Central Banks
Bank of Russia slashes forex intervention target
Halved intervention target brings rouble closer to free-float; IMF tells central bank to maintain reform momentum and resist calls to loosen policy
Bundesbank warns over surge in German property prices
House prices in the country's biggest cities are up more than a quarter since 2010, as investors search for yield amid record low interest rates; lack of supply also plays a role, says new study
Cypriot board member breaks ranks to criticise Demetriades
Alexandros Michaelides accuses central bank governor of a lack of professionalism for cancelling board meeting ahead of troika visit; demands greater respect
Singapore becomes third RQFII renminbi hub
Deal struck between Singaporean and Chinese authorities follows hot on the heels of an agreement with London, making Singapore the third approved centre for renminbi investments
ECB’s Cœuré laments slow payments progress
Benoît Cœuré says closer integration of payment systems in Europe would bring major benefits, but is being held back by limited efforts at standardisation; urges banks to innovate more
China should be in ‘no hurry’ to relax capital controls, says ADB paper
Working paper makes recommendations for Chinese fiscal and monetary policy, including maintaining control over exchange rates and taking steps to curb the growth of shadow banking
Buba paper: Banks with volatile loan demand load up on wholesale funds
Bundesbank discussion paper argues ‘loan uncertainty' not only result but determinant of wholesale funding, implying regulatory cap on wholesale funding increases exposure to ‘asset-side shocks'
Central Bank of Ireland research scrutinises credit and house price links
Researchers anatomise Ireland’s painful housing boom and bust, highlighting importance of the 'income fraction' channel in creating sharp movements in mortgage credit supply
UK’s Chaps continues growth despite losses to Faster Payments
High-value payments system handled an increasing value of transactions in 2012 despite widespread migration to Faster Payments, according to first ever Chaps report
BoE's Financial Policy Committee ‘most fashionable backstop in town'
External member of the Bank of England's Financial Policy Committee says its interventions will inevitably be ‘counter-popular', as it is increasingly used to backstop other people's policies
Taper surprises could cause more volatility, warns Mexico deputy
Structural reforms should put the Mexican economy on a stronger footing, deputy governor Manuel Sánchez says, but warns economic rebound could suffer from tapering without stronger US growth
IMF paper warns half-hearted Japanese reforms would push up long-term rates
Researchers say long-term yields and banks’ interest rate exposures will increase if structural and fiscal reforms are not seen through to the end
Fed heavyweights warn new bank resolution laws won't end ‘too big to fail'
Dudley, Lacker and Tarullo say 'single point of entry' framework under 'Title II' provision is important but inadequate; FOMC members call for long-term debt requirement for Sifis
RBI launches ‘advanced’ new RTGS system
New platform expected to ‘significantly’ boost efficiency, and thought to be first ISO 20022-compliant RTGS system; Rajan says it keeps central bank a step ahead of financial markets
Bank of Israel saga comes full circle with Flug nomination
Prime minister relents and nominates Stanley Fischer’s deputy as the next central bank governor; Karnit Flug’s first act is to appoint research head Nathan Sussman to the monetary committee
Malaysian deputy says ATM network can drive e-banking adoption
Muhammad bin Ibrahim urges banks to go to greater pains to educate their customers in the benefits of e-banking; says ATMs are important means of making electronic transactions
RBA’s Ellis warns against regulatory ‘monoculture’
Reserve Bank of Australia’s financial stability head says regulatory consistency is ‘important’ but should not result in identical business models that could all be vulnerable to one particular shock
RBI director says better management of data to help banks with regulatory compliance
Shri Padmanabhan argues uniform reporting standards for data collection would reduce reporting burden, ease validation, and improve overall efficiency of banks
Bailey sets resolution criteria for foreign banks' UK branches
Bank of England’s Andrew Bailey says foreign banks will not be able to operate branches in the UK if their home regulator’s resolution regime is not up to scratch
De La Rue launches post-grad scholarship with Central Bank of Barbados
One year's funding worth $17,300 on offer for a Barbadian student pursuing post-graduate studies in economics or finance mimics similar programmes elsewhere in the Caribbean
Central Bank of Chile cuts interest rates for first time in 18 months
Central bank cuts rate 25bp to 4.75%, amid slowing demand growth and below-target inflation; analyst says inflows, not outflows, biggest concern despite current account deficit