Central Banks
Denmark shoots down covered bonds idea
Danish governor argues against reforms to adjust requirements on covered bond collateral but concedes change is necessary
NY Fed’s Sack warns of excessive reforms
New York Fed’s Brian Sack discusses lessons from the crisis but cautions reforms may be superfluous
RBA goes back to class
Reserve Bank of Australia paper shows that ‘learning’ component makes up for short comings of rational expectations model
BoE study justifies interest-rate cuts
Bank of England research finds rate cuts warranted as risks of high rates outweigh the cost of short term inflation
Brazil’s Meirelles in political limbo
Brazil governor Henrique Meirelles has until Friday to decide if he will remain at the central bank, political ambitions rocked by Lula, party leaders; head of financial stability likely successor
Ireland’s bad bank worse than expected
Details of the National Asset Management Agency spook markets as commentators worry over whether the agency is structurally sound, Anglo Irish bailout under spotlight
Property woes will force more bank bailouts: economist
Officials right to flag risks posed by commercial real estate but Washington must also present a clear message on how to deal with the issue
Bangladesh Bank switches to solar power
Central bank lights up on green energy
Iceland climbs into profit; postpones pay rises
Central Bank of Iceland makes a modest profit for 2009, compared with sizable loss of the previous year; postpones wage hikes until summer
RBA’s Stevens pledges new regulation
Governor Stevens compares the troubles in financial markets to a patient in cardiac arrest, but claims new regulation will be the cure
Abu Dhabi SWF chief’s body found
Body of Abu Dhabi Investment Authority head Sheikh Ahmed Zayed al-Nahyan found after four day search following glider crash in Morocco
Boston Fed measures effect of equity extraction on consumption
Boston Fed research shows equity extraction as significant driving force for consumption during US housing boom
Trichet: credit agencies essential
In reply to a question from MEP Nikolaos Chountis, Jean-Claude Trichet highlights the importance of rating agencies
Goodfriend: interest on reserves best exit policy
Marvin Goodfriend offers Congress advice on how to exit from the Fed’s accommodative stance without disrupting markets
RBA offshoot let standards slip in bribery scandal: report
Independent auditor says Australian central bank’s polymer subsidiary Securency failed to uphold its standards in dealing with its foreign business agents
Basel principles don’t guarantee stability: IMF paper
Complying with the Basel principles on supervision does not enhance the soundness of banks, Fund economists find
Likely euro adoption puts Estonia on positive watch
Fitch Ratings predicts Estonia will join Euro after Tallinn publishes debt figures
Bank’s Haldane moots structural change to recover social costs
Bank’s executive director for financial stability labels banking pollution “a real and large social problem”; says officials must look at architecture of financial system to resolve it
“Radical reforms” must be considered: UK lawmakers
Head of influential group of parliamentarians says British government wrong to rule out root-and-branch reform; favours contingent capital and subsidiaries to lessen risk of systemic collapse
Three academics join China’s Monetary Policy Committee
The People’s Bank of China calls on three scholars to join rate-setting board
Warsh acknowledges Fed’s quasi-fiscal action
Governor suggests Fed’s crisis-fighting measures may have tested the boundaries of central bank’s ambit
Norges Bank’s Gjedrem on rate decisions
Svein Gjedrem offers cautious outlook for growth following rate decision last week
IMF: global inter-connectedness aggravated recession
IMF paper shows global interconnectedness increased output volatility during recession as trade-dependent economies were worst hit