News
Yellen says July hike ‘not impossible’ as Fed holds
Fed keeps policy unchanged as widely anticipated; expected path of interest rate hikes becomes more gradual while the long-run level is revised down again
Negative rates fail to dent Danish bank profitability
National Bank of Denmark concerned banks may be pursuing return targets too aggressively, as profits hit highest level since 2008 crisis; banks reshaping business models to avoid low-rate impact
People: Turkey picks new deputy; Riksbank’s Jansson reappointed
Career banker takes over from Turalay Kenç at Turkish Central Bank; Riksbank deputy handed fresh five-year term; and more
Bank of Greece pushes for government reforms and debt relief
Monetary policy report urges government to pass reforms, but criticises creditor's focus on tax increases and 3.5% primary surplus; expects growth to pick up to –0.3% by year-end
Philippines creates financial inclusion steering committee
Central bank will chair the committee, which comprises 12 other government agencies; will follow up on their work creating a national strategy for financial inclusion
Irish banks prepared for Brexit but face material effects, deputy says
Effects on profitability and business models could be ‘material’ if UK votes to leave EU, Irish deputy warns, though central bank is satisfied with short-term contingency planning
Brazil's Goldfajn nominates four new deputies on first day in office
Three incumbents facing an exit as new Brazilian governor nominates four new deputy governors; interim president Michel Temer still to approve appointments
Ukraine announces further easing of cash and forex controls as inflation falls
Ukrainian central bank signals confidence by further easing currency and forex restrictions; headline and core inflation figures both falling faster than expected, bank says
RBI approves new method for restructuring stressed loans
Indian banks will be able to split some of their largest stressed loans in two; rules introduced as RBI looks to help banks achieve “clean and fully provisioned bank balance sheets” by March 2017
Sri Lanka targets new inflation framework under reform programme
Authorities will take steps towards inflation targeting over the coming years, while allowing greater exchange rate flexibility; IMF agrees to support reform programme
PBoC deputy Tao says China’s financial system is failing SMEs
China's financial system needs to improve if it is to support crucial supply-side reforms via a particular focus on SME funding; financial institutions must be allowed to fail, says PBoC deputy
Nouy renews calls for Pillar 2 'guidance'
European supervisors should employ "capital guidance", Danièle Nouy says; large eurozone banks currently disadvantaged compared with competitors, ECB's supervisory head argues
Oil price falls may have negative effects on global economy, ECB warns
Falling oil prices may negatively affect global GDP growth and could threaten financial stability across emerging markets, ECB bulletin says; demand not supply now main pressure on prices
PMA aims for better credit allocation with upgraded scoring system
Palestine Monetary Authority rolls out latest version of its credit scoring system; new categories and adjusted variables designed to improve credit allocation
Singapore central bank creates AML and enforcement departments
Monetary Authority of Singapore hopes to “enhance supervisory focus”; shake-up follows what Ravi Menon described as the worst case of control lapses in the financial sector
Wu Xiaoling warns of growing risks in China’s financial system
Top Chinese economic policy-maker hits out at use of complex financial products, saying China must learn lessons from the global financial crisis before risks get out of hand
Weidmann: GDP-linked bonds an ‘avenue worth exploring’
Eurozone countries should explore merits of GDP-linked bonds, Bundesbank president argues; says move could help revision of sovereign risk weightings and cites Bank of England work
Swiss regulator forms resolution division
Regulator hopes to focus its efforts by uniting disparate teams in a new division, with current enforcement chief David Wyss becoming head of resolution
People: African department director leaves IMF; Dallas Fed looks for new first VP
Antoinette Sayeh retires from International Monetary Fund; Dallas Fed begins looking for replacement first vice-president; and more
Irish bad bank shifts focus to delivering new property
National Asset Management Agency is shifting its focus to projects aimed at developing commercial and residential property; asset disposals to be reduced in scale as body winds down
Prospective eurozone members fail to meet convergence criteria, ECB says
Seven prospective member countries show greater convergence in their economic indicators but fail to meet requirements for their legal frameworks, ECB report says
Irish deputy defends macroprudential policies
Sharon Donnery says macroprudential housing policies would have limited Ireland’s financial crisis; leaked parliamentary report calls for bank to ‘urgently’ review measures
Norges Bank deputy: lack of common infrastructure hampers faster payments
Limited collaboration between banks in Norway is hampering availability of real-time payments and causing Norway to fall behind, Jon Nicolaisen says
No room for easing in Tombini’s final meeting
Committee leaves key rate at 14.25%; analysts believe calmer political environment will shape monetary policy stance in future rather than change in governor