News
EU exit not disastrous to UK investors, Lamont says
The former Conservative chancellor says fears of financial turmoil in the UK after an EU withdrawal are exaggerated
BoE draws lessons from Thomas Piketty
Income inequality has the potential to destabilise both financial and real sectors, and is increasingly garnering attention from central bankers, as the BoE’s quarterly bulletin highlights
Central Bank of Honduras revises inflation target to 5.5%
After signing an economic agreement with the IMF last year, and in consideration of lower oil prices, the Central Bank of Honduras has adjusted its inflation target for 2015 by 50 basis points
US banks hold up under Fed stress tests
Latest annual stress tests show 31 largest bank-holding companies would lose $490 billion under the Fed’s severely adverse scenario, which has been tightened compared to 2014
RBA mulls creation of repo CCP
Australia currently lacks a CCP for clearing repos, which could be exacerbating systemic risk and impairing market functioning, but previous efforts met with little enthusiasm
British minister brands Argentina’s new Falklands banknote a ‘stunt’
The Central Bank of Argentina has issued a new 50 peso banknote featuring the Falkland Islands, which sparked criticism, with a British minister branding it a ‘stunt’
FSB-Iosco tweaks systemic shadow bank definition after criticism
Initial proposals for identifying systemic ‘non-bank non-insurers’ ran into criticism last year, with asset managers complaining rules put too much emphasis on size
UK fraud office probing Bank of England liquidity auctions
Bank of England liquidity auctions during the financial crisis of 2007 and 2008 are under investigation; Grabiner compiled an initial report before matter handed to SFO
PBoC appoints new deputies
Guo Qingping and Fan Yifei take up roles as deputy governors at the People’s Bank of China, but one seat on the board is seemingly left open
ECB reveals flexibility in QE programme
European Central Bank releases modalities of asset purchase programme; Draghi delivers upbeat press conference underpinned by positive staff projections
Ongoing reports of recovery add little to FOMC debate
Latest Beige Book shows economic activity expanding at a steady pace, while Esther George and Charles Evans take different sides in the FOMC’s inflation debate
Court rules against ECB in CCP case
European court finds ECB does not have authority to regulate securities clearing systems in the EU, upholding a UK plea against rules forcing CCPs to be located in the eurozone
RBI delivers second rate cut with inflation racing to target
The Reserve Bank of India surprised markets once again with an unscheduled rate cut of its key rate; analysts say this reduction shows trust in the government to maintain fiscal discipline
Fed officials debate research on equilibrium real rates
Research presented at US Monetary Policy Forum says uncertainty around equilibrium rate means the Fed should delay tightening policy; Loretta Mester and William Dudley discuss findings
Key rate hiked to 30% in Ukraine to stop currency slump
Ukraine’s central bank hikes interest rate to its highest level in 15 years, as part of a set of measures to combat the slump in the currency and battle inflation
Largest banks clear Basel hurdle for first time
Latest monitoring report finds large internationally active banks all now meet minimum capital requirements; EBA sees capital falling under full implementation of European requirements
ECB concerned by plans for Slovenian central bank law
The institution, led by Mario Draghi, voices concern over draft amendments that would give the national assembly powers to fire board members and their impact on ‘personal independence’
ECB revisits virtual currencies in new report
Research concludes virtual currencies do not pose ‘material risk’ to central bank operations in eurozone, but could if they become more widely used or entwined with the real economy
Carney targets 'strategic’ approach to market intelligence
BoE governor Mark Carney sheds light on some of the recent changes to the way the central bank gathers market intelligence in Treasury Select Committee hearing
EU court to rule on UK challenge to ECB's clearing policy
Verdict due on March 4 in first of three UK complaints about eurozone clearing oversight; ECB policy calls for some firms clearing euro-denominated products to be incorporated in the eurozone
People: Blejer named adviser to Bank of Albania governor; Chile gets new statistics head
Mario Blejer, a former governor of Argentina’s central bank, will serve as an adviser to the new Bank of Albania governor; Central Bank of Chile names new statistics head; and more
Philadelphia Fed names Patrick Harker president
Charles Plosser retired yesterday and Patrick Harker will take the reins in July; his background includes a host of academic posts and a spell on the Philadelphia Fed board
Plosser and Conti-Brown debate Fed governance reforms
Peter Conti-Brown proposes giving the Fed’s board of governors the power to appoint and remove Reserve Bank presidents; Charles Plosser rejects arguments in his response
RBI gets formal inflation target
Reserve Bank of India tasked with getting inflation below 6% by January and handed a 4% target to chase from then; governor retains sole responsibility for setting monetary policy