News
FSB presses forward with legal entity identifiers
Latest Financial Stability Board report shows further progress towards implementing the global legal entity identifier system with March 2013 deadline fast approaching
QE ‘relief’ no substitute for deleveraging, says HKMA’s Chan
HKMA chief executive warns asset price growth must be supported by structural developments
Central Bank of Ireland to toughen penalties for financial crime
Irish central bank looks to harden sanctions for financial crime, including doubling maximum fines and the possibility of criminal prosecution for top managers
New Zealand’s new capital standards at odds with Australia on ‘bail-in’
Reserve Bank of New Zealand’s new capital standards conform to Basel III requirements but concerns raised on how bail-in debt rules will tally with Australia
BoE and FDIC co-operate on bail-in plans
US deposit insurer and UK central bank release plans for resolution of global systemically important banks, focusing on a ‘top-down’ approach to maintain viability long enough for restructuring
Riksbank evaluates OTC derivatives market ahead of new rules
Members of the Riksbank’s financial stability department examine how participants in the OTC derivatives market are preparing for new European rules on risk management and transparency
Central bank policies fuel asset price rise, says BIS
BIS quarterly review says monetary easing is helping to push investors into riskier assets despite a weakening global outlook.
EBA finds distortion in e-money practices across EU
Electronic payments market in Europe distorted by differing interpretations of EU anti-money laundering and counter-terrorist financing directives by member states, according to new EBA report
FSA outlines plans for Libor reform
Regulator will directly oversee calculation of benchmark rate; could also compel banks to submit Libor fixings
Bundesbank at odds with new IMF position on capital controls
Board member says capital controls should be last resort, if used at all; follows updated IMF guidance that capital controls can have ‘substantial benefits’ when used properly
Hungarian governor slams government’s economic policies
András Simor says economic recovery in Hungary will require fiscal discipline, higher bank lending and price stability – and the government is failing at all three
Dallas goes mobile with financial education
The Federal Reserve Bank of Dallas launches a mobile app designed to help people manage their money
HKMA will honour Basel III deadline, says executive director
Karen Kemp says Hong Kong’s banks will not be put at a competitive disadvantage by implementing new capital standards before US and EU
Bank of England must promote RMB trading, warns Chinese official
A swap line between the central banks of the UK and China would be a key step towards the growth of offshore renminbi, a former official of the People's Bank of China said yesterday
ECB lowers growth and inflation forecasts
ECB and BoE hold benchmark interest rates; Mario Draghi warns economic weakness will continue into next year, while inflation is likely to fall below its 2% target
UK’s Wheatley outlines behavioural foundations of FCA approach
CEO-designate of UK’s Financial Conduct Authority says regulator’s new approach will centre on behavioural economics rather than treating consumers as fully rational
Korea boosts gold holdings by 20%
Central bank purchases $780 million of gold; total stock of 85 tonnes worth $3.76 billion
Fed appoints new chairmen to half of district reserve banks
Federal Reserve Board of Governors names six new chairmen and five deputies to district banks’ board of directors
RBA revamps clearing and settlement to meet FMI standards
Reserve Bank of Australia releases final rules for clearing and settlement to bring them up to date with new FMI standards
Irish central bank to hold first meetings outside Dublin
Central bank of Ireland to hold series of events in Galway, including first ever formal meeting of the governing board outside Dublin; further events planned for the future
Bank of Greece upbeat on recovery prospects
Interim 2012 report on monetary policy says ‘tangible’ progress has been made in key sectors, but commentators warn optimism may be unfounded
Norges Bank to launch new banknote series
Norway’s central bank to release new banknote series to stay abreast of neighbours and keep counterfeiters at bay
CGFS report sets out framework for macro-prudential policy
Basel-based Committee on the Global Financial System (CGFS) report guides central banks on how macro-prudential instruments should be chosen, combined and employed
RBA cuts rates to three-year low
Reserve Bank of Australia lowers rates despite growth near to trend and inflation likely to overshoot target in short run; dollar strengthens against greenback