News
US rules on foreign banks criticised by SRB’s König
Elke König, head of the eurozone's bank resolution authority, says US requirements for foreign banks to have a local holding company run counter to the single point-of-entry approach to resolution
Fischer: more research needed on stress testing
Fed vice-chair sees room for improvement in the design of stress testing; NY Fed’s McAndrews fleshes out possible research agenda
Negative deposit rate ‘turbocharges’ QE, economists say
Former ECB board member Lorenzo Bini Smaghi says negative rate ‘creates a multiplier effect’ that boosts impact of QE, a view shared by other panellists at Frankfurt conference
Weidmann warns Greek ELA could raise ‘serious monetary financing concerns’
Bundesbank president says the ongoing provision of emergency funds to Greek banks will be a problem if the cash is used to buy sovereign debt
Greece closer to default as creditors throw out latest proposals
Leaked copy of counterproposal by Greece’s creditors complete with red-inked changes shows agreement as far away as ever, with less than a week until major IMF repayment
Central Bank of Nigeria excludes importers from FX markets
Latest bid to relieve pressure on the naira sees wide range of importers and those looking to invest in foreign currency bonds and equities banned from making foreign exchange transactions
Aussie sovereign wealth fund readies for lower future returns
Australia's Future Fund has adopted a flexible approach to deal with a challenging yield environment
Central Bank of the Philippines receives international remittances award
Filipino central bank secures award by World Bank, European Commission and the United Nations for its efforts to broaden and deepen the country's financial markets
Bank Indonesia cracks down on ‘cash back' transactions
Central bank signs agreement allowing payments industry to seize card readers from merchants offering customers cash through fake credit card purchases
Bulgarian governor wants quick successor appointment to hasten his exit
Ivan Iskrov calls on parliament to elect a successor before the end of his term in October, bringing an end to a turbulent period in charge
Senior UK bankers face bonus clawback for up to 10 years
Final PRA/FCA proposals on remuneration set the clawback period at seven years with a potential three more for senior managers; Andrew Tyrie questions whether the rules are enough
New York Fed launches economy ‘snapshot’
New research publication uses charts and succinct summaries to capture the latest economic developments; first edition features insight from consumer survey
Sarb adopts recruitment and career development plan
Annual report reveals new ‘workforce plan’ at South African Reserve Bank aimed at identifying the skill-sets it will need over the next five years and how to acquire them
Former central bank chief to head up Zimbabwe SWF
Kombo Moyana, governor between 1983 and 1993, will chair board governing the country’s new sovereign wealth fund
ECB welcomes ‘smooth’ T2S launch
Culmination of seven-year process sees first four CSDs migrate to the new platform and settle the first transactions, despite fears over remaining bugs
Eurogroup president looking for Greece deal ‘in next couple of days’
Jeroen Dijsselbloem says new Greek proposals are a ‘positive step in the process’ of the bailout review in a short press conference; government heads next to meet in Brussels
Kyrgyz central bank partners with World Bank to deliver payments upgrade
The Kyrgyz Republic has seen rapid growth in card payments in recent years, which the central bank fears could create instability if the oversight and operation of payment systems is not improved
European presidents publish road map to closer union
Mario Draghi among senior officials to contribute to report calling for greater economic convergence, financial integration and ultimately more shared decision-making on fiscal policy
IMF's Viñals says central banks must be 'market-makers of last resort'
Monetary policy and regulation have amplified illiquidity, says IMF's Viñals
People: Njoroge approved as new Kenyan governor; Tajikistan appoints new deputies
Kenyan parliament approves Patrick Njoroge for central bank governorship; president of Tajikistan appoints new central bank board; Sanusi Lamido Sanusi joins Black Rhino; and more
BoE launches ‘Bank Underground’ research blog
Blog provides platform for researchers to voice more controversial ideas; comes alongside rebranded staff working papers, written with ‘hands off’ approach from senior managers
Bank of Japan to shake up meeting framework
BoJ board plans to cut number of yearly meetings as part of major overhaul of deliberations aimed at making monetary policy more transparent
Bank Indonesia appoints deputy following rates hold
Head of financial surveillance Erwin Riyanto replaces Halim Alamsyah on board of governors as central bank warns of renewed capital flight
Yellen argues Fed is among most transparent central banks
Fed chair Janet Yellen questions why additional legislation on transparency is necessary; new bill would force Fed to report in greater detail and more frequently to US Congress