News
EFSF gets go-ahead for collateral enhancement facility
Plan to restore worth to Greek bonds as collateral is authorised; two days after the European Central Bank was forced to stop accepting Greek bonds following downgrade
Volcker rule will not be ready for July, Fed chair admits
Expert predictions of delayed start date proven correct
Sri Lanka objects to ‘highly unwarranted’ downgrade
Central Bank of Sri Lanka unhappy with ratings alterations; issues lengthy statement objecting to the moves
BoE looking 'carefully' at banknote substrate choices
Chris Salmon, chief cashier at the Bank of England, says the possibility of polymer or hybrid substrate banknotes is being looked at by the central bank; no decision made yet
Bernanke laments 'modest' US recovery
Fed chairman describes mixed progress in US economic recovery; explains reasons for publishing statement of longer-run goals and policy strategy
Goodbye VAR? Basel to consider other risk metrics
Trading book review will look at replacing value-at-risk, but quants say the obvious alternative - expected shortfall - is not much better
European Central Bank lends $712 billion to banks
ECB doles out €529.5 billion in low interest loans; analysts raise concerns about how effective the second round of the LTRO will be and the market reaction
Chinese government hampering financial industry, World Bank warns
New World Bank report sees flaws in China's regulatory system
Regulators ignore data challenges at their peril, say CBJ authors
Standards-setters around the world seeking to improve financial stability are destined to fail unless they can get to grips with core data needs, according to the authors of a new Central Banking Journal article
UK’s Prudential Regulation Authority reveals approach to consultation
Bank of England and Financial Services Authority publish response to government’s request for details on how the Prudential Regulation Authority will consult with firms
Philippines confirms inflation target for 2012–14
Central Bank of the Philippines reveals government has fixed inflation target for 2012-14; target to remain the same as it was for the last three years
ECB rejects Greek bonds in reaction to rating cut
European Central Bank temporarily stops accepting Greek debt as collateral; move comes one day after rating agency drops country to a selective default rating
Central bank's credibility was vital to introducing minimum rate, says SNB’s Schlegel
The decision by the Swiss central bank to introduce a minimum rate to the euro last September was possible because of the SNB’s credibility, says the central bank’s head of foreign exchange and gold
New government member for Reserve Bank of India’s board
Following a legal amendment allowing the Indian government to appoint two members of the Reserve Bank of India’s board of directors, the latest appointment is made
Buba’s Weidmann defends German role in eurozone rescues
President of the Deutsche Bundesbank says criticising German authorities for their action, or lack of it, in helping struggling eurozone counterparts is “quite inappropriate”
Central Bank of Hungary governor offers to give up salary
Andras Simor attempts to ease conflict with government; desperate for the country not to lose ability to negotiate with International Monetary Fund over emergency funding
EU freezes assets of Syrian central bank
Council of the European Union announces freeze on central bank assets among string of sanctions; EU “increasingly appalled” by situation in the country, says council
Lagarde stresses importance of firewalls
Managing director of IMF says she is “encouraged” by G-20 commitment to strengthening firewalls to limit spread of economic damage
IMF approves conditional distribution of gold profits
International Monetary Fund agrees to distribute $1.1 billion of profits from gold sales; member countries must first pledge contributions to Poverty Reduction and Growth Trust
Philadelphia Fed launches consumer credit and payments web pages
Research and statistics on consumer credit and payments now displayed on separate web page; includes searchable publications library and access to podcasts
Lithuania continues restructure of operations
Bank of Lithuania continues “optimising” operations; will concentrate key functions within specialised services and close a vault
Irish central bank appoints director of economics
Central Bank of Ireland hires chief economist from Swedish Financial Supervisory Authority
David Lees remains Court of the BoE chair
HM the Queen approves political recommendations that David Lees be reappointed as chair of the Court of the Bank of England
De Larosière fears another crippling credit crunch in Europe
New international banking regulations aimed at cleaning up the financial system could cause a crippling credit crunch in Europe, says Jacques de Larosière