Central Banks
Fisher ‘encouraged’ by FOMC guidance
Dallas Fed president Richard Fisher welcomes FOMC statement last week; believes ‘flight pattern’ of US economy is toward higher employment and inflation at the 2% target
ECB’s Godeffroy sees clear path to 2015 T2S launch
Director-general leading Target 2 Securities project says testing is largely going to plan; platform to create ‘survival of the fittest’ environment for European CSDs
Visco calls for ‘block disposal’ of impaired assets
Bank of Italy governor laments growing stock of NPLs in country’s banking system; calls for ‘active management and recovery procedures’ to address it
SBP annual report highlights year of ‘critical’ changes
Governor highlights major amendments to the State Bank of Pakistan’s operations that are currently being considered by Parliament; accounts show rise in both profits and governor’s salary
Danièle Nouy says banks are ready to lend on eve of SSM
SSM supervisory board chair says banks are ready to lend and flow of credit to real economy now depends on ‘other actors’; first wave of ECB staff migrate to new premises
Caruana sees role for BIS in ‘digital financial inclusion’
Standard-setting bodies need to work together to maximise benefits of new technology, and the BIS provides an excellent forum, Caruana says; RBI board member offers lessons from India
Asian central banks build ‘brick house’ to withstand ‘big bad wolves’
Tetangco sets out plan to insulate Philippines against global market volatility; Thailand's Prasarn warns macro-prudential measures are ‘reaching their limits’
HKMA revamps RMB liquidity operations to cope with 'phenomenal' growth in demand
Central bank to provide new intraday facility to cover rapid growth of renminbi payments in past year; seven banks designated ‘primary liquidity providers’
Dutch central bank adopts new supervisory structure
The Netherlands Bank is creating four new divisions as part of its response to the SSM launching this week; Femke de Vries has been appointed secretary-director as part of reshuffle
Bank of England proposes three-pronged leverage ratio
Financial Policy Committee recommends ‘supplementary leverage ratios' for UK's biggest banks and wants power to set them from 2016
Central Bank of Argentina borrows $814m through China swap line
Argentina’s central bank has activated is currency swap agreement with China, and will receive the equivalent of $814 million in a move that will boost its currency reserves
Basel Committee adds final plank to Basel III
Committee unveils final version of the net stable funding ratio, bringing to a close the core of the Basel III standard-setting process
Yellen: Economics profession can benefit from more diversity
Janet Yellen argues economies ‘develop and become more stable through diversification’, noting the failure of economists brought a public debate about the health of the profession
Bank of Russia hikes interest rates to stem ruble sell-off
Central bank raises key rate by 150bp to highest level since 2009 as currency reaches record low against dollar; spent $3bn propping up ruble on October 29
‘Fiscal devaluation’ not enough to solve competitiveness problems, IMF paper finds
Research finds rearranging taxes to shift the burden overseas has a muted effect on output, but may be useful as part of a broader package of structural reforms
Kocherlakota explains dissent from FOMC decision to end asset purchases
Minneapolis Fed president says downside risks to inflation outlook ‘arguably worse' than a year ago; says evidence from Japan and Europe shows need to act on 'an ongoing basis'
Split BoJ shocks markets with extra stimulus
Divided board narrowly votes in favour of a substantial boost to asset purchases; analysts note uncanny timing with government pension fund’s plan to add risk
Sarb’s Marais hails 'smooth rollout' of onshore renminbi programme
South African Reserve Bank trading government bonds, T-bills and bank bonds; deputy head of reserves hails support from PBoC on operational aspects of trading
Bulgaria hits back at EBA deposit insurance demands
Bulgarian National Bank says Bulgarian law does not give it the power to comply with EBA demands to release deposits at failed backs; EBA chair criticises apparent deceleration in process
ECB enlists asset managers to carry out ABS programme
Deutsche Bank and State Street among private sector actors that will help spur credit creation in eurozone following ‘competitive' tender procedure; no fees disclosed
FSB spotlight catches assets moving into the shadows
Shadow bank monitoring exercise shows assets stable inside the traditional banking sector but growing outside, as FSB publishes breakdown of data by jurisdiction for the first time
Central Bank of Brazil hikes rates following knife-edge election
Split MPC raises Selic rate to 11.25% in surprise decision amid ‘less favourable' inflation outlook; ‘sign inflation may be given greater priority' by re-elected government, analyst says
Bank of Canada governor highlights need to ‘incorporate uncertainty' in decision-making
Stephen Poloz says central bank uses ‘ranges rather than points' in its inflation and growth forecasts; estimates neutral rate of interest to be between 3% and 4%