Central Banks
Lender recourse increases the likelihood of default
Richmond Federal Reserve shows the impact of lender recourse on mortgage defaults
Estonian stability report gloomy
Bank of Estonia’s latest Financial Stability Report warns risk outlook has worsened
New Zealand issues risk guidelines for non-banks
Reserve Bank of New Zealand expands focus of risk-management rules beyond banks
Fed’s Greenlee: further stress testing needed
Federal Reserve’s Jon Greenlee says that many institutions would benefit from additional stress testing
A multi-tasking central bank responds better
Reserve Bank of India’s Usha Thorat says that its multiple objectives enhanced performance in the face of global crisis
Buba’s Fabritius questions Berlin’s commitment to Sepa
Bundesbank’s Hans Fabritius queries Berlin’s commitment to Single Euro Payments Area
PNG’s Kamit on how to reap benefits of microfinance
Bank of Papua New Guinea’s Wilson Kamit says that microfinance should go hand-in-hand with improvements to financial literacy
Labour productivity fosters booms
New York Federal Reserve shows labour productivity helps create bubbles
National Bank of Austria – Research Update newsletter
National Bank of Austria publishes latest Research Update newsletter
HKMA’s Yam hints at diversification
Departing Hong Kong Monetary Authority chief says he has “open mind” on whether exchange fund should diversify away from dollar into renminbi
Chile to lend at record-low interest rates until 2010
Chilean banks to be able to borrow at 0.5% until end of year
Foreign demand for euro banknotes on the rise
European Central Bank shows that 2008 saw a strong increase in the demand for euro-cash outside the euro area
Eurozone banks pay heed to ECB’s debit card calls
Euro-area banks proposing system to rival MasterCard and Visa
Russia chops another half point off benchmark rate
Central Bank of Russia cuts key rate to lowest since July 2008
IMF sees world economy coming out of recession
International Monetary Fund says global economy pulling out of recession, but recovery expected to be sluggish
Washington names nine to buy toxic assets
The US Treasury, Federal Reserve and Federal Deposit Insurance Corporation give nine firms the right to buy assets under the legacy securities programme
China’s international balance sheet to triple in ten years
Bank for International Settlements shows that China’s role as a creditor nation will increase in the future
Bank surprise boosts sterling
Bank of England’s decision to hold quantitative easing programme at £125 billion sends pound up against euro and dollar
Kenya – Bank Supervision Annual Report 2008
Central Bank of Kenya’s latest Bank Supervision Annual Report notes that domestic banks continue to embrace new technology
PNG’s Bakani calls on government to cut costs
Bank of Papua New Guinea’s Loi Bakani says that the government should cut expenditure in the face of low export-commodity prices
Fed’s Kohn sets out case for independence
Federal Reserve’s Donald Kohn appeals to lawmakers to maintain independent central bank
IMF research highlights regulatory governance gap
International Monetary Fund paper criticises non-bank regulators for failing to see stability as part of their mandate, finds frameworks for insurance supervision flawed