Central Banks
Central Bank of Iceland conducts dawn raid on fishing company
Icelandic officials carry out searches of fishing company Samherji’s offices; company calls for explanation
Eurogroup boosts emergency funding facility
European finance ministers agree to combine two emergency financing vehicles currently running simultaneously in the eurozone; also add €500 billion to lending capacity
Diverging views on US debt stimulate debate at NALM 2012
A difference of views emerged about the relative risks of US sovereign debt compared with alternatives during a panel discussion at NALM 2012 symposium on risk approaches in a post-crisis world
Reserve managers warned on risks of extending maturities
Central banks that are finding it harder to secure real returns from their liquid asset holdings should beware of market risks if they extend the duration of their holdings says NALM panellist
IMF facility not as good as own-funds, says Bank of Mexico’s Duclaud
Reserve managers in some developing markets believe own-country foreign exchange reserves are safer than IMF credit lines
ECB’s Asmussen emphasises need for Greek reforms
Jörg Asmussen stresses importance of timely implementation of reform programme in Greece
RBI deputy governor highlights threat to inflows from mobile banking
Chakrabarty says country-specific approach with international co-operation is needed to regulate mobile phone banking
Fed’s Plosser cautions against aggressive monetary policy loosening
Philadelphia Fed chairman warns of threat to economic stability from inflation in the medium term; hints rates may have to be raised before 2014
BIS releases study on property markets and financial stability
Bank for International Settlements and Monetary Authority of Singapore discuss challenges to financial stability from property markets
Central Bank of Myanmar confirms currency float
Central bank announces managed currency float will commence next month; first public statement on exchange rate reform since military government left power last year
New Zealand proposes partial earlier adoption of Basel III capital requirements
New Zealand regulators have opted to bring in the capital conservation and countercyclical buffers ahead of the Basel Committee schedule – but market participants are unsure if this is necessary
Fed director cautious of ‘not fully known’ impacts of mobile banking
Sandra Braunstein testifies to US Senate on 'not fully known' ways the use of mobile devices can affect financial services
BoE’s Fisher calls for central banks to bulk up risk management capabilities
Paul Fisher explains benefits of central banks doing independent credit assessment when evaluating collateral; says risk management functions need to be ‘bigger’ in central banks
Interbank market ‘almost dead’ in Europe, says Banque de France’s Mongars
ECB operations are critical for European bank funding as the interbank market is all but broken, says NALM panellist
Norway research links income inequality and banking crises
Norges Bank working paper discusses role of income inequality in fermenting the financial crises in Norway in 1991-1992 and the US in 2008
IMF paper airs inflation fears for US monetary policy
IMF working paper finds continued loose monetary policy can only be maintained if inflation expectations are kept in check
BoE’s Posen says credit failures are hampering UK recovery
UK MPC member Adam Posen highlights lack of non-bank credit options as being among reasons for the slower pace of recovery in the UK relative to the US
Estonian governor calls for eurozone co-operation
Lipstok says eurozone member states must work together to ensure a sustainable economic recovery
King sets out loose monetary policy exit plan
Governor of the Bank of England explains how the UK will unwind from the loose monetary policy measures brought in to support the flailing economy
RBA warns banks against chasing ‘unrealistic profit’
Reserve Bank of Australia’s latest Financial Stability Review cautions banks not to increase risk-taking by chasing ‘unrealistic profit expectations'
Bernanke commends global co-operation for stemming ‘meltdown’
Fed chairman says Fed and international policy actions prevented economic “meltdown”; says some areas of co-operation need improvement