News
Nouy says SSM will bring ‘positive effects’ for Nordic banks
Supervisors from Nordic countries consider how their relationship will change when the SSM becomes operational; Denmark and Sweden are unlikely to opt in
Riksbank calls for separate LCR in local currency
Swedish central bank is wary of lenders' ‘extremely low' krona buffers; proposed change could be constrained by the size of Sweden's sovereign bond market, however
Lithuania cleared to adopt euro in 2015
Lithuania set to follow Estonia and Latvia into the eurozone; ECB gives seal of approval but warns it will be ‘challenging' to keep inflation low after joining
Bank of Portugal shifts research focus after Gaspar review
Portuguese central bank sets new research priorities following a strategic review; internal commission places emphasis on quarterly publication and career development
Fed overhauls collateral requirements for discount window
The changes, including separate requirements for fixed-rate and floating-rate loans posted by depository institutions, could make it harder to obtain central bank liquidity
Central Bank of Ecuador deposits half its gold with Goldman Sachs
Three-year deal sees the bank swap half-a-million ounces of bullion for ‘high security instruments and liquidity', ostensibly to cover government's widening fiscal deficit
US overtakes Taiwan as offshore RMB clearing centre
The value of RMB payments between the US and China jumped 229% in the year to April 2014, helping the US overtake Taiwan as the third-biggest offshore RMB clearing centre
BIS figures show cross-border lending on the mend outside the eurozone
Statistics for the final quarter of 2014 show cross-border lending recovering in most of the world, especially China, but continuing to decline in the eurozone
Rajan 'cognisant' of state financing needs as RBI loosens credit restraints
Reserve Bank of India holds key rate at 8% despite spike in food prices; takes steps towards creating a ‘more generalised provision of system liquidity’
Norges Bank poised to complete shift from FX buyer to seller before year's end
The Norwegian central bank sends strong signal it will make no foreign exchange purchases this year; analysts predict bank will make ‘symbolic shift' to net-seller in Q4
People: Dewatripont is new Belgian no.2; RBA appoints new economics research head
Mathias Dewatripont replaces Françoise Masai as vice-governor of the National Bank of Belgium; RBA promotes Alexandra Heath as Jonathan Kearns heads for the BIS; and more
Europe’s ‘bloated’ banking system could be harming growth, says ESRB committee
Report by advisers to European Systemic Risk Board says the banking system is ‘overweight’ and prescribes a number of remedies, including securitisation of SME loans
IMF says Japan's 'aggressive' QQE could be needed for ‘extended period’
The Bank of Japan may have to keep QQE running for ‘an extended period of time’ according to the IMF, and should consider providing forward guidance on its asset purchases
Obama urged to fill Fed board with community bankers and financial reform champions
Leading Democrats on Senate Banking Committee say it is 'critical' that two vacant Fed board seats are filled by nominees with 'strong commitment to financial reform'
Bank of England appoints ten new directors
Names are unveiled ahead of the BoE's sweeping structural overhaul that comes into force next week; nine out of 10 appointees comes from inside the bank
Post-crisis central bank policies are crowding out ABS, ECB and BoE say
Securitisations could be judged according to a set of commonly agreed principles to make due diligence easier; schemes introduced to boost lending have made ABSs comparatively expensive
Zambia warns speculators the kwacha is on the up
Bank of Zambia warns the public not to speculate on the continued fall in the kwacha's value, as economic fundamentals point to appreciation
Balkanisation a ‘real threat' to globalised banking, says PRA head Bailey
Bank of England deputy governor and head of the Prudential Regulation Authority warns that essential global financial services are under threat, in Directory of Financial Regulators 2014 foreword
Bank of Korea predicts sharp inflation increase
South Korea’s central bank expects annual inflation to climb above 2.5% in the fourth quarter, suggesting the MPC will turn its attention to rate increases later this year
Bespoke accounting rules a boon for ECB, study finds
Profits are lower but financial buffers bigger than if central bank had adopted the International Financial Reporting Standards framework
Bank of Thailand appoints new deputy; ex governor hired by military regime
Central bank board appoints one new deputy and changes the portfolio of another; ex governor Pridiyathorn Devakula named economic adviser to military junta, again
Central Bank of Kenya backs up talk with currency intervention
Senior trader at I&M Bank explains how forex interventions have kept the exchange rate on an even keel; central bank issues statement to reinforce control of situation
Rajan sets out ‘idealistic' vision for international monetary policy co-ordination
RBI governor would in an 'ideal world' establish an impartial arbiter of unconventional monetary policy; Lagarde says global welfare benefits should be quantified
Ingves: Swedes should be forced to amortise mortgages
Riksbank governor slams Swedish 'culture' whereby 40% of households ‘do not amortise at all'; average debt-to-income ratio for mortgaged households is 313%