News
Cut Bank’s vote on macroprudential body, say lawmakers
Influential parliamentary committee calls for Bank of England executive directors’ votes to be transferred to external members, citing amount of power vested in central bank
Enria, Maijoor, Bernardino confirmed as ESA chairs
Andrea Enria, Steven Maijoor and Gabriel Bernardino get parliamentary seal of approval to head up European supervisory authorities
ECB provides liquidity bridge, not bailout: Papadia
European Central Bank’s director-general for market operations Francesco Papadia stresses central bank’s liquidity assistance only short-term, says new European rescue vehicles will ease market concerns
IMF: Historical debt stats will help plot growth strategy
IMF says its historical public debt database will help policymakers see the relationship between debt and growth; data goes as far back as 1791
China plans onshore renminbi cross-currency swap
Chinese corporates will now have access to onshore and offshore hedging markets
Danish regulators push for more flexible Basel III liquidity rules
Shortage of high-quality liquid assets prompts Danish regulators to push for changes to the liquidity coverage ratio within the EU capital requirements directive
BIS reviews macroprudential literature
Literature review published by the Bank for International Settlements finds gaps in assessing the effectiveness of macroprudential tools, studying interaction with monetary policy
HK SFC’s Wheatley to head new UK regulator
Hong Kong Securities and Futures Commission’s Martin Wheatley named CEO designate of new consumer regulator; becomes head of FSA’s consumer and business wing in September
Estonia euro information campaign a success
Survey on euro adoption information campaign shows 97% of respondents were made aware of switch to single currency
UK FSA calls for more funds again
Financial Services Authority puts funding requirement up by 10%, pointing to increased cost of intensive supervision, Basel III and forthcoming split
ECB launches new statistics book
European Central Bank volume covers future of central bank statistics
UK Treasury Committee calls on FSA to disclose details of banks’ pay
UK’s Treasury Committee chairman Andrew Tyrie asks FSA chief to disclose remuneration of 'high-end' employees; says disclosure in aggregated form will protect competitiveness of financial firms
Sovereign funds set to enter an active phase: State Street’s Nugée
Sovereign wealth funds ready to tackle postponed investment decisions and portfolio changes having ridden out crisis with a passive management strategy
Budapest can muscle in on rate-setting council, but will not control policy: Simor
National Bank of Hungary governor András Simor says even if the Hungarian government gets its way on the appointment of external rate-setters, appointees will have deliver on the central bank’s goals
Ivory Coast defaults on $2.3 billion eurobond payment
Ivory Coast fails to make January 31 deadline on payment to credit holders; analyst says political situation must be addressed before payment can be made
Australia’s McKibbin could miss out on third term
Treasurer Wayne Swan suggests Reserve Bank of Australia external board member Warwick McKibbin will not be reappointed for third five-year stint
Central Bank of Egypt advises banks to close amid continuing protests
Some banks in Egypt close on Sunday and Monday on central bank guidance; Moody’s downgrades country on fears over political situation
EU auditors issue recommendations on ECB recruitment procedures
European Court of Auditors says European Central Bank must provide further documentation of recruitment processes; central bank responds with launch of new recruitment manual planned for end of 2011
Bank’s Weale explains thinking behind vote for hike
Bank of England external rate-setter Martin Weale says fear of higher inflation expectations becoming ingrained is real
Pakistan adopts wait-and-see tack despite high inflation
State Bank of Pakistan, buoyed by improvement in government borrowing, current account surplus, thwarts expectations of rate hike
Bank Negara Malaysia promotes three directors to assistant governor
Malaysia’s central bank appoints Donald Joshua Jaganathan, Abu Hassan Alshari bin Yahaya and Marzunisham bin Omar to assistant governor
Fed, Greenspan blamed for crisis by bulk of crisis commission
Six of ten members point finger at weak regulation and lack of awareness as to the goings-on in markets as causes of the crisis; four dissent, saying under-regulation claims overstated
Central Bank of West African States close Ivory Coast offices
Ivory Coast offices of central bank shut; interim governor Jean-Baptiste Compaore says attempts to requisition central bank’s offices in violation of monetary union treaty
Paper fault has not damaged business, says defiant De La Rue
Banknote printer insists fault which has hammered share price and fuelled takeover spat with French rival has not blighted business; discussions with RBI “ongoing”