News
European Commission approves central bank’s BES intervention
Bankruptcy would have led to losses up to €28 billion; European Commission says central bank decision is ‘compatible with the internal market for reasons of financial stability’
Poloz recommends dropping forward guidance as conditions normalise
Bank of Canada governor suggests there are better ways of communicating when conditions normalise; most respondents to CentralBanking.com poll agree
CPMI-Iosco report recommends tools for recovering FMIs
Report lays out toolkit for maintaining critical services and restoring stability in the event a financial market infrastructure comes close to collapse
Top regulators seek to dispel myth of global regulatory harmonisation
Officials from IMF, Bank of England and US Treasury say perfect harmonisation is next to impossible; key now is a shift from design of standards to implementation
Bank of Russia to offer $50 billion through new FX repos
Russian central bank unveils new measures to boost short-term foreign exchange liquidity in markets, and will offer $50 billion between now and the end of 2016
ECB eases collateral requirements for Greek bonds as borrowing costs soar
European Central Bank says it will reduce the haircut it applies to Greek government bonds, but insists it is not an ‘ad hoc reaction’ to this week’s market stress
European Banking Authority unveils framework for classifying high-quality securitisations
Consultation proposes system for classifying securitisations that are ‘simple, standard and transparent’ and therefore may benefit from more lenient regulation
Riksbank gets new general council
Sweden's parliament names a new general council - the body is composed of MPs and tasked with overseeing the governance of the central bank
Central Bank of Brazil staff stage fifth walkout this year
‘Technical workers’ are seeking to defend their roles, which they feel are increasingly being handed to over-qualified ‘analysts’; Central bank says strike is not affecting its core activities
ECB conference tackles ‘reconciliation’ of statistics as central bank’s powers expand
Senior central bank officials from across Europe discuss the challenge of creating an integrated approach to statistics across monetary policy, financial stability and supervisory functions
Bank of Korea turns focus to stability threats after rate cut
Bank of Korea cuts rates to historic low, but shift in language indicates growing concerns over financial stability
FSB moves to tackle shadow-banking risks from SFTs
Final framework for setting haircuts on certain securities financing transactions seeks to control leverage outside the banking system and reduce procyclicality
Bank of Russia FX intervention hits $6bn
Governor Elvira Nabiullina says central bank will move ahead with switch to inflation-targeting regime as currency falls to record low
MAS holds policy on back of stubborn core inflation
Monetary Authority of Singapore says it will let the S$NEER appreciate at a 'modest and gradual' rate in its semi-annual monetary policy statement
Eurozone shadow banks increase share of assets to 33%
Shadow-banking entities now own a third of the €57 trillion worth of assets in the eurozone financial system according to ECB report; expansion has ‘gathered pace’ since 2012
Top UK and US officials join forces to enhance resolution
Officials including Mark Carney and Janet Yellen meet in Washington to improve transatlantic cooperation in the event of a global banking collapse
European Court of Justice hears case against OMTs
European Central Bank’s programme for buying sovereign debt to be considered by Europe's top court; ruling could have implications for monetary policy
PBoC and Bank of Russia establishes $24.5bn swap line
Bank of Russia says deal provides opportunity to obtain liquidity 'whenever required'; trade between the two countries has more than doubled since 2008
Carney hails ‘major achievement’ on resolution stays
Isda protocol signed by 18 major banks aims to solve cross-border legal issues, preventing a ‘cascade of termination events’ that could undermine an orderly resolution
Amro revamped in agreement struck at IMF meetings
Macroeconomic Research Office will become an international organisation when agreement is ratified, 'contributing further to regional financial stability'
Central banks respond to ECB and BoE paper on ABS
Sveriges Riksbank and Reserve Bank of Australia raise concerns over proposals in discussion paper, while Central Bank of Hungary adopts a more positive tone
Zhou backs Chinese growth target in face of slowdown
PBoC governor says Chinese economy is on track to hit growth target of 7.5% in 2014, despite drag from the housing market; central bank deploys measures to boost real estate sector
IMF launches consultation with external advisors on Islamic finance
Fund working group looks to publish ‘staff discussion note’ on Islamic finance before the end of the year and organise a ‘high-level’ conference in 2015
Carney: G-20 summit will be ‘watershed’ in TBTF efforts
BoE governor looks ahead to G-20 meeting next month at IMF seminar on finance and ethics; describes Libor riggers as ‘totally detached’ from the consequences of their actions