News
Bundesbank’s Braasch calls for creation of a ‘new financial architecture’
Senior Deutsche Bundesbank official calls for more debate on key characteristics needed for new global financial architecture; hits out at current knee-jerk policy approach
New Central Bank of Ireland headquarters revealed
Irish central bank to spend €7 million on new headquarters in Dublin; bank expects to relocate in three to four years when building work is complete
ECB delivers blow to Hungarian central bank law
The European Central Bank says the amended draft central bank law still “fails to address” concerns over independence; continued uncertainty leaving central bank operations unstable
Andrew Bailey to join interim UK Financial Policy Committee
Bailey to join June meeting of interim Financial Policy Committee as a voting member; takes over as head of the Prudential Business Unit at the FSA in the same month
Brazil’s Tombini seeks appointment of new director
Governor of the Central Bank of Brazil nominates candidate to become director of special affairs; former governor Henrique Meirelles announced as chairman of Lazard Americas
Nalm Americas: Reserves panel split on euro
Some central banks in the Americas are reducing allocation to euro – but not necessarily as a result of the eurozone debt crisis
IMF’s Nehmat urges eurozone fiscal adjustment plan rethink
Deputy managing director of the IMF says some eurozone countries’ fiscal targets for 2013 may need to be altered given growth slowdown; also supports deeper European integration
Czech National Bank shifts reserves away from euro
Annual report shows decision was taken to hold Australian dollars as part of foreign currency reserves; swapped part of euro holdings for the Australian currency
HSBC chief identifies four steps to resolve ‘emerging markets’ crisis in Europe
HSBC chief executive Stuart Gulliver believes a European ‘tarp’ plus issuance of eurobonds needed to keep eurozone intact; says Spain and Greece failed to learn lessons from Asian crisis
Former Italian governor acquitted in market-rigging case
Antonio Fazio sees prison term for market-rigging regarding sale of Banca Nazionale del Lavoro in 2005 overturned; still facing jail in another case
Fed to release historical central banking material
Federal Reserve reveals plans to mark centenary; inventory of historical information about central banking in the US to be created
FSB says risk aversion back at ‘elevated levels’
The Financial Stability Board used its May meeting in Hong Kong to highlight the return of risk aversion in the global economy and set its agenda ahead of G-20 Los Cabos summit in Mexico next month
Outgoing governor criticises Spanish government’s fiscal position
Miguel Fernández Ordóñez, outgoing governor of the Bank of Spain, criticises government’s fiscal position; speculation begins over successor
ECB denies it rejected Spanish recapitalisation plan
European Central Bank denies it has refused Spanish authorities’ plans to recapitalise a major bank in the country; European Commission discusses direct disbursement to banks from ESM
Norges Bank assesses payments system
Annual Report on Payment Systems 2011 finds speed of payment transactions to be lacking; system in general is nonetheless efficient says deputy governor
New members admitted to BoE Court
Queen of England approves government recommendations; Bradley Fried, Tim Frost and Dave Prentis become non-executive directors of the Bank of England
Basel III may kill trade finance in Asia, says StanChart banker
Asian banks providing trade finance services will struggle to meet Basel III rules on leverage ratios, senior Standard Chartered banker tells Asean Risk 2012 conference
Central bankers need to address problem of ‘groupthink’, says Shiller
Members of central bank committees need to dig deep to assert their ‘moral commitment’ and actively avoid falling into the trap of ‘groupthink’ when making decisions, says economist Robert Shiller
IMF appears to back Ukraine involvement in Vienna Initiative
European mission head at IMF said to offer support for National Bank of Ukraine participation in Vienna Initiative
Central banks urged to increase monitoring of retail payment innovation
Central banks may need to improve their data collection and research efforts to ensure they are monitoring the latest developments in retail payments, according to new CPSS report
Ingves says Europe not ready for common regulatory capital rules
Basel Committee chairman Stefan Ingves says Europe lacks necessary common legal powers and mechanisms to standardise regulatory capital treatment; advises Europe against introducing a Tobin tax
BoE paper investigates banks’ implicit subsidies
Paper discusses models for attempting to quantify implicit subsidy available to banks via government bailout; estimates range from £30 billion to £120 billion
RBA governor criticises ‘dated’ payments systems
Glenn Stevens warns Australia has fallen behind other countries by not offering real-time electronic transfers; notes task the central bank faces in matching improved global regulatory environment
Americas’ regional FSB group discusses vulnerability and regional financial stability
Financial Stability Board Regional Consultative Group for the Americas discusses developments in global economy and methods of assessing vulnerability in fast-growing economies