News
Basel disclosure proposals add ‘dashboard’ of risk metrics
Fresh proposals on Basel III disclosure aim to simplify comparison of banks’ prudential positions; banks will also have to disclose “benchmark” risk weights based on standardised approach
Bank of Russia obliges non-banks to join officially recognised self-regulatory bodies
All non-bank financial institutions in Russia must join one of seven officially recognised self-regulatory organisations; newly formed companies must comply within 180 days
RBNZ keeps settlement system due to lack of suitable bids
The Reserve Bank of New Zealand will retain its securities settlement system and depository, despite hoping to find it a new owner; also investing in separate platforms for NZClear and Esas
Venezuela revamps foreign exchange regime
Government moves to exchange rate system, offering an official and floating rate to market participants; second sets of changes in as many years
TLTRO II may reflect renewed ECB focus on transmission, analysts say
The European Central Bank’s decision to operate a second targeted long-term refinancing operation would help provide banks with ‘stability’, according to Draghi
EC urged to target initial margin for CCP recovery
Irish central banker says haircuts should be seen as temporary loans to CCPs in a crisis
Charlie Bean calls for ‘culture changes’ at ONS in final statistics report
ONS should set up two centres to better measure economic activity, Bean says; using these centres will allow the ONS to fully ‘capture’ the digital economy
RBNZ’s Gordon offers advice on building a sound risk management system
Former risk head at RBNZ offers advice on what should be the focus for central banks looking to build an enterprise risk management system
President refuses to sign Hungary central bank law
Hungary’s president has referred a law on the governance of the country’s central bank to the constitutional court; critics allege law would greatly reduce scrutiny of central bank’s funds
ECB launches ‘comprehensive package’ as inflation outlook worsens
Mario Draghi announces cuts in interest rates and an expansion to the ECB’s asset-purchase programme, as well as a second TLTRO package, larger than the original
Sama completes payments infrastructure upgrade
Infrastructure overhaul allows faster card payments and higher volumes, supporting the expansion of electronic payments in Saudi Arabia
Montenegro should create dedicated ELA ‘subaccount’ – IMF staff
Euroisation is hindering the Central Bank of Montenegro’s ability to act as lender of last resort; IMF staff call for a strengthening of ELA capacity through a “subaccount”
RBNZ tweaks forecasting models and cuts key rate
Reserve Bank of New Zealand cuts rates by 25bp to 2.25% in attempt to prevent inflation expectations from falling further; updates models in wake of optimistic forecasts
European supervisors must improve consistency on capital requirements, Angeloni says
European regulators must take more consistent approach to capital requirements, Ignazio Angeloni says; authorities have to improve macro-prudential policy co-ordination
FPC members deny charges of 'groupthink'
Clara Furse and Richard Sharp argue debate is robust and give examples of where they have challenged the financial policy committee’s majority views; agree to consider issue further
Canadian public put forward women for spot on new banknote
Bank of Canada to launch new polymer banknote in 2018 featuring an “iconic” Canadian woman; Nellie McClung announced as first nomination
BoE’s Bailey dismisses ideas for radical banking overhaul
PRA chief stands by the current design of banking regulation, rejecting more radical options involving higher levels of equity as “just not practical”
Bank of Portugal director responsible for banking supervision resigns
Board member with responsibility for banking supervision resigned on March 7; Antonio Varela had previously been state-appointed non-executive director on troubled bank Banif
Brainard warns of segmentation of liquidity
Recent changes in liquidity practices may heighten financial markets’ vulnerability in stressed conditions, Brainard says; downward pressures on inflation remain, she adds
NY Fed says ‘no evidence’ systems breached
Spokeswoman says there is “no evidence” of attempts to penetrate Federal Reserve systems, amid reports saying Bangladesh Bank was concerned funds were stolen from its account
People: New York Fed research head retires, RBNZ appoints new head of currency
James McAndrews will leave the Federal Reserve Bank of New York after 19 years; Steve Gordon gets new portfolio at RBNZ; and more
Carney locks horns with MPs on EU stance
Bank of England maintains neutral stance on the issue, despite coming under fire from members of the committee; Carney and Cunliffe defend independence
BIS paper: short-term interest rate may no longer be enough to set policy
Globalised debt markets, the falling long-term interest rate and dollar debt accumulation has altered every major aspect of the monetary transmission mechanism in emerging markets, authors say
Bundesbank publishes data on German ‘closed-end’ investment funds
Deutsche Bundesbank begins publishing data on German ‘closed-end’ investment funds; sector had total assets of €82.4bn in January 2016, with nearly half of investments in property market