Netherlands and Ireland begin to sell packets of euro coins to the public. Other countries will follow in the days ahead.

US Fed issues revisions to payments system risk

US - The Federal Reserve Board on Tuesday issued revisions to its policy statement on payments system risk that it said "should alleviate liquidity pressures" that were identified during a broad review of the policy.

BOE - Delivery/ payment system

UK - Bank of England Executive Director for Financial Market Operations, Ian Plenderleith, said Thursday the new delivery versus payment system for the settlement of securities trade in the U.K. was a success.

Banks deal with coin shortage in Australia

AUSTRALIA - Banks in some parts of Australia are experiencing coin shortages. The Reserve Bank of Australia (RBA), which recently implemented a new coin distribution system, blames the shortfall on teething problems with the new system.

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