News
Europe more fiscally balanced than US, Japan and UK, says Draghi
ECB president says euro area has made ‘amazing’ progress with fiscal consolidation
Greek mythology character to adorn new euro notes
New ‘Europa’ series of bank notes unveiled by ECB with five-euro note bearing the image of a Greek mythological princess first to be introduced in May 2013
CCP model secrecy is ‘wrong and unjustifiable’, says BoE official
Central counterparties should be required to make details of their models public, says the Bank of England’s payments and infrastructure division head
Malaysia’s Zeti issues guidance to pan-Asean aspirational banks
As banks develop pan-Asean business models in line with the region’s push towards economic integration, Malaysia’s governor outlines business practices expected to secure favourable market access
Infrastructure bond should fund Africa’s growth, urges ADB president
Donald Kaberuka says Africa needs innovative financing to drive an economic transformation and achieve more inclusive development
Kenyan coin shortage denied by central bank
Central Bank of Kenya insists there are sufficient coins in circulation; urges public to accept coins ‘without reservation’
QE sliced unemployment by 1.5 points, says Fed’s Williams
San Francisco Fed president says Fed's forward guidance on rates has narrowed Treasury yields by 15-20 basis points, about the same amount as QE2; asset purchases have cut unemployment by 1.5 points
EU clearing mandates unlikely before August 2013
The first clearing mandates are unlikely to be in place in Europe before August 2013, says Bank of England’s head of payments and infrastructure division
Lagarde implores next US president to act fast on ‘fiscal cliff’
IMF managing director Christine Lagarde has challenged the next US president to urgently address Washington’s ‘policy uncertainty’ irrespective of who wins
New deputy governor for National Bank of Slovakia
Ján Tóth appointed as deputy governor to Slovakian central bank; previously a member of the country’s Ministry of Finance research arm
Banks suspend dual-currency deposits in Japan
Returns on dual-currency and structured deposits will not be covered by state insurance scheme, Japanese FSA decides
High merchant fees may produce sub-optimum payments usage, says Fed paper
Federal Reserve Bank of Richmond working paper finds high merchant fees could be preventing payments markets from maximising consumer welfare
National Bank of Denmark criticises independent economic report
Denmark’s central bank says Economic Council report on the Danish economy overestimates the economy’s growth potential
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published last week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
Stockton review finds Bank of England’s forecasting ability wanting
A study commissioned by the Court of the Bank of England finds biases in forecasting and a lack of allowance for lateral thinking at the UK central bank
LCR drives expanding Asian liquidity swap market
Insurers are increasingly providing liquidity swaps to banks in what is viewed as a growing trend in Asia
FSB reveals G-Sib additional capital charges breakdown
FSB says four major banks to be hit by top 2.5% additional capital buffer as three banks leave and two are added to the list of global systemically important banks
Albania opens new currency centre
Bank of Albania has opened a new currency issue centre and mint as part of a wide-ranging property overhaul at the central bank
BoE’s Bean sceptical of ‘helicopter money’; scotches calls to ‘cancel’ gilts
The Bank of England has received criticism for quantitative easing failing to normalise economic growth. But deputy governor Charlie Bean says some alternatives look even less attractive
Local trade repositories are necessary, say HKMA’s Lee
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
FSB finds OTC derivatives reforms riddled with gaps
Progress report shows market infrastructure is ready to meet G-20 commitments for OTC derivatives reform but many jurisdictions are still some way from implementing legislation
Constâncio: EU macro research needs greater engagement
The vice-president of the European Central Bank says macro-prudential research has yielded excellent empirical tools; needs greater support from academics and policy-makers
Hurricane Sandy disrupts Federal Reserve operations
New York Federal Reserve suspended operations for a day as hurricane battered eastern US; temporary measures taken to support banking in face of disruptions to power, communications and staffing
Ballooning balance sheet yields further ‘profit’ for SNB
Swiss National Bank’s profits show continued growth in third quarter with the largest contribution from foreign exchange holdings; balance sheet has increased 45% during the year