Central Banks
Consumers move back to cash payments: Boston Fed paper
Boston Federal Reserve study finds evidence of decline in credit and debit card usage and increase in cash payments during financial crisis
BoJ - Monthly Report of Recent Economic and Financial Developments (April 2011)
The Bank of Japan’s April 2011 Monthly Report of Recent Economic and Financial Developments finds evidence of a sharp slowdown in production following Tohoku earthquake
Bank of Israel narrow forum backs rate hike
Bank of Israel minutes show narrow forum supported decision to raise interest rates by 50 basis points in April
Belgium modernises central bank statute
National Bank of Belgium calls extraordinary general meeting to discuss changes to statute governing central bank; attempts to avoid repeat of historic legal battle debacle over ancient wording
Sepa end-dates should be set in stone: ECB
European Central Bank proposes concrete end-dates for migration to Single Euro Payments Area
Greek debt still the most risky: CMA survey
CMA labels Greek sovereign debt as most risky in the world, second quarter in a row; countries elsewhere in Western Europe performed the best
EBA reveals benchmark for EU stress tests
European Banking Authority to apply 5% core Tier I capital ratio of risk-weighted assets on stress tests; says 90 banks will participate in tests
King attempts to mitigate pay freeze news
Bank of England staff receive memo notifying them of measures
New York Fed auctions off first AIG-related mortgage bonds
New York Federal Reserve sells $1.3 billion of American International Group (AIG) mortgage securities in the first round of auctions
HKMA’s Chan reviews merits of universal banking
Hong Kong Monetary Authority chief executive Norman Chan says central bank will take balanced approach to universal banking
Bank of Finland on modelling rational expectations
Bank of Finland study discusses modelling rational expectations in monetary policy framework
QE solution at zero bound: NY Fed paper
New York Federal Reserve paper co-authored by Brian Sack shows quantitative easing successfully eased monetary policy at the zero bound
ECB breaks norm with rate hike
European Central Bank hikes interest rates by 25 basis points after two years at historically low levels; warns on second-round effects from commodity price pressures
Treasury Committee’s Tyrie calls for reform of BoE board
Treasury Select Committee chairman, Andrew Tyrie, calls for urgent reform of governance rules at the Bank of England; warns new regulatory powers must be closely monitored
Japan offers ¥1 trillion to firms in disaster-stricken regions
Bank of Japan makes ¥1 trillion available for loans to financial co-operatives and banks in disaster-stricken regions
Portugal seeks bailout, Trichet confident rate hike will only help
Portugal seeks financial assistance from Brussels; European Central Bank president Jean-Claude Trichet says rate hike will help build confidence in stricken sovereign
Sweden picks famous faces for new banknotes
Riksbank announces motifs to be emblazoned on new banknotes; include actress Greta Garbo, author Astrid Lindgren and singer Birgit Nilsson
IMF paper explores measures of default probability
Fund paper investigates methods to measure market price of risk and probability of default
FOMC debate length of QE programme
Federal Open Market Committee meeting minutes shows some members would like option to end Fed’s asset purchase programme early
Basel Committee’s Walter: consensus reached on method to identify Sifis
Basel Committee has now agreed on criteria for banks posing systemic threat; FSB agrees on accelerated timetable for G-20 recommendations
Ireland’s Elderfield: we’ll not haircut senior debt
Matthew Elderfield, Ireland’s head regulator, assures senior bondholders in four banks they will not face “action”