News
Posen reveals Bank MPC at odds over fiscal policy
Bank of England rate-setter Adam Posen talks of divide over fiscal retrenchment; accuses majority view of being “excessively political”
Budapest sets sights on Hungary’s rate-setting council
Hungarian government seeks amendment giving a parliamentary committee full control over majority of appointments to central bank’s Monetary Council
Tombini named new governor of Brazilian central bank
Central Bank of Brazil deputy governor Alexandre Tombini to replace current governor Henrique Meirelles
Russia advances Canadian dollar position
Bank of Russia will increase holdings of Canadian dollar denominated assets to diversify foreign exchange reserves
Svensson attacks Sweden’s monetary policy framework
Riksbank deputy governor Lars Svensson finds "problem" with use of repo rate to address financial stability; favours sole focus on inflation targeting
Fed officials mooted alternative policy frameworks
Federal Open Market Committee members discussed altering monetary policy communications and targets ahead of November meeting
Meirelles to step down at the end of the year
Central Bank of Brazil governor Henrique Meirelles will leave central bank at end of year as President-elect Dilma Rousseff seeks change at central bank
De La Rue set to name new chief executive
Former Chloride president Tim Cobbold is “preferred candidate”; news comes after company says paper scandal has had “significant” impact on revenues
Neglecting financial stability was Bank’s biggest mistake: FSA’s Sants
UK Financial Services Authority chief and future Bank of England deputy Hector Sants says neglect of financial stability was Bank's gravest policy error
RBA plans to sell scandal-hit Securency
Reserve Bank of Australia plans joint sale of polymer subsidiary following alleged bribery scandal
Merkel's EU bailout plan threatens Basel’s sovereign zero risk weights
Discussions are already under way behind closed doors, knock-on effects for bank capital could be substantial
Lord Turner: FSA break-up unnecessary
Financial Services Authority chairman Adair Turner supports Twin Peaks approach “in theory” but argues benefits could have been achieved without breaking up regulator
Ireland’s Honohan calls for greater disclosure of residential mortgages
Central Bank of Ireland governor Patrick Honohan says greater disclosure on residential mortgages loans will help drive confidence in markets
British bankers lobby Banking Commission
British Bankers’ Association chief executive Angela Knight warns against breaking up the banks; argues Basel III does not need to be buffered by national measures
Transition for 2012 will prove tricky, FSA officials acknowledge
Hector Sants says project will be complete by year after next, but acknowledges strain on those involved; Turner echoes comments
ECB could offer governance concession on T2S
European Central Bank could modify governance arrangements of its settlement platform in a bid to entice sterling to join
Ireland’s regulator moots new capital facility for banks
Central Bank of Ireland head of financial regulation Matthew Elderfield says creation of standby contingent capital facility for banks from European Union and IMF bailout money will help ease markets
Chinese sovereign debt to be issued using HKMA platform
Hong Kong Monetary Authority and China’s finance ministry reach agreement to allow issuance of renminbi bonds using central bank tendering platform
BoE’s Haldane offers a case for macroprudential policy
Andrew Haldane says credit cycles arise from collective action failures, justifying systemwide measures; argues against leaning against the wind
Irish bailout fails to restore faith in PIIGS debt
CDS spreads on peripheral eurozone debt widen despite €90 billion in aid
HKMA, PBoC react to QE2
Hong Kong Monetary Authority and People’s Bank of China counter Fed’s quantitative easing programme with regulatory and monetary policy measures
Plosser: focus on real, not nominal, rates
Philadelphia Federal Reserve president Charles Plosser suggests targeting interest rates to lean against strong asset-price growth
ECB approves Target2-Securities baseline price
European Central Bank’s Governing Council agrees to fix the transaction cost for Target2-Securities at 15 cents per transaction but attaches conditions
Irish woes may spread to other PIIGS
European Union action on Ireland’s bank debts points to fears over contagion spreading across peripheral Europe