Central Banks
SWIFT broke laws - EU committee
SWIFT, an international financial data transfer agency, breached European data privacy laws in handing over personal data to American investigators, according to a report by a European Union committee.
Korea raises reserve ratios
Korea's central bank will raise reserve requirements on short-term deposits by 40% next month, the governor, Lee Seong-tae, announced on Thursday.
UK's Lomax a surprise dissenter in rate decision
Rachel Lomax, a deputy governor at the Bank of England, was a surprise dissenter at the rate-setting meeting in November, minutes released on Tuesday showed.
Europe's new large-value payment system on target
Europe's new large-value payment system is on schedule to go live in 2007 says the European Central Bank in its third annual report on TARGET2.
Pursuing financial stability - RBI speech
In the speech 'Central Banks and Risk Management: Pursuing Financial Stability' given on 21 November, Rakesh Mohan, deputy governor of the Reserve Bank of India discusses various aspects of central banks' role in the pursuit of financial stability.
Buba's Fabritius on the new TARGET2 system
In the speech 'The new TARGET2 system and recent developments in European securities settlement' given on 15 November Hans Georg Fabritius of the Bundesbank said we will only be able to realise TARGET2 Securities with the active involvement and…
Mboweni on the National Payments System in SA
In a speech given on 15 November Tito Mboweni of the South African Reserve Bank said collaboration between the Bank and the banking industry has resulted in the South African Payment System being recognised as an example or model for development…
Bond curve inversion no longer signals recession
According to this article from Reuters, published Thursday 16 November, the inverted yield curve is no longer seen as an accurate predictor of slowing growth or recession ahead.
PBOC's Wu may head futures exchange - report
People's Bank of China vice governor Wu Xiaoling may head the country's financial futures exchange in Shanghai starting next year, the Economic Observer reported Monday 20 November, citing unnamed insiders.
BOJ chief sees risk assessed rate rises
The Bank of Japan will adjust interest rates gradually while ensuring its policy actions remain supportive of the domestic economy and that growth remains sustainable, BOJ governor Toshihiko Fukui said Sunday 19 November.
ECB wants more clarity on Sepa for cards
The European Central Bank said Monday 20 November it has laid down a new set of objectives for payment card schemes to achieve in order to become Sepa-compliant, amid concerns that current provisions would lead to higher prices and a deterioration in…
New York Fed's Foreign Exchange Operations Report
According to the Federal Reserve Bank of New York's Treasury and Federal Reserve Foreign Exchange Operations quarterly report for July-September 2006, published 16 November, the U.S. monetary authorities did not intervene in the foreign exchange markets…
Poole on responding to financial crises
In the speech 'Responding to financial crises: What role for the Fed?' given on 16 November William Poole of the Federal Reserve Bank of St. Louis said the Fed should play as limited a role as possible in a financial market crisis and took aim at Fannie…
Gieve: Preparing for cross-border financial crisis
In the speech 'Practical issues in preparing for cross-border financial crises' given on 13 November Sir John Gieve of the Bank of England said central banks and regulators around the world need to rehearse dealing with a financial crisis in order to…
BoE's Gieve says hedge funds pose stability risks
Bank of England deputy governor John Gieve has warned that hedge fund activity does pose short term risks to financial stability.
UAE has no plans to diversify into yen reserves
The governor of the United Arab Emirates central bank said Friday 17 November the UAE does not see the Japanese yen as an attractive currency to diversify into from its existing foreign exchange reserves.
IMF's Rato says more rate rises may be needed
International Monetary Fund managing director Rodrigo de Rato said in an interview with Bloomberg on Friday 17 November that central banks may need to increase interest rates further to keep inflation under wraps, amid faster global economic growth.
BOJ's Fukui doesn't rule out rate rise any time
The Bank of Japan hasn't ruled out any time for raising interest rates, governor Toshihiko Fukui said Thursday 16 November.
BOT selects new MPC member
The Bank of Thailand has selected Commerce Ministry's permanent secretary, Karun Kittisataporn as a new member of its monetary policy committee, The Nation reported Thursday 16 November.
Fed minutes show concern on curbing inflation
Keeping inflation under control remains the top concern for Federal Reserve policymakers, minutes published Wednesday 15 November showed.
EC's McCreevy:Time to deliver on SEPA
In the speech 'Time to deliver on SEPA' given on 13 November Charlie McCreevy, the European Commissioner for Internal Market and Services, urged banks to speed up adoption of common standards for customers to make euro payments throughout Europe from a…
SNB's Hildebrand on money and monetary policy
In the speech 'Money and monetary policy - the ECB experience 1999-2006' given on 9 November Philipp Hildebrand of the Swiss National Bank said in practice, it is often difficult to consider money in the conduct of policy.
RBNZ Financial Stability Report, November 2006
The Reserve Bank of New Zealand published its November 2006 Financial Stability Report on 15 November. RBNZ governor Alan Bollard said banks continue to appear well capitalised and continue to return strong profits.