News
Fed reveals design of new interest rate projections
Federal Reserve releases templates to be used in next Summary of Economic Projections (SEP) to project participants' views of the appropriate path for monetary policy
Bangladesh makes ‘historic’ female deputy governor selection
First female deputy governor appointed at Bangladesh Bank; Nazneen Sultana becomes one of three new deputy governors at the central bank
Lagarde calls for larger firewall to ease funding costs
Fund managing director Christine Lagarde says $500 billion boost in lending capacity will improve growth and allow for deeper integration in Europe; says larger firewall is also needed
Ingves targets domestic Sifis with tougher capital rules
Basel Committee chairman Stefan Ingves says all institutions whose disorderly distress or failure could trigger a systemic crisis should be subject to additional capital requirements
Hungary drops plan to merge central bank with regulator
Hungarian prime minister Viktor Orbán says planned merger between National Bank of Hungary and Hungarian Financial Supervisory Authority has been abandoned
Chilean president nominates economist to central bank board
Joaquin Vial Ruiz-Tagle put forward for seat on Central Bank of Chile board; government has final say
Swedish authorities improve macroprudential policy co-operation
The Riksbank and Finansinspektionen form a new council for co-operation on macroprudential policy; group will not infringe on two authorities' independence in decision-making
FSB Regional Consultative Group meetings continue
Middle East and North Africa consultative group is latest regional FSB body to meet; discussed financial vulnerabilities of the region
Former contractor charged for hacking New York Fed files
Computer programmer at Federal Reserve Bank of New York arrested for stealing proprietary source code used to track the US government’s finances; code is estimated to be worth $9.5 million
Haldane calls for radical rethink of accounting rules
Bank of England financial stability executive director Andrew Haldane says departure form fair-value accounting principles necessary to prevent pro-cyclical behaviour of asset prices
Global economic growth fears prompt emerging markets to ease rates
Central Bank of Brazil, Central Bank of the Philippines and National Bank of Serbia cut interest rates on weaker global outlook; elevated inflation forces South African Reserve Bank to hold rates
Risk managers complain about Fed stress test workload
Twelve new banks are included in this year's US stress test, and some institutions are unhappy about the extra work
IMF plans to raise $500 billion in new funds
Fund executive directors say doubling of lending resources will shore up emergency facility and aid indebted nations
BoK to invest reserves into onshore renminbi assets
Inter-bank bond market quota and QFII qualification pave the way for Bank of Korea to place more of its reserve in mainland China
European Commission begins legal action against Hungary
European lawmakers launch accelerated infringement proceedings against Hungary regarding the independence of its central bank; Budapest has one month to respond or risks financial penalties
Singapore launches new regulation for credit rating agencies
Monetary Authority of Singapore issues final regulation on credit rating agencies in Singapore; measures will require individual representatives of agencies to hold special licences
Sebi considers speed limit on high-frequency trading
The head of the Securities and Exchange Board of India calls for a speed limit for high-frequency trading to protect the interests of retail investors
BoE rejects proposals to revamp court
Bank of England dismisses Treasury Select Committee’s recommendations to replace its court with a new supervisory board; proposes establishment of new Oversight Committee for financial stability
Japan to support EFSF bonds as S&P strips AAA rating
The Japanese government will continue to support bonds issued by the EFSF despite Standard & Poor’s stripping them of their AAA rating; Junker says no indication other rating agencies will follow
European banks still exposed to US dollar funding risks, ESRB warns
European Systemic Risk Board issues recommendations to prevent build up in US dollar funding and liquidity risk; calls for single entity to be responsible for national macro-prudential policy
Eulex drops corruption charges against former Kosovo governor
Central Bank of the Republic of Kosovo former governor Hashim Rexhepi freed after European Union prosecutors end case
Solvency II may face delay as European Parliament scrutinises ‘Omnibus’ directive
A further delay to a key vote in the European Parliament on the Omnibus II directive has increased concerns that Solvency II's implementation in 2014 could be delayed
IMF paper proposes new toolkit to monitor fiscal vulnerabilities
Fund study builds new toolkit to assess fiscal risks in advanced economies; framework contributes to IMF-Financial Stability Board Early Warning Exercise
Libya begins phasing out old banknotes
Banknotes depicting the late colonel Muammar Gaddafi being removed from circulation; new currency series on the way