News
Denmark cuts rate for third time in 11 days
Danish central bank cuts its deposit rate for the third time since the Swiss National Bank decided to abandon its exchange rate commitment; rate now sits at -0.5%
ECB warns banks over dividends and bonuses
Danièle Nouy tells banks to take a ‘conservative’ approach to paying out dividends, while ECB announces probe into variable remuneration
Basel Committee issues enhanced disclosure standards
Revised standards aim to improve the comparability of banks’ risk-weighted assets, shedding light on internal model-based approaches
Upbeat Fed statement keeps mid-year rate hike alive
Federal Reserve keeps policy on hold but delivers a positive account of US economy, suggesting inflation will return to target over medium term despite oil price drop
HKMA to introduce 'maximum' countercyclical capital buffer next year
Hong Kong will introduce Basel III tool at 0.625% of CET1 capital in January to guard against property market fallout; could raise it further in coming years if risks do not subside
Central Bank of São Tomé and Principe assumes management of failing bank
São Tomé and Principe’s central bank appoints an intervention team to manage a local bank, following a ‘progressive deterioration of its level of liquidity’ and with insolvency ‘imminent’
Renminbi cracks top-five payment currencies
Share of the renminbi in global payments increases to 2.17% in December, Swift data shows, pushing it above the Canadian and Australian dollars, and into the top five
MAS makes surprise adjustment to currency policy
In an unscheduled policy statement the Monetary Authority of Singapore announces a reduction of the slope of the currency band after a review of inflation forecasts
Turkey’s central bank expects to break letter-writing cycle
The Central Bank of the Republic of Turkey forecasts inflation falling back to target from mid-2015, sparing it a fourth letter to the government in the space of five years
Treasury Committee attacks FCA’s use of media as ‘tool of regulation’
UK conduct regulator defends use of press to disseminate its policies, but MPs call the process ‘bizarre’ and a ‘colossal risk’
Asean central banks to improve settlement transparency
Members of the Asean Central Banks’ Working Committee on Payment and Settlement Systems adopt principles to improve transparency for cross-border trade settlements
BoE appoints two executive directors
Alex Brazier and Sam Woods take responsibility for financial stability and insurance, respectively; Brazier fills role left vacant by departure of Spencer Dale
Chilean banks must plan for liquidity shortages
Chilean banks will adopt new liquidity management policies later this year while reporting their LCR and NSFR; Central Bank of Chile may impose further rules next year
Fed challenges payments industry to get quicker and safer
New document sets out strategies for improving US payment system; Federal Reserve will only consider expanding role as service provider if private sector falls short
Syriza reaction: Exit fears overblown but bitter struggles to come
Economists respond to Greece’s new Syriza-led coalition government with mixed feelings, but see an exit from the euro as unlikely despite the coming north-south confrontation
People: Bulgarian deputy dismissed by parliament; HKMA appoints director
Bulgarian parliament dismisses central bank deputy governor over failure of a commercial bank; HKMA creates post of executive director for risk and compliance; and more
State Bank of Pakistan slashes rates to decade low
Governor Ashraf Mahmood Wathra strikes upbeat note despite inflation falling significantly below target, as central bank cuts interest rates by 100 basis points
Croatian central bank calls for solution to Swiss franc mortgage quandary
Bank argues local households with liabilities denominated in the rising currency must receive help but suggests it is not the right to institution to tackle the issue
Leading central bankers unsure about impact of technology on monetary policy
Carney, Kuroda and Coeure debate the elusive Phillips curve in Davos; rejecting ‘technological pessimism', Carney says ‘just catching up is a huge opportunity of growth potential'
Eichengreen says central banks should worry more about deflation than 'profits and losses'
The Berkeley professor on what last week's SNB move says about big central banks 'wrong-footing' markets and the Fed's problematic response to financial crisis
Ingves: Europe facing peer pressure on Basel III
The chair of the Basel Committee is counting on peer pressure to bring Europe into line with Basel III, but regulatory experts are not convinced it will work
Attack on Central Bank of Libya condemned by UN
United Nations criticises ‘armed attack’ of a central bank branch; institution is caught in the middle of a power struggle between two rival ‘governments’
Former Sri Lankan governor's passport seized by anti-bribery commission
Ajith Nivard Cabraal, who stepped down on January 9, is ‘prevented from leaving the country' as government cracks down on ‘corruption' under former administration
Basel Committee signals shift towards Basel III implementation
With Basel III standards largely finalised, the Basel Committee’s 2015-16 work programme indicates focus on implementation and efforts to shore up confidence in capital ratios