Accountability
Sarb rejects postponement calls from public prosecutor
Central bank does not accept Mkhwebane’s latest court request; claims her reasoning is false and “overly exaggerated”
SNB’s Jordan defends central bank independence
In contrast to monetary policy, macro-prudential should also be shaped by government
Doubts emerge over RBNZ mandate plans
Acting governor Spencer says a dual mandate would have little impact, but expresses concern over a committee structure; former RBNZ economists weigh in
Banks will continue to gamble with public money, says Gordon Brown
Former UK prime minster says lax punishment of banks has left risky culture intact; “inevitable” rogue bankers will continue to gamble with public money
Updated: Public prosecutor calls for conditional prison sentence for Tromp
Emsley Tromp was dismissed from the Central Bank of Curaçao and St Maarten in September following investigation
Legal independence ‘not 100% insurance’, warns Posen
Academic says central banks have to look at the political context when policymaking, while senior figures say it is the responsibility of central banks to speak out
Book notes: The Myth of Independence, by Sarah Binder and Mark Spindel
Politicians would do well to heed the authors’ lessons, but their economic analysis could be stronger, writes Niels Bünemann
Court dismisses ‘irrational’ Sarb mandate challenge
Judge finds South African public protector’s attempt to change the Sarb’s mandate was illegal, irrational and unfair
Book notes: The Spider Network, by David Enrich
A thrilling exploration of how currency trader Tom Hayes and confederates managed to corrupt the UK banking system in what has become one of the largest financial scandals in history
BoE to appoint ‘conflicts officer’ following review
Compliance review revealed there was a lack of understanding around reporting conflicts of interest; under new framework senior officials will have to report annually
Fed would remove Wells Fargo board if ‘appropriate’, says Yellen
Fed chair asked why stricter penalties had not been imposed after bank opened millions of fake accounts; senator Warren says current system has created “bullet proof” executives
Sarb monetary policy committee does not suffer from ‘groupthink’ – Kganyago
Sarb governor says there are often disagreements when it comes to policy decisions; central banks have now become “masters of communication”
More regulation ‘may not fix problematic conduct’, says Sarb’s Mminele
Deputy governor appeals to the entire financial market to challenge and realign current culture; “fundamental shift” needed in order to rebuild “trust deficit”
Deutsche Bank fined further $41 million by Fed
US central bank finds fault with banking giant’s AML function, months after UK regulators imposed similar fines; Deutsche has two months to submit reform plans
Bank Negara Malaysia to ramp up misconduct supervision, says Ibrahim
Shocking survey results shows 15% of respondents would act ‘unethically’ when not being monitored; new guidance principles and transparency framework to help, BNM governor says
Norges Bank board to meet more and publish minutes
Governor Øystein Olsen says the Norwegian central bank is looking to be more transparent around monetary policy; the executive board holds the key rate at 0.5%
New Zealand takes step towards new FMI framework
Reserve Bank of New Zealand and Financial Markets Authority in line for new regulatory powers under framework approved by cabinet; will be put to public before being introduced to parliament
Bank of Lithuania tailors new website to different audiences
Central bank launches redesigned website with the aim of making it easier to use; includes new sections designed for specific audiences while data presentation received overhaul
BBC claims ‘secret recording’ implicates BoE in Libor scandal
Phone conversation transcript suggests government and Bank of England put pressure on Barclays to lower its Libor submission
PRA and FCA to investigate Barclays’ chief executive
Jes Staley comes under fire for undermining whistleblowing regime after he sought to identify a whistleblower; board to impose “very significant” cut to bonus
Carney: no double standards on conduct at BoE
Governor says central bank held itself to even higher standards than it expects of regulated firms in dealing with Charlotte Hogg’s disclosure mistake
Hogg admits to breaching BoE’s code of conduct
New deputy governor says she failed to declare her brother’s role with Barclays; BoE Court officials say it is a “very serious breach” but not a “hanging offence”
Hogg stresses readiness to resist groupthink at BoE
New joint deputy and COO says she is willing to stand up to Mark Carney after committee chair flags risk of “over-mighty governorship”
MAS forms council to toughen corporate governance code
Ageing code of corporate governance needs to be updated to reflect best practice, authority says; chairman notes pressure on companies to become more transparent