News
Riksbank minutes highlight effort to protect rising inflation
Executive board members saw potential for krona appreciation as a risk to inflation outlook; broad support for additional asset purchases, but some questions over size
Fed presidents navigate ‘mixed signals’
Dennis Lockhart is putting more weight on positive employment picture than disappointing growth stats; both he and Robert Kaplan see potential for labour force to expand
Draghi points to savings glut in some eurozone countries
Germany and others are contributing to a global savings glut, Draghi argues; renews call for structural reform and rejects appeals to curtail monetary expansion
Bank of Canada identifies first ‘prominent' payment system
The Automated Clearing Settlement System is considered "central" to Canadian payments and must now meet risk management standards based on global PFMI
Sub-Saharan African countries need more responsive policy – IMF staff
Some central banks “impeded” in pursuit of primary mandate; staff report discourages government and structural development financing
Esma finds CCPs resilient ‘overall’ in first stress test
European Securities and Markets Authority says first annual stress tests show European central counterparties are “overall” well prepared to face “extreme but plausible” market shocks
RBA cuts to 1.75% as data disappoints
Glenn Stevens points to “unexpectedly low” inflation data as the Reserve Bank of Australia cuts its key rate by 25bp; Australian dollar slides following decision
People: Fed appoints new director; Ghana and Uzbekistan add deputies
Matthew Eichner named director of reserve bank operations and payment systems at the Fed board; Bank of Ghana and Central Bank of Uzbekistan name new deputy governors
SNB officials fend off latest ideas for reform
Thomas Jordan and Jean Studer warn of the damage that could be done by proposals including sovereign money, broader mandate and using reserves to create sovereign wealth fund
IMF staff weigh options for tackling Chinese NPLs
Technical note authored by three IMF employees considers how securitising NPLs or converting them to equity might work in the Chinese context; latest CBRC figures show the stock is growing
Bean welcomes bid to increase ONS access to public data
Reforming the legal framework will improve ONS access to administrative data, former BoE deputy says, adding the ONS must be more proactive in acquiring and producing data
Liberia appoints board member as new governor
Liberian president appoints Milton Weeks to lead central bank; new appointee was commercial banker and investment adviser
RBI plans to regulate nascent P2P market
Central bank proposes bringing peer-to-peer lending within its regulatory remit, fearing lack of oversight might lead the rapidly growing sector to develop “unhealthy practices”
BoJ holds policy despite weakening expectations
Yen climbs as policy board keeps interest rates and asset purchases at existing levels; growth and inflation forecasts cut while there is “considerable uncertainty” around the outlook
Fed holds and drops reference to global risks
Federal Open Market Committee holds federal funds rate as widely expected; suggests growth in economic activity has slowed but concerns about global developments have eased
Panellists at ECB conference challenge complexity of macro-prudential set-up
Public and private sector representatives agree it is too early to judge macro-prudential framework; identify some positive elements but raise concerns about institutional complexity
BoE’s Cunliffe notes ‘gap’ between bank return and investor expectation
Investors should be prepared for lower returns in the coming year, Bank of England deputy says; risks to the housing market show signs of reducing but FPC poised to act if necessary
Rajan’s salary makes him a bargain among G20 governors
Indian governor takes home an unusually small sum each year compared with some other G20 governors, and comes out favourably on other metrics too
Malaysian deputy picked to succeed Zeti
Muhammad bin Ibrahim will be handed five-year term effective May 1; analysts point to potential challenges from growth slowdown and capital outflows
Researchers uncover details of ‘sophisticated’ Bangladesh Bank hack
Hackers showed deep understanding of Swift systems, going to great lengths to hamper Bangladesh Bank’s response, research by BAE finds
EBA publishes first complete list of European O-SIIs
European Banking Authority publishes first full list of other systemically important institutions in Europe; some national supervisors make more use of discretion than others
Poloz upbeat on US and Canadian productivity prospects
Bank of Canada governor explores evolution of international trade; it may have fallen, but there are still opportunities for productivity growth, Poloz says
Mersch sets out broad questions around distributed ledgers
Yves Mersch considers how access to central bank money could work if market infrastructure adopts the technology; ECB publishes paper on its application in post-trade market for securities
FCA chairman defends selection process for new chief
Griffith-Jones questioned on the decision not to interview Andrew Bailey before his appointment as chief executive; says he would have raised any concerns about process with Osborne