Central Banks
IMF issues stark warning to UK on EU exit
Bank of England could find itself battling market dislocation and “substantial” economic slowdown if UK votes to leave EU, IMF warns; Christine Lagarde dismisses accusations of political meddling
EBA sees stability risk in Commission ratings proposal
European Banking Authority criticises Commission’s proposals on use of credit ratings’ agencies judgements by regulators; amendments would ‘increase risk to financial stability’, it says
Spanish paper explores low TFP growth during expansion
Working paper notes total factor productivity fell between 1995 and 2007 despite solid growth rates in the economy; highlights misallocation of production factors within industry
Tombini remains amid Brazilian presidential overhaul
Central Bank of Brazil governor remains in post; new finance minister to keep him on for a transition period, analyst suggests, but new appointment could follow
Fed board gets financial stability division
The office of financial policy and research, established in 2010 to co-ordinate work across the board, is reclassified as a financial stability division; Fed cites “growth in responsibilities and staffing”
RBA's Edey signals end to lengthy card review process
Assistant governor lays out issues review will address when it is published next week, following two-year process
Carney dismisses independence fears after EU referendum comments
Governor says BoE has responsibility to comment on short-term impact of EU referendum; fog of uncertainty makes policy-making unusually difficult, as MPC holds rate again
Angola’s president replaces two deputy governors
Manuel Antonio Tiago Dias and Suzana Maria de Fátima Camacho Monteiro appointed as deputy governors as president continues to overhaul senior leadership
BoJ keeping options open on new technologies
Deputy governor Hiroshi Nakaso says the Bank of Japan is not planning to issue a digital currency any time soon, but is exploring the possibilities created by technological innovations
Optimising official reserve portfolios
Bank reserve managers require a modern, flexible approach to achieving the investment trinity of safety, liquidity and return. This strategy is typified by BlackRock’s model multi-asset portfolios, which use indexes as building blocks, maintain high…
IMF urges San Marino authorities to tackle NPL problem
Staff encourage a policy based on stocktaking, provisioning and recapitalisation; central bank may needs outside help with AQRs, they suggest
Malaysian governor explores sustainable finance tools
Muhammad bin Ibrahim sees potential for asset class backed by carbon credit-based solutions but structured using Islamic finance principles
Canadian university to establish central banking chair
Western University, in Ontario, to create post following donation from Jarislowsky Foundation; institution counts Glenn Stevens and Stephen Poloz among alumni
Syrian central bank slashes exchange rate as currency pressure grows
Central bank allows sharp depreciation of currency and adopts more flexible approach to setting peg, clamping down on black market trading
National Bank of Angola opens currency museum
The museum receives 2,000 visitors in its first four days; exhibits the history of the currency, from sea shells to today's banknote series
BoE paper: CCP legal framework may need work
Process of handling default is legally robust in many cases, but has room for improvement in others, authors say
Iceland central bank suggests tightening to come
Many domestic factors set Iceland apart from other industrialised countries, and it may need to adopt a tighter policy stance in future
Book notes: The power and independence of the Federal Reserve, by Peter Conti-Brown
Conti-Brown offers a call to action to fix the legitimacy of the Federal Reserve System, which is looking increasingly dated
ECB to conduct comprehensive assessment of four more banks
European Central Bank is assessing four banks it may come to directly supervise; supervision fees charged to European banks set to rise over 45% in 2016
Research considers use of blockchain in securities settlement
Paper published by SWIFT Institute says full application of technology could lead to, and would require, change in existing business processes in the industry
ECB paper presents evidence of risk-taking channel in US
Working paper finds interest rates affect the quality of bank credit in the US; researchers exploit confidential data on banks’ internal ratings of loans
Barbados central bank hires consultant to boost happiness
Leamon Group is brought in to improve happiness levels; governor Worrell draws a link between this and “exceptional performance”
Liikanen anticipates more changes to come from digitisation
Many new actors in the payments system in recent years have still made use of existing instruments, Bank of Finland governor says – although this could change in the future