Central Banks
Kenya overnight lending rate leaps in unscheduled move
Overnight lending rate raised to 8%, 175 basis points above the benchmark central bank rate
Sri Lanka allows renminbi in international transactions
Central Bank designates renminbi for banking transactions in Sri Lanka; next step in internationalisation of the Chinese currency
RBI’s Chakrabarty on IT initiatives
Reserve Bank of India deputy governor KC Chakrabarty describes vision for new IT reforms in banking sector
Strong financial conditions ease sale declines: Fed paper
Federal Reserve study shows firms in good financial condition experience a smaller decline in sales during the crisis
Bank of Italy paper on impact of conservative central banking
Bank of Italy study identifies three strategic channels through which central bank conservatism influences wages
Norges Bank - Payment Systems Annual Report (2010)
Norges Bank 2010 Payment Systems Annual Report says payments should be made more swiftly, securely and at a lower cost
Greece austerity measures pass vote
Greece averts default as parliament passes €28 billion austerity bill; government set to receive €12 billion lifeline from EU and IMF
European stress tests not complete; EBA’s Enria
European Banking Authority chief says speculation on results of European stress test are “completely unfounded”
Lagarde takes on top IMF role at challenging time
IMF selects Christine Lagarde as managing director; she takes the helm as Fund criticises US
Regulation reform dominates British Bankers’ Association conference
Regulatory reform causing concern for all involved; any changes made must be the right ones, say speakers at the BBA Annual International Banking Conference
BoJ’s Shirakawa on how to address tail risks
Bank of Japan governor Masaaki Shirakawa says public involvement is crucial in addressing tail risks
NY Fed’s Dudley on development of bank stress tests
New York Federal Reserve president William Dudley says development of stress tests is an ongoing process
Inflation targeting reduced severity of crisis in Turkey: Fund paper
Fund study shows adoption of inflation targeting and flexible exchange rate regime reduced impact of financial crisis in Turkey
OECD says crises will continue to occur
Organisation for Economic Cooperation and Development report warns crises are likely to repeat themselves as the global economy becomes more interconnected
Afghan deputy attorney general pursues central bank governor
Afghan deputy attorney general issues international arrest warrant after Abdul Qadeer Fitrat resigns and flees to the United States; action comes amid Kabul Bank scandal investigation
King defends governance of FPC
Bank of England governor Mervyn King says Financial Policy Committee should remain a committee of the Bank Court to preserve independence
ECB lifts lid on shadow-banking activities
New statistics based on broad data collections will improve euro area reporting for financial institutions that fall outside traditional monitoring frameworks
Buba paper identifies inconsistencies in central bank risk forecasts
Bundesbank study raises concern over systematic connection between risk assessments and central bank forecasts
RBA’s Debelle calls for greater focus on banks’ asset quality
Reserve Bank of Australia assistant governor Guy Debelle says greater weight should be placed on asset quality rather than funding structure of banks
Fed’s Hoenig says Sifis are at odds with values of capitalism
Kansas City Federal Reserve president Thomas Hoenig says systemically important financial institutions inconsistent with capitalism
BIS call for UK rate hike ‘nonsense’, says Bank’s Posen
Bank of England external Monetary Policy Committee member Adam Posen describes Bank for International Settlement’s argument for increase in Bank rate as ‘nonsense’
Sweden gives Ingves six more years as governor
General council of the Riksbank extends Stefan Ingves’ term as governor for another six years; first deputy governor and deputy governor resign