Central Banks
Fed study shows US banks still wary of lending to European peers
US banks are continuing to tighten lending standards to their European counterparts with some winning additional business as a result of reduced competition from European banks, Fed study finds
ECB ends second covered bond programme
European Central Bank ends covered bond programme after buying €16.4 billion out of a planned €40 billion of the securities issued by euro-area banks; plans to hold purchases to maturity
BoE’s Bean sceptical of ‘helicopter money’; scotches calls to ‘cancel’ gilts
The Bank of England has received criticism for quantitative easing failing to normalise economic growth. But deputy governor Charlie Bean says some alternatives look even less attractive
Barbadian growth ‘stagnant’ as tourism falls
Central Bank of Barbados governor discusses economic review for first nine months of 2012 against a backdrop of falling growth and rising unemployment
Panic in Persia as hyperinflation hits Iran
Iran’s implied monthly inflation rate hit 69.6% in September, meaning the country appears to be entering the world's 58th hyperinflation episode
Local trade repositories are necessary, say HKMA’s Lee
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
FSB finds OTC derivatives reforms riddled with gaps
Progress report shows market infrastructure is ready to meet G-20 commitments for OTC derivatives reform but many jurisdictions are still some way from implementing legislation
Constâncio: EU macro research needs greater engagement
The vice-president of the European Central Bank says macro-prudential research has yielded excellent empirical tools; needs greater support from academics and policy-makers
Hurricane Sandy disrupts Federal Reserve operations
New York Federal Reserve suspended operations for a day as hurricane battered eastern US; temporary measures taken to support banking in face of disruptions to power, communications and staffing
Malaysian deputy puts burden of education on financial advisers
Bank Negara Malaysia deputy governor says high demand for financial products has caused the central bank to refine its conduct guidelines but responsibility for education still falls with advisers
Banks’ net worth impacts cost of credit, says ECB paper
Research published by the ECB finds a drop in banks’ net worth increases the cost of credit for companies; model shows subsequent decline in GDP and inflation
Business cycle mirrors stock market turning points, Israel study says
Research published by the Bank of Israel finds stock market turning points can be used to forecast economic activity; seven-month delay before impact becomes evident
Italy’s Visco promotes ‘deeper’ Europe
Bank of Italy governor says long-term solution to crisis is a more fully constructed Europe, although not all central bank tasks should be centralised
Ballooning balance sheet yields further ‘profit’ for SNB
Swiss National Bank’s profits show continued growth in third quarter with the largest contribution from foreign exchange holdings; balance sheet has increased 45% during the year
CCP structure increases systemic risk, says IMF economist
The likely increase in the number of central counterparties will create more 'pockets of risk', says senior economist
RBI pushes government to act on fiscal consolidation promises
Reserve Bank of India chief calls on government to make concrete progress on fiscal consolidation as central bank holds rates but cuts reserve requirements
BoE’s Haldane debates banking reformation with Occupy
Bank of England’s Andrew Haldane discusses the banking system with social inequality activist group; urges bank reform rather than 'banker bashing'
BIS’s Cecchetti envisages world without G-Sifis
Stephen Cecchetti says the global financial system needs to reach a stage where no banks are globally systemically important; market discipline critical to stability but not sufficient
BoJ mirrors BoE’s FLS and steps up easing
Bank of Japan launches scheme with similarities to Bank of England’s funding for lending and steps up the size of its asset purchase programme by $138 billion
Spain’s ‘bad bank’ structure revealed
Bank of Spain releases the details of new ‘bad bank’ Asset Management Company; hopes to clear up banks’ balance sheets while producing a 14–15% return on equity for stakeholders
Dutch paper analyses impact of environmental policy on FDI
The Netherlands Bank research investigates how FDI can be motivated by environmental policy; preferences for stronger or looser regulation are sector-specific
Polish paper says euro would have destabilised economy during crisis
National Bank of Poland research examines how adopting the euro would have changed the impact of the financial crisis; fixed exchange rate would have exposed economy to greater shocks
Insurers must prepare for climate change, says Zeti
Bank Negara Malaysia’s Zeti says climate change presents a huge challenge to Asian insurance industry; risk management systems must adapt
Singapore review exposes plummeting growth rates
Biannual Monetary Authority of Singapore macroeconomic review details large drop in growth rates; inflation and unemployment steady