News
UK authority calls on banks to help tackle cyber crime
UK National Crime Agency calls on banks to collaborate with authorities to reduce fraud
Different economies need different types of structural reform, IMF paper finds
Economies at different levels of development need different types of structural reform, a policy paper by the International Monetary Fund says
‘Disclosure task force’ can tackle climate risks, FSB says
Industry-led group would develop voluntary disclosures relating to climate change; Mark Carney says better information could head off a ‘climate Minsky moment’
FSB unveils final TLAC standard
Global systemically important banks will need to build sizeable stocks of loss-absorbing capacity by 2019; many jurisdictions are lagging behind on implementing resolution framework
Sarb’s Mminele fears a ‘lengthening drought’ in emerging market capital flows
Sarb deputy warns emerging market nations must maintain “utmost vigilance” as they are buffeted by the effects of divergent monetary policies and fears about the state of the Chinese economy
Lawmakers eye Fed surplus funds as source of cash
Late amendment to ‘highway bill’ sees the House of Representatives vote to raid the reserve banks’ surplus funds instead of cutting the dividend paid to member banks
Central Bank of Iceland under scrutiny on crisis response
Supervisory board to investigate complaints over the handling of breaches in capital controls and legal uncertainty surrounding the holding company established by the central bank
Belarus to re-denominate its currency from July 2016
Ruble to be cut to one ten-thousandth of its value when new series rolled out; new banknotes printed years ago, but delay saw them stashed in central bank vault
Chile bides time on macro-prudential debate
Governor of the Central Bank of Chile says the bank will continue to ‘watch’ macro-prudential debate with view to ‘carefully studying’ different tools
TPP countries strike deal against currency manipulation
The 12 member states of Pacific free trade deal sign declaration vowing comprehensive disclosure of foreign exchange data; new group will ensure members abide by rules against competitive devaluation
Europe lags US in leading global financial reform, economist says at ECB event
The European Union no longer leads global efforts at financial reform, argues French economist Nicolas Véron; eurozone nations have too many seats on global reform bodies, he adds
No fireworks as Bank of England keeps rate options open
Rates remain on hold as BoE balances domestic strength with signs of weakness overseas; MPC hints a few forces could prompt an earlier hike than markets are predicting
BoE Court recommends forecasting rethink
Review of forecasting sheds light on strengths and weaknesses of central bank’s approach; recommends more systematic performance evaluation and new modelling techniques
Albania cuts rates as renovations to HQ completed
The Bank of Albania cut its policy rate to a record low of 1.75%; chair of Single Resolution Board visits as non-performing loans fall to approximately 20% of total in banking sector
Personal integrity key in battle for better culture, Lagarde says
IMF head calls for action to rebuild trust in the financial industry at the New York Fed conference; Fischer says it is impossible to improve the culture and then ‘retire from the battlefield’
EBA unveils plans for 2016 stress tests
European Banking Authority publishes draft guidelines for stress-testing systemically important banks; some 53 banks will be tested from February 2016
Fischer defends Fed independence
Attempts to make the FOMC adopt a policy rule and 'audit’ its decisions would restrict the Fed’s independence without generating much benefit, Stanley Fischer argues
CFTC’s aim is 'not just' to expand clearing, Massad says
The agency will not 'mandate a lot of products just to increase clearing'
Hungarian central bank mulls lower capital requirements for SME-friendly banks
Central bank looks to incentivise lending to small businesses; risk-absorbing swaps and 'preferential' deposit facility could be supplemented by lower requirements
Yellen would ‘welcome’ vice-chair of supervision
Fed chair says an appointment to the long-vacant post would be welcome, but stresses the ‘outstanding job’ board member Tarullo has done leading work in the area
Europe would benefit from more centralised macro-prudential tools, says ECB vice-president
Macro-prudential regulation of housing sector successful in UK, and the SSM should be in a position to set similar policy in the eurozone, Constâncio says
FSB finds fault with derivatives trade reporting
Despite large volumes of trades being reported, some authorities have restricted access to data, which is often low quality; some jurisdictions are experimenting with new analysis
Ireland: Former financial stability chief and ex-governor clash over crisis
John Hurley firmly rejects an accusation from the former financial stability head of the Irish central bank that senior management suppressed research in the lead-up to the crisis
Bank of Israel unveils plans for better credit data gathering
Registry designed to improve both credit provision and financial stability; deputy governor says central bank has learnt from others while tackling what has been a major project