News
Too early to tell if eurozone NPL reforms are sufficient – ECB
Changes to legal systems are “not keeping pace” with new laws
Divided Central Bank of Colombia votes to cut interest rates
Worries about inflation not returning to target spur board to cut interest rates to 5.75%; external conditions remain a concern despite slightly better inflation data
Russian central bank slams ruling in €1bn Sberbank swaps case
Lawyers say shock court judgement in ruble options dispute “puts hundreds of contracts at risk”
Bank of England staff vote for strike action
Central bank faces four days of disruption among support staff, with the union threatening to “escalate” the matter to other departments
Brazil cuts target as inflation plummets
New target now more in line with regional peers, says finance minister; corruption charges could threaten financial stability in the long run
Bank of Jamaica chooses overnight deposits for new policy rate
Bank of Jamaica continues to make changes to monetary policy framework with goal of fully fledged inflation targeting in mind
Bank innovation in consumer data will increase, EBA says
New laws will hasten pace of innovation but should increase consumer rights, EBA argues; market participants see laws as adequate but concerned about cyber security
Bond sell-off slows as markets digest central bank comments
Upbeat comments from ECB and BoE chiefs trigger brief tantrum, but bond markets now appear to be settling down
EC must address concerns over state aid – ECB’s Angeloni
ECB supervisor says Italian aid to Intesa raises serious questions
People: Fed appoints new CFO; Mishra returns to IMF after stint at RBI
Fed chooses Ricardo Aguilera as new CFO; Prachi Mishra returns to the IMF; Bank of Russia appoints new head of resolution department
WEF report calls for global standards on blockchain
Authors say it is time for ‘global action’ in fostering fintech innovation; task forces need to be created to create global standards, while funding should be provided to help research
UK audit office praises most of BoE’s ‘One Bank’ strategy
Report says Bank of England has been broadly successful in its transformation, although there have been some delays and changing culture is a long-term challenge
MAS’s Menon plays down record profit figure
The record-breaking profit was due to strong positive currency translation effects and higher investment gains
Commission’s CCP powers ‘might not lead to exodus from UK’
US regulation of CCPs provides a “plausible template” for the eurozone, says commentator
Yellen urges caution on regulatory adjustments
Janet Yellen and Mark Carney say the US could adjust its banking regulations without undermining global standards; Basel’s Coen stresses need for co-operation
Sarb appeals to court in battle to defend mandate
Kganyago stresses public protector’s words have had a “serious and detrimental effect on the economy”; her recommendations risk “further downgrades”, he says
House prices could outstrip income for decades – David Miles
Former Bank of England policymaker says under “plausible” assumptions, real house prices can rise without limit, implying high prices are not necessarily a sign of bubbles
BoJ told to improve communication on potential exit from stimulus
Speculation is growing over the timing and method of the exit from the stimulus programme, creating a new communication challenge for the BoJ
Norwegian commission calls for reform of Norges Bank
Mandate, board and legislation should all be changed, says former governor Svein Gjedrem
European supervisory authorities set out AML-CFT guidelines
Document spells out methods for implementing “risk-based approach”
US dealers wade into European CCP relocation debate
CFTC hearing warns of increased margining costs and a pre-Brexit client onboarding crunch
BIS rewrites statutes to boost board diversity
Changes reduce the influence of the BIS’s European directors and could pave way for better representation of emerging markets
BoE ups capital buffers as consumer credit outstrips income
“Pockets of risk” including effects of Brexit negotiations and car finance warrant attention, BoE says, though it stresses overall stability threats are at “normal” levels
EC approves state aid for two Italian banks
Small regional banks will receive about €5 billion, having avoided resolution