News
Bank of Spain names new director-general
Francisco Javier Priego becomes director-general; remains head of the central bank’s legal department
Sack withdraws resignation and stays on at NY Fed
Brian Sack stays on as a senior adviser to New York Fed president William Dudley; new head of markets group already appointed
US authorities explain living will review process
Largest banking groups must hand in resolution plans by July 2; preliminary reviews will be completed within 60 days say FDIC and Fed
New microfinance scheme launched in Hong Kong
Microfinance scheme to be run by Hong Kong Mortgage Corporation in collaboration with banks and non-government organisations; follows joint study with Hong Kong Monetary Authority last year
King calls for overhaul of UK banking system
Governor of the Bank of England says cultures of investment and retail banking operations do not mix; calls on government to legislate on all of Independent Commission on Banking’s recommendations
Basel Committee unveils framework for monitoring D-Sibs
Consultative document sets out loss-absorbency guidelines for domestic systemically important banks; principles allow greater flexibility than rules for global institutions
Euro group agrees on single banking supervisory mechanism
Umbrella supervision body 'run by ECB' to be established; exhausted EC president refuses to discuss details of plan to directly recapitalise European banks
Sarb launches Ponzi scheme awareness campaign
Central bank warns public of Ponzi scheme risks; says it investigates a number of illegal operations each year
‘Branchless’ banking increasing in Pakistan
So-called 'branchless banking' transactions grew 23% between January and March this year; accounts linked to mobile phones reached over 1 million during the period
Poland finalises Swiss currency swap agreement to protect banking sector
National Bank of Poland signs 'precautionary' currency swap deal with Swiss National Bank; in place to deal with liquidity pressures surrounding financing in Swiss francs
Sweden joins opposition to European banking union
Swedish government opposes European banking union proposals; Czech National Bank also expresses concerns
Libor manipulation lawsuits could cost banks ‘tens of billions’
Barclays' $450m settlement gives lawyers smoking gun evidence of attempts to tamper with benchmark rates
Outgoing World Bank president reveals next roles
Robert Zoellick says he will join Belfer Center for Science and International Affairs at Harvard University and the Peterson Institute for International Economics on leaving the World Bank
Latest amendments to Hungarian central bank law appease IMF
Hungarian government publishes letter from Christine Lagarde which gives controversial law the go ahead; says IMF is ready to begin talks about financial aid once law is passed
Governor of Central Bank of Tunisia fired: reports
Governor to be relieved of duties following economic policy dispute; Mustapha Kamel Nabli has been chief since the revolution in Tunisia
MAS agrees establishment of office in China
Monetary Authority of Singapore will open a representative office in Beijing after settling on a deal with the People’s Bank of China; third overseas office for MAS
Namibia offers reward to catch head of counterfeiter ring
Central bank announces reward for information leading to the arrest of “main culprit” responsible for counterfeit notes found recently; fake notes discovered just days after new currency launch
Central Bank of Cyprus supports bailout request
Central bank recognises need for European help to recapitalise Cypriot banks; commits to supporting efforts to finalise the bailout
Basel Committee reveals final rules on capital disclosure
Final rules published on disclosure of banks’ capital composition as well as consultative document on risk reporting; committee aims to reduce financial stability risks from international banks
King laments growing problems in global economy
BoE governor says worsening situation in emerging economies, slowing US growth and continued eurozone trouble leave him “pessimistic”; Treasury Committee member confronts MPC over decision-making
Bank of Japan concerned about wrong-way risk on banks’ cross-holdings
Helping banks by purchasing stock will create moral hazard, says Bank of Japan director-general
Graeme Wheeler to replace Bollard as New Zealand governor
New Zealand unveils World Bank veteran Graeme Wheeler as replacement for RBNZ governor Alan Bollard
Singapore and Thailand sign cross-border collateral MoU
Monetary Authority of Singapore and Bank of Thailand sign agreement to establish cross-border collateral arrangement; aims to promote financial stability in both countries
EC staff to ‘step up’ work on Spanish banks assessment
Olli Rehn calls for staff to speed up assessment of Spanish banking sector; downgrade rumours swirl after official government request for financial assistance from the Eurogroup