News
Mark Carney era underway at Bank of England
Expectations are high the new Bank of England governor will introduce forward guidance; academics point out he will first need to win over a divided MPC
IMF figures show advanced economies loading up on Australian dollars
Stock of foreign exchange reserves continues upward trajectory, with Australian currency finding favour in advanced economies, and the Canadian dollar in vogue in emerging nations
Cyprus central bank told to dilute governor power
Independent report says too much power was concentrated in the governor’s hands in the build-up to the recent Cypriot crisis; calls for new policy-setting committee with non-executive majority
Croatian membership boosts ECB capital
Croatia’s central bank has joined the European System of Central Banks (ESCB), with governor Boris Vujčić taking his place on the ECB’s general council
Top Fed officials speak out to calm markets
Two Federal Reserve governors and the New York Fed president emphasise a change in monetary policy will be driven by data, not the date; further easing remains a possibility
IMF plans overhaul of assistance to central banks and governments
Policy paper lays out plans for ‘single strategy’ combining technical assistance and training; pilot programme for new Capability Assessment Program aims to improve monetary and fiscal policy
Austrian deputy resigns amid ongoing bribery case
Wolfgang Duchatczek quits National Bank of Austria; stands accused of bribery in relation to banknote printing deals with Syria and Azerbaijan
Hungarian inflation bound for 3% target after central bank cuts again
Hungarian National Bank cuts benchmark interest rate by 25bp for 11th successive meeting; forecasts that inflation will pick up in 2014 and hit target the following year
Caruana backs Bernanke taper timetable but warns banks to prepare for volatility
BIS general manager says Fed chairman Ben Bernanke was right to signal a tightening of monetary policy but warns stress tests will be needed to prepare banks for an increase in volatility
Bank of Spain rings organisational changes
General secretariat handed new department for market conduct and claims; new financial stability units set up to address banking analysis, macro-prudential policy and impact of regulation
Basel leverage ratio would double up collateralised OTC positions
Ratio could be a 'game-changer', dealers warn, as Basel Committee proposes counting received collateral as well as derivatives exposures
EU finance ministers strike deal on bail-ins
Rules seek to impose losses from bank failures on creditors; national authorities told to create resolution funds to absorb losses in ‘exceptional cases’
Fischer says Frenkel will face ‘completely different' world
In his departing press conference at the Bank of Israel, Stanley Fischer highlights many changes that Jacob Frenkel will find when he returns; Frenkel still faces investigation over improper payments
People: Bank of Russia deputy joins government; Bank of Lithuania appoints deputy chair
Bank of Russia's first deputy chairman appointed as economic development minister; former Lithuanian finance minister moves to central bank as Darius Petrauskas departs; Kevin Feldman joins WGC
Basel Committee updates advice on anti-money laundering practices
Consultative document addresses ways for banks and supervisors to cut risk through diligent use of anti-money laundering efforts, including how to co-ordinate across borders
Fed presidents in conflict over 'too-big-to-fail'
Lacker, Fisher, Hoenig and Bair called before US Congressional committee to voice their opinions on Dodd-Frank Act's Orderly Liquidation Authority
Fed proposals seek to shine light into money markets
Proposals for daily data reporting by a panel of 155 banks aim to improve the Federal Reserve's ability to supervise shadowy money markets
Basel Committee reveals leverage ratio formula
Proposals detail leverage ratio calculation framework and disclosure requirements that will enter force in 2015; committee keeps options open for a higher leverage ratio than originally planned
Chinese financiers hit out at 'blind' PBoC
China central bank accused of being blind to potential capital market reaction in its attempts to clamp down on the shadow banking sector
Bank of England concerned by ‘vulnerability’ to interest rate increases
Financial Stability Report calls for assessment of financial institutions' exposure to increases in global interest rates; recommends banks are allowed to reduce their liquid asset holdings
Central bank statistics departments facing multiple strains, says ECB’s Schubert
Meeting new monetary, micro-prudential and macro-prudential data requirements is a major burden for central bank statistics departments, says ECB statistics head Aurel Schubert
King defends Bernanke over communication of Fed policy
Bank of England's Mervyn King says Fed chairman Ben Bernanke could ‘hardly have been clearer’ over future of monetary policy; vents his frustration at slow pace of economic reforms
Stein and Wheatley to head up new FSB benchmarks steering group
Financial Stability Board sets up steering group to improve benchmarks; private sector invited to contribute to the review process
Financial institutions must prepare for higher interest rates, says Carney
Incoming Bank of England governor calls for ‘continued vigilance’ to avoid the financial system being caught out by volatility and interest rate rises caused by an exit from easy monetary policy