News
Wall Street hoping for Fed reprieve for derivatives desks
Investment banks fear they will be subject to section 716 of the Dodd-Frank Act unless Federal Reserve gives relief
European bank stress tests will wait for SSM asset quality review in 2014
European Banking Authority says next round of EU-wide stress testing will be postponed to allow asset quality assessments, which ECB says could kick off in the third quarter this year
BoE’s Weale wary of further easing damaging inflation expectations
Martin Weale says recent MPC remit change allows committee more freedom to deviate from inflation target, but reiterates need for the Bank of England to retain credibility on inflation
Leaked document shows deep IMF concerns about Cyprus bail-out
IMF approves Cyprus support package but leaked 'internal document' exposes depth of reservations about the plan among the IMF's executive board
IMF gives verdict on unconventional monetary policies
Report says unconventional policies seem to have delivered benefits, particularly during acute stress, but cautions that estimation is difficult and effects vary based on a host of factors
Caruana tells central banks to focus more on financial stability
BIS general manager calls for central banks to adopt a 'fully integrated macro-financial perspective' and lengthen policy horizons when financial stability concerns grow
Fed director says rest of world lagging behind on cross-border resolution
Michael Gibson says US has had its resolution authority in place for years, but slow progress in other jurisdictions is causing delays; FDIC chair says talks with G-Sib host countries are ongoing
RBNZ gets macro-prudential go-ahead
New Zealand’s’ central bank tools up with four macro-prudential instruments; analyst says continued growth in house prices could prompt action before year-end
Orphanides lambasts European ‘blunders’
Former Central Bank of Cyprus governor attacks European authorities for mismanaging sovereign debt crisis; holds communist party responsible for Cypriot bailout
DR Congo central bank names new governor
Head of markets given the nod as Jean-Claude Mulongo steps down after three terms; takes over after dramatic cycle of tightening drags inflation into single digits
Legal action against Bank of Spain already seeing results, claims lawyer
Lawyer representing shareholders in failed Spanish bank Bankia claims he has a 'very strong' case against the regulators, though the courts are expected to take a ‘cautious line'
King shows cautious optimism with last inflation report at BoE
Growth forecast revised up and inflation down for the first time since the financial crisis; Report reflects new communications policy recommended by Stockton Review
BoE's Tucker weighs in on 'unco-ordinated' global regulation
Bank of England deputy governor says cross-border agreements can overcome national barriers to resolution
Europe's finance ministers inch closer to bail-in framework
Meeting of finance ministers, the ECB and the European Commission highlights differences between member states but strikes a hopeful note for agreement
IMF research warns Liikanen, Vickers and Volcker could cause instability
IMF economists including José Viñals call for global cost-benefit analysis to assess cross-border impact of national plans to restructure banks
VocaLink: Seven-day account switching set to shake up UK banks
Chris Dunne says UK payments are undergoing important changes that could see ‘economic battle' between banks; expects closer scrutiny of infrastructure by regulators
Former MPC members warn against 'shock' QE exit
Andrew Sentance and Kate Barker warn of economic impact of the Bank of England ending its asset purchases; Sentance surprised by persistently low interest rates
Lack of co-ordination of bank resolution regimes behind subsidiarisation push
Asia still behind on global rules forcing subsidiarisation of foreign banks in the region
Germans clash over banking union treaty change
ECB board member opposes German finance minister's plan to introduce limited version of banking union to allow time for treaty change
Irish plan for distressed borrowers attracts criticism
Central Bank of Ireland encourages cooperation between lenders of secured and unsecured debt to keep distressed borrowers from bankruptcy; Irish League of Credit Unions denounces scheme
BIS: Forex OTC markets hold steady, despite regulatory uncertainty
Semi-annual BIS survey reveals a rise in forex OTC derivatives transactions in the second half of last year
Israel cuts rates and buys forex in moves to ward off ‘Dutch disease'
Unscheduled monetary policy decision by Bank of Israel cuts base rate 25bp as central bank launches a forex purchase programme to hold the shekel down after gas finds
Omani central bank unveils SME measures
All banks operating in Oman will have to allocate 5% of credit portfolios to SMEs; prudential and collateral requirements relaxed to encourage lending
Sri Lanka cuts rates 50bp in defiance of IMF advice
Central bank cuts benchmark interest rate by 50bp to 7% as growth stutters and inflation falls; IMF warned yesterday against ‘further easing of monetary policy in the near term'