Governance
ECB voices concerns over Hungarian National Bank
ECB expresses concern over recent actions by Hungary’s central bank, including purchase of art, land and Budapest stock exchange; says foundation money must not be used for state financing
People: Shirai begins new chapter at Keio University; Sibley named as Irish director of credit institutions
After five years on the BoJ policy board, Shirai returns to academia; Ireland central bank names new director of credit institutions; and more
RBA establishes new macro modelling division
External review recommends new approach to “full-system” models at heart of policy analysis, warning modelling expertise is limited at the central bank
Ghanaian deputy becomes new governor
One of two deputy governors of the Bank of Ghana takes over top role; Abdul-Nashiru Issahaku joined bank in July 2013 after working for several international agencies
People: Bank of Estonia reappoints deputies; Lagarde wants to reappoint IMF first deputy
Bank of Estonia hands new terms to Ülo Kaasik and Madis Müller; David Lipton in line for reappointment at IMF; Graeme Wheeler to head up BIS Asian Consultative Council; and more
Seychelles central bank will chair new financial stability committee
Advisory body will comprise representatives from four different public bodies and meet on a quarterly basis; supported by new financial stability unit within central bank
Dutch central bank starts retaining €500m yearly as risk provision
The Netherlands Bank plans to retain €3bn of profits in six annual instalments to cover against possible credit and interest rate risk
Norway’s Olsen plans to seek reappointment
Norges Bank governor says he plans to seek a second term, as government launches public application process for position
Ghana governor steps down four months early
Bank of Ghana governor has stepped down over four months early; retirement date due to “long outstanding leave days”, central bank says
Hungarian constitutional court strikes down central bank law
Hungary’s two highest courts rule that a law limiting the disclosure of information on central bank assets is unlawful and unconstitutional
People: Bank Negara reappoints deputy; State Bank of Pakistan revamps board
Sukudhew Singh will serve another three years as deputy; Pakistan appoints new board members
Chinese and Czech central bank enlarge MoU to include crisis management
Czech National Bank and China’s banking regulator have deepened their existing memorandum of understanding to include working together on crisis-hit banks, Czech governor says
IMF urges Mauritius to form macro-prudential authority
Central bank would have “prominent” role in new authority; as a first step, IMF staff recommend establishing a technical group featuring representatives from multiple stakeholders
People: Georgian board approves new governor; T&T gets new board
Koba Gvenetadze clears penultimate hurdle to becoming National Bank of Georgia governor; six new directors join the Central Bank of Trinidad and Tobago; BIS names Alexandre Lamfalussy fellow
Bank of Israel establishes banking innovation division
New section of banking supervision department formed to help foster innovation but contain the accompanying risks; Dudi Bavli chosen to head division
Equities support Danish central bank's profits in 2015
Move into riskier assets contributes to profits in 2015, in addition to significant returns from defending the krone; costs are also on the rise following major IT project
Bangladesh governor resigns over theft
Atiur Rahman has resigned after $101 million was stolen from the central bank’s account at the New York Fed; finance minister announces Fazle Kabir as successor
Zeti stresses need to protect independence when central banks get broad mandates
Central banks in emerging economies often find themselves tackling difficult reforms as they are best equipped for the challenge, she says, but this can only work if certain conditions hold
Zeti stresses need for Asean ‘partnerships’
Malaysia governor outlines four foundations anchoring successful partnerships; trust is crucial, she says, but must be accompanied by accountability
RBNZ’s Gordon offers advice on building a sound risk management system
Former risk head at RBNZ offers advice on what should be the focus for central banks looking to build an enterprise risk management system
President refuses to sign Hungary central bank law
Hungary’s president has referred a law on the governance of the country’s central bank to the constitutional court; critics allege law would greatly reduce scrutiny of central bank’s funds
Norges Bank organisational changes geared towards better investment
Revamp of organisational structure is mainly focused on improving the governance of the sovereign wealth fund, which delivered a return of 2.7% despite turbulence last year, annual report reveals
Bank of Portugal director responsible for banking supervision resigns
Board member with responsibility for banking supervision resigned on March 7; Antonio Varela had previously been state-appointed non-executive director on troubled bank Banif
People: New York Fed research head retires, RBNZ appoints new head of currency
James McAndrews will leave the Federal Reserve Bank of New York after 19 years; Steve Gordon gets new portfolio at RBNZ; and more