Central Banks
ECB surplus drops more than 16%
European Central Bank reports a €2.218 billion surplus, and a €2.25 billion profit, pinning fall in interest income to low rates on dollar assets
Norway’s wealth fund smashes profit record
Norway’s Government Pension Fund–Global sees a 25.6% return on its investments for 2009, trumping the benchmark portfolio by more than four percentage points
Longworth praises Canada’s astute liquidity management
Bank of Canada deputy governor David Longworth says central bank has been thoughtful and measured, assuring markets that support is available but ensuring that it is only used in dire circumstances
Banks’ profits plunged 40%: Greece deputy
Bank of Greece deputy governor Eleni Dendrinou-Louri says profits fell more than 40%, accompanied by a disconcerting rise in trading income
Swiss stabfund losses wipe out UBS equity
Revaluation wipes more than $5.6 billion off the value of SNB’s toxic-asset portfolio
Argentine Senate set to reject governor
Central bank set to be leaderless again after committee vote against Fernández ally
Norges Bank sees $1.28 billion loss
Norwegian central bank says deficit the result of the appreciation of its currency; cannot transfer funds to the country’s Treasury as a result
Malaysia hikes as recession ends in emerging Asia
Bank Negara Malaysia raises its key rate by a quarter percentage point, citing stronger than forecast growth results in emerging Asia
Stimulus is not the bulk of debt: Fund’s Lipsky
International Money Fund first deputy John Lipsky says underlying increases in spending and lower taxes from financial sector underpin the debt burden, rather than stimulus
Ghana’s Amissah-Arthur explains early 2009 hike
Bank of Ghana governor Kwesi Bekoe Amissah-Arthur says the West African country’s government has made vital progress in cutting spending, allowing key rates to be lowered
Risks influencing loan rates: Bank of England paper
Bank’s external monetary policy unit research shows loan size is not the only variable affecting rates, says higher income individuals are treated better by lenders
Lawmakers clash over Fed role in consumer protection
Senior Democrats infuriated over possible revision to regulatory reform bill that would keep consumer protection under the Fed, against original promise
Austria’s Nowotny: power of rating agencies unacceptable
National Bank of Austria’s Ewald Nowotny says agencies’ role in fate of Greece too great
Fed’s Fisher: break up the big banks
Dallas Federal Reserve’s president gets tough on those deemed too big to fail
Greece not looking to bond markets for now: debt chief
Greece’s new head of public debt management says the country will not rush to tap sovereign debt markets; austerity package with extra cuts sends yields plummeting
Nigeria slashes deposit rate to ease lending
Central Bank of Nigeria knocks 100 bps off deposit rate and extends quantitative easing programme to promote lending to the real sector
Fernández’s central bank raid finally succeeds
Hours after admitting defeat on emergency decree, President Fernández plunders central banks reserves through new measures
BIS on the origins of macroprudential
Bank for International Settlements research traces the etymology of macroprudential, noting that it has become a buzzword in the aftermath of the crisis