News
Italy’s Draghi: eurozone governments must step up
Bank of Italy governor Mario Draghi looks to eurozone governments to tackle fundamental issues; stresses ECB will not dabble in fiscal arena, echoing president Jean-Claude Trichet
Ex-Philippines governor named US ambassador
Central Bank of the Philippines’ former governor Jose Cuisia Jr. selected as country’s ambassador to the United States
ECB points to securitisation, interest rate risk concerns
European Central Bank’s December Financial Stability Review stresses importance of more transparency in asset-backed securities market; highlights interest rate risk worries
European Commission floats concept of investment bans in latest Mifid consultation
The European Commission has produced a consultation paper that suggests a basis for banning certain investments, with structured products making their usual appearance in the limelight
ECB repos, not bond purchases best fix for debt woes: Deutsche Bank note
Deutsche Bank paper moots the use of targeted long-term repurchases to shore up peripheral bond markets, rather than more outright purchases
Electronic methods leading growth of cashless payments in the US, says Fed study
Federal Reserve study shows number of cashless payments has grown, with debit card, automated clearinghouse transactions leading the way
Britain raises bank levy
UK government publishes final bank tax law that will raise the levy on liabilities higher than initial proposals set out in June
Atlanta Fed names new second in command
Retirement of Atlanta Federal Reserve first vice-president Patrick Barron sparks reshuffle in retail payments office
Fitch kicks three more notches off Ireland
Irish sovereign debt downgraded to BBB+ by ratings agency Fitch
Sarb, investors draw a line under dispute
South African Reserve Bank's first ordinary general meeting under amended law passes without shareholder dissent; governor Gill Marcus says outreach to shareholders will be expanded
ECB's Constâncio heralds dawn of Seoul consensus
European Central Bank’s Vítor Constâncio says state intervention during banking crisis marked end of Washington consensus; vice president heralds dawn of Seoul consensus
CDSs did not hike eurozone states’ funding costs: European Commission report
European Commission taskforce finds credit default swaps were not responsible for inflating eurozone members’ funding costs, worsening crisis
Canada closes part of currency unit
Bank of Canada agrees to sell assets from optical security material division to banknote security supplier Fortress Optical Features
CentralBanking.com panel: how pressing is the need for bank resolution regimes?
Commentators disagree on how urgently resolution regimes must be established; point to obstacles in crafting cross-border rules
Zimbabwe to axe 74% of staff: reports
Reserve Bank of Zimbabwe governor Gideon Gono says central bank will axe 1,600 jobs as part of measure to downsize institution, according to leading media
CoCos offer banks more hope than bail-in: CentralBanking.com panel
Contingent capital’s earlier trigger will set in before banks are on the brink of resolution, say panellists; reject narrow banking thesis
Hungary discontinues bond purchasing scheme
National Bank of Hungary to discontinue mortgage bond purchase scheme next year; says programme only managed to reduce liquidity premia on domestic bonds to small extent
Policy centralisation key to future of Eurozone, says Goldman’s O’Neill
Success or failure of the Eurozone hinges on Germany ‘laying down the law’, according to chairman of Goldman Sachs Asset Management.
Riksbank’s Nyberg challenges Svensson over monetary policy framework
Riksbank deputy governor Lars Nyberg says monetary policy must support macroprudential policy; comments contrast with Svensson’s calls for monetary policy to focus on price stability
De La Rue shares soar on Oberthur takeover bid
Banknote printer De La Rue confirms preliminary takeover bid has been made; French firm Oberthur Technologies behind the move
Sarb refutes faulty rand note claims
South African Reserve Bank says it has full confidence in currency after media reports of flawed batches of R100 notes; issue surfaces ahead of first general meeting under new central bank law
Merkel enraged at vote to scrap US-EU Swift data deal: WikiLeak
Leaked wire from US embassy in Berlin says Germany’s Chancellor Angela Merkel was furious at German MEPs' decision to reject Swift data sharing deal with United States
QE3 possible if conditions warrant it, says Bernanke
Federal Reserve chairman Ben Bernanke says a further expansion of Treasury bill purchase programme is possible; stresses worries on unemployment
Market for CoCos could take years to develop, say Credit Institute panellists
Regulators may be sold on banks issuing loss-absorbing contingent convertible securities, but panellists at Credit Institute event question whether natural investor base for instruments exists