News
Wu Xiaoling warns of growing risks in China’s financial system
Top Chinese economic policy-maker hits out at use of complex financial products, saying China must learn lessons from the global financial crisis before risks get out of hand
Weidmann: GDP-linked bonds an ‘avenue worth exploring’
Eurozone countries should explore merits of GDP-linked bonds, Bundesbank president argues; says move could help revision of sovereign risk weightings and cites Bank of England work
Swiss regulator forms resolution division
Regulator hopes to focus its efforts by uniting disparate teams in a new division, with current enforcement chief David Wyss becoming head of resolution
People: African department director leaves IMF; Dallas Fed looks for new first VP
Antoinette Sayeh retires from International Monetary Fund; Dallas Fed begins looking for replacement first vice-president; and more
Irish bad bank shifts focus to delivering new property
National Asset Management Agency is shifting its focus to projects aimed at developing commercial and residential property; asset disposals to be reduced in scale as body winds down
Prospective eurozone members fail to meet convergence criteria, ECB says
Seven prospective member countries show greater convergence in their economic indicators but fail to meet requirements for their legal frameworks, ECB report says
Irish deputy defends macroprudential policies
Sharon Donnery says macroprudential housing policies would have limited Ireland’s financial crisis; leaked parliamentary report calls for bank to ‘urgently’ review measures
Norges Bank deputy: lack of common infrastructure hampers faster payments
Limited collaboration between banks in Norway is hampering availability of real-time payments and causing Norway to fall behind, Jon Nicolaisen says
No room for easing in Tombini’s final meeting
Committee leaves key rate at 14.25%; analysts believe calmer political environment will shape monetary policy stance in future rather than change in governor
House prices complicate outlook as RBNZ holds
Central bank caught between strong NZ dollar and rising risks in the housing market; keeps rates on hold but further cut still remains in forecasts
LCH first clearing house to sign up to ISO 20022 harmonisation charter
Charter produced by Swift sets out measures for harmonising the implementation of ISO 20022; LCH.Clearnet Group becomes the first CCP to sign up
EU could go it alone on leverage ratio, says MEP
Swinburne says clearing should be shielded from ratio “if Basel does not deliver”
Dollar strength behind breakdown in economic paradigm, says Shin
BIS head of research points to failure of covered interest parity post-2008, with the strength of the US dollar correlated with the size of market anomalies
IMF staff urge oil-reliant countries to strengthen liquidity frameworks
Low oil prices likely to harm liquidity, raising the need for improved facilities and forecasting; risk of delayed surge in non-performing loans
Kocherlakota: Fed should talk openly about negative rates
Former Minneapolis Fed president says central bank should talk about its policy options in a recession ahead of time, to avoid sending a bad signal if they have to be used
Czech National Bank to launch second supervision department
Consumer protection and ‘retail distribution’ supervision to be moved under a new department dedicated to supervision, the second of its kind; Ladislav Kročák to become executive director
Rajan sidesteps question on RBI future
Reserve Bank of India governor says decision on second term will be reached after discussion with government; RBI holds policy rate at 6.5% after inflation surprise
Hungarian governor launches lawsuit against politician
Hungary's governor launches defamation lawsuit against Socialist law-maker over alleged accusations of misuse of central bank funds by foundations
Sri Lankan central bank defends governor expenses
Central bank incurs around $663,000 in travel expenses in 2015 as governor and central bank staff attend a number of international financial meetings
Yellen upbeat but concerned by weak jobs data
Janet Yellen expects continued progress to Fed’s objectives; says latest labour market report is “concerning” but warns against reading too much into it
European Supervisory Authorities launch joint website
Joint committee of three European Supervisory Authorities launches website; European Commission proposes extending remit to three more countries from within the EEA
MAS prepares ‘sandbox’ for fintech testing
Aim is to test potentially unstable innovations in an environment where consumers and financial stability will largely be shielded from the consequences of failure
Iceland expands policy framework with capital flow tool
Central bank embraces idea of monetary policy dilemma, not trilemma, imposing reserve requirements on certain types of capital flows into the economy
Cambodian central bank says $8 million grant will boost retail payments
National Bank of Cambodia announces grant from South Korean government to help develop payments infrastructure; hoping to discourage cash usage and support inclusion