Central Banks
Ireland releases agreement on split of banking oversight responsibilities
Previously confidential memorandum of understanding between department of finance and central bank shows split of responsibilities; document forms part of bail-out programme
Bank of England is ‘monetising the deficit’ with QE – Monetary Policy Forum
Former BoE employees agree the latest round of quantitative easing in the UK could be seen as a way of monetising the deficit; panellists stress Greece’s exit from the euro would be catastrophic
Carney takes aim at shadow banking activity
New Financial Stability Board chairman emphasises fight against shadow banking institutions; says global liquidity fluctuations are damaging financial stability
Undercapitalisation of banks raised financial distress during crisis: ECB paper
European Central Bank study shows that size, capitalisation of banks and degree of credit expansion contributed to stress in banking sector during the crisis
Central banks at risk of losing independence: SNB’s Jordan
Swiss National Bank vice-chairman Thomas Jordan says contribution to quasi-fiscal policy measures can lead to gradual loss of independence
BIS paper examines effects of negative asset price bubbles in Asia-Pacific
Bank for International Settlements study shows underpricing of assets in Asia-Pacific caused cross-border spillovers
Treasury Committee recommends overhaul of Bank’s Court
Treasury Committee report says Bank of England Court should be replaced by new supervisory board to provide leaner and more expert review of policies
Philippines re-launches economic and financial learning centre
Central Bank of the Philippines reopens economic and financial learning centre in its Cabanatuan Branch Office; education activities continue throughout the country
The dangerous scramble for liquidity
William Allen of the Cass Business School in London warns there is a danger that capital requirement measures intended to make the financial system safer may do more harm than good
Korea governor selection process under fire
Politician takes on president’s ability to choose governor of the central bank board; wants to see candidates face parliamentary confirmation hearings
Papademos flies to Athens as Greece decides on new leader
Former European Central Bank vice-president Lucas Papademos rushes to Athens as Greek officials discuss leadership choice for new coalition government
SNB’s Hildebrand ready to intervene in Swiss franc market
Swiss National Bank chairman Philipp Hildebrand says central bank is prepared to weaken “highly valued” currency further if deflationary risks materialise
Time for timidity has passed, says Lagarde
Christine Lagarde calls for action from developed and emerging economies; tells Russia to rebuild fiscal buffers
Ireland introduces revised requirements for lenders dealing with SMEs
Ireland changes rules for banks lending to small and medium-sized enterprises when they are facing financial difficulties; new code updates 2009 effort
Bank of Canada paper evaluates degree of banking stress in high-income countries
Bank of Canada study shows high-income countries dominated capital flows and experienced largest banking sector stresses during crisis
ECB’s González-Páramo calls for more stringent EU fiscal policy
European Central Bank executive board member José Manuel González-Páramo urges eurozone governments to conduct fiscal policy with clear medium-term objectives
Brics funding to low-income countries is risk-weighted: IMF paper
Fund study shows degree of loans concessionality to low-income countries is negatively correlated with risk profile
IMF to supervise Italy on debt reduction plan
Italian prime minister Silvio Berlusconi agrees to invite International Monetary Fund to Rome to oversee its fiscal consolidation efforts but turns down option for financial support
FSB confirms Carney as next chair
Financial Stability Board announced Bank of Canada governor Mark Carney as next chairman; vast experience in banking will come in handy