News
No ‘insidious’ German plan for EMU competitive advantage, says Issing
Otmar Issing says Germany didn't even have 'the economic intelligence' to design such a plan; country suffered years of high unemployment as others such as Italy failed to capitalise on price stability
Swift users attacked again by new malware – research
Cyber security firm finds Swift users are being attacked by a second hacking group, using malware that manipulates logs and messages, removing them from client systems
Euro architect says ECB has ‘destroyed’ market discipline in Europe
Otmar Issing, the man who designed the operational framework for the euro, says failures by European politicians and the ECB mean “all the elements” are in place to bring “disaster” to the monetary union
Coen seeks to quell European fears on Basel III
European parliament members accuse Basel Committee of favouring US over European banks; William Coen says “Basel process” is transparent and not dominated by any one interest
‘Unlikely’ London’s financial hub will move to Europe – BoE’s Cunliffe
BoE deputy says London’s “complex financial ecosystem” is not easily transplanted; warns moving euro clearing system across channel would increase costs
G7 sets out cyber security ‘building blocks’
Eight “elements” published to guide the financial sector when implementing cyber security provisions; information sharing and contingency planning are important
Singaporean and Swiss regulators move against merchant bank in 1MDB scandal
Senior management pressured staff to ignore anti-money-laundering regulations, reports say
Review proposes reforms to Riksbank research
External team recommends restructuring department, increasing its involvement with policy and boosting output – though it says Riksbank research is already “successful”
BoE’s new MPC member suggests tweaks to policy approach
Michael Saunders says models that assume pre-crisis level for equilibrium unemployment may be misleading; new FPC member grilled on other commitments in the US
Netherlands Bank to move gold and banknote operations out of Amsterdam by 2022
Highly secure location will house anti-counterfeiting and sustainable banknote operations
State Bank of Pakistan spends $1.2 million on department move
Banking subsidiary to move five of its operations to the northern and central provinces; move will help “streamline” operations, spokesperson says
Top US and EU officials hold resolution war game
US, UK and eurozone central bankers, regulators and politicians participate in an exercise designed to improve the co-ordination of cross-border resolution
Targets key tool in reducing NPL levels, Irish deputy governor says
Banks can be unwilling to start sustainable NPL restructuring, Donnery says; repeats call for reform of European restructuring processes
Emerging markets primed for Fed rate hike, central bank panel says
Emerging market central bankers say improved communication from the Fed has helped them to prepare for future normalisation; central banks have adopted a range of policies to absorb forex shocks
Danish governor attacks prime minister’s property tax proposals
Policy will risk further inflating the housing bubble, Rohde says
Carney dismisses claim PM attacked BoE’s independence
BoE governor dismisses claims UK prime minister Theresa May attacked bank’s independence; Eurosceptic MP calls for government to be more critical of the central bank
BoE investigates 6% plunge in sterling
Bank of England to investigate a 'flash crash' in sterling during overnight trading; traders believe it was not a ‘fat finger’ error
Threat of stagflation is ‘now real’, Nigerian MPC member says
Nigerian central bank publishes unusually detailed account of July rate rise decision, including personal statements by MPC members
Former Bank of Thailand governor cleared of Asian financial crisis charges
Governor cleared of wrongdoing related to central bank’s defence of baht in 1997, as Supreme Court brings 15-year court case to a close
'Institutional repositories' can boost research – Bank of Spain’s Selgas
Organising materials in an efficient manner online can support research and collaboration, says Bank of Spain’s chief librarian; system expected to launch in 2017
European Commissioner cautions US on TLAC rules
Dombrovskis says foreign banks should not be mistreated by Fed internal TLAC proposal
Bank of Russia announces prototype distributed ledger networking tool
Central bank planning further DLT prototypes, deputy governor says; Russia is excluded from using prototype DLT tools used in Western countries
European commercial bond market may suffer from lack of liquidity, ESRB says
Banks complain of effect of European regulations on liquidity; reporting on European fixed income markets still has “significant information gap”
Broadbent defends BoE position amid pension criticism
BoE deputy says ultra-low interest rates are not main culprit behind rising pension deficits, though IMF says pension funds and insurers are at risk from central bank action