News
Del Missier renews pressure on BoE over Libor scandal
Former chief operating officer of Barclays Bank says he was told instruction to submit lower Libor rates came from Bank of England; directly contradicts Bob Diamond’s testimony
IMF calls for policy action to counter looming downside risks
Latest World Economic Outlook and Global Financial Stability Report say further action is necessary by policy-makers in Europe, the US and emerging markets, as downside risks 'loom large'
Prime minister appoints new governor in Trinidad and Tobago
Ewart Williams' replacement announced; takes over tomorrow when Williams leaves after 10 years as governor
ECB reports drop in seized counterfeit euro banknotes
Number of fake euro banknotes withdrawn from circulation falls to 251,000; lowest amount of fake notes found since 2003
Acting head of forecast department chosen in Vietnam
Nguyen Do Quoc Tho appointed as acting general director of the Monetary Statistics and Forecast Department at the State Bank of Vietnam; department last month published positive growth figures
China growth slows for sixth consecutive quarter
Figures published by National Bureau of Statistics of China show year-on-year GDP growth of 7.6% in second quarter of 2012; growth has been steadily slowing since beginning of 2011
Sarb reveals new non-executive director
Firoz Cachalia is appointed as a non-executive director to the board of the South African Reserve Bank; takes up new position on July 16
Geithner emails to King bring BBA into focus over Libor
Communications between the then president of the NY Fed and the governor of the BoE show 2008 concerns over Libor system; British Bankers' Association was asked to look at recommendations for change
Italian governor reviews uncertain outlook as Moody’s downgrades
Bank of Italy governor Ignazio Visco says banks have made progress in strengthening finances but warns of numerous downside risks; Moody’s downgrades Italy’s government bond rating
Singapore commemorates independence with heart-shaped coin
Monetary Authority of Singapore launches Singapore 47 Years of Independence commemorative coins; series includes the first-ever heart-shaped coin for the country
Fed policy-makers hint at further stimulus
Minutes of the latest Federal Open Market Committee meeting show a number of members discussing further stimulus possibilities; moderate growth expected but also heightened risk
Eurosytem and Mediterranean central bankers gather in Morocco
Central bankers meet to discuss economic and financial developments, monetary policy implementation and macro-prudential policies and financial stability
IMF’s Lagarde warns on global growth
Managing director says next week’s assessment of world economy will bring bad news with regard to growth; urges increased co-operation to renew economic recovery
‘Unofficial dollarisation’ raises significant stability risks, ECB study finds
Emerging markets with large holdings of ‘hard’ currency assets and liabilities are exposed to substantial stability risks and policy failure, finds ECB study
Brazil and South Korea cut rates amid economic gloom
Central Bank of Brazil and Bank of Korea cut interest rates due to poor economic outlook and declines in indicators; Brazil marks eighth consecutive reduction while Korea makes first cut since 2009
EBA says banks did not sell assets or cut lending due to 9% capital rule
EBA claims banks have not substantially cut risk-weighted assets or lending to meet new minimum core Tier 1 ratio; actions were part of a series of measures agreed by the European Council in October
Asian central banks press ahead with OTC derivatives reform
Reserve Bank of India launches OTC derivatives trade repository; HKMA reveals results of consultation on derivatives regulation
Central Bank of Ireland slams ‘poor’ investment firm practices
Inspections by Central Bank of Ireland identify inadequate best execution practices by investment and stockbroking companies; requires remedial action by August 31
CFTC-SEC swap ruling starts Dodd-Frank compliance race
Publication of swap rule will mark start of 60-day countdown to compliance with registration and reporting rules. Industry will find it 'quite challenging' warns CFTC's O'Malia
Bank of Lithuania takes next step in structural overhaul
New banking service aims to promote efficient investment operations and mitigate risk; comprises third step in central bank’s restructuring programme
Russia takes lead in gold purchases in May
Latest World Gold Council figures show Bank of Russia increased gold reserves by largest amount in May; council says emerging markets purchases viewed as a part of ‘broader theme’
Spain’s Frob shakes up management ahead of bailouts
Fund for Orderly Bank Restructuring (Frob) selects new general manager from Spanish government among other senior appointments; first €30 billion of bailout funds to be handled by the Frob
Former governor of Croatian National Bank delivers fiery exit speech
Željko Rohatinski says he is ‘proud’ to pay the price for standing firm on tough decisions by losing his position as governor; criticises lack of ‘moral virtue’ in political circles
Eurogroup decides on three senior appointments
Decisions end speculation over leadership of the Eurogroup and the European Stability Mechanism; nomination also put forward for empty seat on ECB executive board