News
BoE moves to prepare UK banks for EU recovery and resolution rules
UK central bank moves to implement EU Bank Recovery and Resolution Directive, a key piece of legislation to prevent taxpayer bailouts of banks
New Zealand SWF to invest in catastrophe reinsurance
Catastrophe insurance's strong liquidity and cyclical nature makes it a good fit for New Zealand sovereign wealth fund, investment strategist tells Central Banking conference
ECB data stolen in blackmail attempt
Hackers raid ECB database that contains around 20,000 email addresses of people who have registered for its events; security breach did not impact internal systems
Menon: ‘Too early’ to ease macro-prudential policies
Managing director says there are ‘some indications’ the property market is cooling down, but remains concerned by high prices and household debt
Riyad Bank deputy named Saudi vice-governor
Abdulaziz Saleh Al-Furaih, previously deputy director of Riyad Bank, joined the Saudi Arabian Monetary Agency this week
RMB inclusion in SDR would open way for investment by advanced economies
More advanced-economy central banks would join Swiss National Bank and invest in onshore renminbi assets if the currency was included in SDR
IMF calls on Fed to formally explain policy normalisation strategy
IMF stresses need for 'greater clarity' on how Fed intends to exit accommodative policy stance; warns use of Fed funds rate could 'pose challenge' amid balance sheet reduction
Bank of England 'edges closer' to rate rise
Mark Carney notes ‘quickest job creation on record' since he took office last July amid confusing labour data; market practitioners say likelihood of a rate hike this year is rising
Bulgarian governor offers to step down
Ivan Iskrov says he will resign ‘immediately’ if parliament sets a date for picking his successor; attacks politicians for using the central bank as a ‘plaything’ in their election campaigns
Shirai calls for mechanisms to manage policy conflict
BoJ policy board member says monetary and macro-prudential policies are not necessarily complementary; some Japanese officials view reverse repos as a macro-pru tool
Ireland names new chief economist
Gabriel Fagan leaves ECB to join Central Bank of Ireland; succeeds Lars Frisell, who now lectures in the IMF Africa Training Institute in Mauritius
Philippines should divert reserves to form a SWF, says BSP’s Medalla
Senior Central Bank of the Philippines official calls for excess reserves to be siphoned off into a new sovereign wealth fund
IMF staff note: Structural reforms 'more desirable' than nominal wage cuts in Europe
International Monetary Fund staff note says ‘many reforms’ are still needed in deficit countries; highlights benefits of greater fiscal integration in longer term
FSB issues guidelines for reform on interest rate benchmarks
Basel-based body calls for development of ‘nearly risk-free’ reference rates as alternative to scandal-hit benchmarks such as Libor
Bank rules would be stricter if UK left EU, says Bowles
European Parliament helped protect industry from tough trade finance capital requirements as well as blanket CVA charge, former MEP tells House of Lords inquiry
Sri Lanka seeks return of money offered at Indian shrines
Sri Lankan central bank seeks to repatriate estimated 20 tonnes of coins offered as part of religious worship in India
Tanzania hits financial inclusion target early due to mobile surge
Benno Ndulu says the number of adults with access to financial services has doubled in five years; describes mobile phones as ‘critical link’ between the unbanked and the formal system
UK parliamentary report calls currency union with independent Scotland a ‘dead parrot'
There will be ‘no currency union of any kind - no ifs, no buts, no fudges, no deals', says chair of Scottish Affairs committee
SNB strikes deal to invest in Chinese bond market
Thomas Jordan and Zhou Xiaochuan establish new swap line in deal, which also permits the SNB to invest up to $2.4 billion in renminbi-denominated assets
People: Emefiele to chair key WAMZ committee; BIS appoints chief rep for Americas
Godwin Emefiele elected as chairman of the West African Monetary Zone’s committee of governors; Spanish economist Enrique Alberola Ila takes BIS post; more
Euro banknote counterfeiting rises 4.4% year-on-year
‘Europa’ series will not address forgery problem until 2015; Eurosystem central banks urge consumers to ‘look, feel and tilt’ notes to look out for counterfeits
UAE central bank to put Braille on banknotes
Emirati authority joins Hong Kong in using feature rejected by the Bank of England and Bank of Canada, on the basis that not all blind people read Braille
Iceland governor included in three-man shortlist to replace him
Sitting governor Mar Guðmundsson is one of three deemed ‘very well qualified' to take the next term as head of the central bank
Former SEC chair urges US to accept use of NGAs for overseas swaps
Recent focus on US banks' use of non-guaranteed affiliates risks taking regulators down a slippery slope - issue could be tackled via disclosure instead, argues ex-SEC chair Harvey Pitt