Central Banks
National Bank of Denmark to outsource production of banknotes and coins
The National Bank of Denmark will outsource all of its printing and minting services to an external supplier in 2016, with an estimated saving of $17 million by 2020
EBA finds Bulgarian National Bank ‘in breach’ of EU law
The European Banking Authority issues a recommendation calling for the Bulgarian authorities to allow depositors access to the funds held by failed banks
BoE minutes hint at dovish shift
Committee still split 7-2 in favour of holding rates, but language takes a more dovish tone with housing market and external environment providing cause for concern
People: Mexican deputy gets second term; Paraguay names new director
Mexican president reappoints Legaspi as deputy governor of Bank of Mexico; Central Bank of Paraguay promotes legal unit manager to director; and more
ECB health check ‘putting strains’ on Cyprus central bank
IMF staff report finds the operational capacity of the Central Bank of Cyprus is being stretched by the transition to the SSM, including the ECB's comprehensive assessment
Angolan central bank looks to boost BESA capital by $4.3 billion
National bank of Angola sets out plans to recapitalise BESA; Novo Banco will get a 9.9% stake in the bank and receive $850 million over ten years in restructuring deal
Failure to improve culture will be punished, say Dudley and Tarullo
Fed officials say banks that fail to improve culture will face regulatory sanctions, including the possibility of being ‘dramatically downsized and simplified’
Dollar and renminbi can coexist as global currencies, Eichengreen says
Bank of Korea paper finds that ‘networks are open and several international currencies can coexist’, suggesting the dollar and the renminbi will share the role in the future
Trade balance improves after fiscal devaluation, study finds
European economists analyse the effects of a temporary fiscal devaluation in Spain and Portugal, finding it leads to improved trade balance
Robert Pringle’s Viewpoint: Stanley Fischer responds to the Fed’s foreign critics
The Federal Reserve vice-chair rightly insists that each nation should each keep its house in order; but the global village needs to be kept tidy as well
Fears surface over lack of trust among resolution authorities
Countries still do not trust one another enough to cooperate fully during the resolution of a globally systemic bank, participants at Chatham House event warn
RBA’s Lowe wants more market appetite for ‘real investments’
Deputy governor says key to returning growth and monetary policy to normality is persuading investors to create new assets rather than pumping up the prices of existing ones
West African countries take stock of ‘capacity building project’
The West African Monetary Institute is hiring an external consultant to review the $2 million project, as it works towards establishing second monetary union in region
Carney launches review into RTGS failure
Independent review will look into ‘technical issue’ that knocked RTGS system out of operation yesterday, and consider the central bank’s response
Constâncio says ECB needs new tools to tackle shadow banking risks
Vice-president says central bank will need a broader arsenal to cope with risks in the shadow banking sector, suggesting the US and UK both have powers that could be useful
IMF paper examines causes of financial market spillovers
Research finds financial market spillovers are affected by ‘bilateral portfolio asset holdings, as well as a country’s geographical preferences’
Fed paper models impact of return to normal rates
Discussion paper studies the likely effect of returning interest rates to more normal levels; finds different combinations of tools would have different effects on financial intermediation
The global financial architecture is broken
Central banks have taken over from Bretton Woods institutions in a multipolar world where actors are increasingly fearful of dealing in G-4 currencies, writes Andrew Sheng
Bank of England resumes settlement after 'technical issue’
UK’s high-value payment system was ‘paused’ for several hours today, but is now back up and running; central bank extends opening hours to deal with backlog
Philippines central bank raises minimum capital requirements
The Central Bank of the Philippines has raised banks’ minimum capital level while unveiling new credit risk management rules that limit the collateral value of real estate mortgages
ECB taking minutes leak ‘very seriously’
Quotes from governing council discussions between May 2012 and January 2013 appear in press; reveal Jens Weidmann’s concerns over ELA provided to Cypriot bank
French paper examines impact of ECB policy changes on asset prices
Working paper considers how ‘policy shocks’ affected short-term interest rates, as well as the expected future path of short-term interest rates, between 2002 and 2013