News
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
Shirakawa defends role of market prices in policy-making
BoJ governor says price movements in financial markets were mishandled before the crisis, but they do reflect the wider economy and can be useful to central banks
Fed’s Stein highlights benefits of mortgage-backed QE
Jeremy Stein says purchasing mortgage-backed securities provides a greater "kick" for corporate investment than Treasury securities
FDIC name new leadership
President Obama names acting-chairman Martin Gruenberg as the new FDIC head and ex-Kansas City Fed president Thomas Hoenig as his number two
SWFs should take lead in demanding higher investing standards
Large long-term investors such as sovereign wealth funds should be spearheading efforts to hold investors to account over short-termism, according to finance experts at the LSE
Sarb’s Mminele highlights risks to emerging markets from QE
Daniel Mminele says unconventional monetary policy has complicated policy-making for emerging market central banks
Euro periphery financial systems still ‘fragile’, reports show
Irish and Portuguese financial stability reports show financial systems have grown stronger in past year, but weaknesses persist
Norway’s SWF eyes shift from European equities
Fund will maintain high equity share but diversify investments away from Europe; buys $1.1 billion of Swiss real estate from Credit Suisse
Regulators in Asia target shadow banking sector
Regulators in Asia are striving to strike balance between regulating the shadow banking sector and letting Asian financial intermediation develop
Fed’s Tarullo outlines update to regulation of foreign banks
Rules for foreign banks operating in the US need to be strengthened, but should not be so harsh as to give domestic banks a competitive advantage, says Daniel Tarullo
Bank of Thailand: LCR horizon should be a maximum of seven days
Experience of the Asian financial crisis leads Bank of Thailand's deputy governor to question the LCR parameters
RBA takes action to cut interchange fees
Reserve Bank of Australia reduces interchange fee cap for Eftpos payments system by 30% to 12 cents; move follows swingeing cut in 2006
BoE warns UK banks on ‘overstated’ capital
Financial Stability Report says banks’ reported capital may fall short of actual buffer; FSA urged to ensure banks take action
Hong Kong regulator cautious about CoCos
The HKMA is unconvinced about banks issuing contingent convertible instruments, according its deputy chief executive, Arthur Yuen
Riksbank recommends interbank rate-setting reform
Central bank review finds no manipulation but identifies governance shortfalls; part of latest stability report that deems banks in Sweden ‘financially strong’
Canadian deputy fears ‘ugly’ outlook for global economy
Bank of Canada’s John Murray says policy slippages are endangering global recovery; hits out at surplus countries and says world is trapped in a ‘bad’ scenario
EC gives go-ahead for Spanish recapitalisation plans
European Commission says recapitalisation and resolution plans for four Spanish banks under Frob control do not violate state aid rules; paves way for capital injection in early December
Kenyan coin shortage is a public misperception, says central bank
Central Bank of Kenya says “perceived shortage” can be eradicated if members of the public raid their piggy banks
ECB’s Constâncio advocates sovereignty transfer
The vice-president says some aspects of decision-making should be moved from a national to a European level
King grilled over £37bn grabbed by UK Treasury
Treasury Committee takes Mervyn King to task over 'profits' from quantitative easing claimed by UK Treasury; BoE officials insist bank’s independence is not under threat
Eurogroup agrees on Greek aid package
Eurozone countries agree on measures to boost Greek debt sustainability alongside a €43.7 billion ($56.5 billion) disbursement from the European Financial Stability Facility
Carney gets Bank of England top job
Mark Carney, currently governor of the Bank of Canada, will take over from Mervyn King to run the UK central bank in June 2013, despite earlier appearing to deny interest in role