News
Bank of Italy sets up joint cyber security organisation
New organisation in collaboration with Italian banking association; will provide “cyber emergency operating centre”
People: RBI’s new deputy gains BIS scholarship; Mozambique names deputy
Reserve Bank of India appoints BIS scholarship winner to deputy post; Victor Gomes takes role at Bank of Mozambique; and more
Basel III completion date pushed back
Governors and heads of supervision to delay meeting that would have given final approval to Basel III, as disagreement continues on output floors
2016: The year in review
The past year was characterised by dramatic political events, and central banks did not always manage to stay above the fray; we look back at some of the biggest stories
Riksbank extends QE, despite dissent
Additional Skr30 billion of purchases takes Swedish QE programme to mid-2017; central bank cites continued risks to the outlook, but three members challenge decision
Rohde criticises Italy's calls for BRRD special treatment
Danish governor believes the forceful implementation of Europe’s new bank resolution rules represents a “game-changer”; laments Basel’s shift from risk-based regulation
French central bank reveals details of blockchain experiment
Banque de France teams up with a fintech start-up to run distributed ledger tech through Sepa; the results of project expected to be presented at a conference in 2017
FSB: Japan should strengthen financial stability framework
Latest peer review says Japan has work to do in improving the macro-prudential framework and clarifying approach to resolution
Polymer banknote provider Innovia bought for $845 million
Innovia bought by Canadian competitor following a “successful” year; CCL to build on the polymer provider's expertise in the field
European agencies see pitfalls in growing big data use
Financial products likely to become more tailored to consumers, but that will not benefit everyone, regulators warn
Venezuela’s Maduro backtracks on bolivar withdrawal
Venezuelan currency crisis continues with delay of new series and re-integration of 100 bolivar note, as president blames “international sabotage”
Yen weakness brings relief for Bank of Japan
Policy on hold, but central bank sees brighter outlook for 2017; yen close to lowest level this year, following Trump shock
HKMA launches fintech accelerator
In partnership with Astri, initiative will “nurture” talent to meet the growing need for fintech innovation in the region
IMF board backs Lagarde after negligence verdict
Executive board affirms “full confidence” in managing director after French court hands down negligence verdict, but chooses not to impose punishment
Ukraine nationalises country’s largest bank
Gontareva says PrivatBank failed repeatedly to take necessary action, and so will be transferred into public ownership; central bank creates emergency liquidity facility
African central banks have cut euro exposures, says Uganda’s Kavuma
Combination of negative interest rates and falling reserves hit euro holdings but most central banks still avoid investments within Africa
Lagarde guilty of negligence, court rules
IMF chief found guilty of negligence but is not punished; verdict may call into question her future at the fund
People: Slovenia gets new deputy; ECB appoints new member to financial stability council
Slovenian parliament appoints new deputy to central bank; ECB chooses Finnish deputy governor to sit on financial stability council
SNB ups allocation to currency reserves
New rule allows for higher allocations to reserves provision even in periods of low nominal growth; foreign exchange intervention now a key monetary tool
US and EU outline final rules on loss-absorbency
Fed adopts final rule on loss-absorbency, while EBA makes final recommendations to European Commission; US rules include grandfathering and exceptions for foreign firms
2016 sees major change among central bank governors
Double the number of new governors were appointed in 2016 compared with 2015, latest Central Bank Directory shows; global staff numbers plateaued in 2015 and reversed this year
Sarb fines two major commercial banks for AML breaches
“Administrative sanctions” placed on Societe Generale Johannesburg branch and Absa Bank after staff found “weaknesses” in AML and terrorist-financing control measures
Czech Republic closer to euro adoption but still not ready – CNB
Economy is converging with Europe but costly accession to single supervisory mechanism means country is not ready to begin formal process, CNB says
Macedonian notes: world’s first security thread in long window
New designs entering circulation feature De La Rue’s Kinetic StarChrome; central bank also begins withdrawal of the D5,000 note