News
Nigerian central bank adds new departments
Central Bank of Nigeria creates new departments to 'enhance operations'; three new female directors appointed
ESRB supports flexibility in EU legislation
European Systemic Risk Board backs flexible approach in EU legislation governing macro-prudential policy
Bernanke stresses financial stability role of central banks
Fed chairman says central banks must treat financial stability and monetary policy as equally important; discusses new regulatory regime as he delivers final student lecture in series
Stark says contagion threat has been ‘overstated’
Former European Central Bank executive board member says risk of contagion in the eurozone has been “overstated” since the start of the financial crisis
Islamic Financial Services Board issues new guiding principles
New guidelines focus on liquidity risk management and stress testing for institutions offering Islamic financial services; new members added at latest meeting
HKMA settles on staff pay increase
Hong Kong Monetary Authority decides to raise staff wages by more than 5%; constitutes a larger increase than was awarded in 2011
Central Bank of Iceland conducts dawn raid on fishing company
Icelandic officials carry out searches of fishing company Samherji’s offices; company calls for explanation
Eurogroup boosts emergency funding facility
European finance ministers agree to combine two emergency financing vehicles currently running simultaneously in the eurozone; also add €500 billion to lending capacity
Diverging views on US debt stimulate debate at NALM 2012
A difference of views emerged about the relative risks of US sovereign debt compared with alternatives during a panel discussion at NALM 2012 symposium on risk approaches in a post-crisis world
Reserve managers warned on risks of extending maturities
Central banks that are finding it harder to secure real returns from their liquid asset holdings should beware of market risks if they extend the duration of their holdings says NALM panellist
IMF facility not as good as own-funds, says Bank of Mexico’s Duclaud
Reserve managers in some developing markets believe own-country foreign exchange reserves are safer than IMF credit lines
Central Bank of Myanmar confirms currency float
Central bank announces managed currency float will commence next month; first public statement on exchange rate reform since military government left power last year
New Zealand proposes partial earlier adoption of Basel III capital requirements
New Zealand regulators have opted to bring in the capital conservation and countercyclical buffers ahead of the Basel Committee schedule – but market participants are unsure if this is necessary
Fed director cautious of ‘not fully known’ impacts of mobile banking
Sandra Braunstein testifies to US Senate on 'not fully known' ways the use of mobile devices can affect financial services
BoE’s Fisher calls for central banks to bulk up risk management capabilities
Paul Fisher explains benefits of central banks doing independent credit assessment when evaluating collateral; says risk management functions need to be ‘bigger’ in central banks
Interbank market ‘almost dead’ in Europe, says Banque de France’s Mongars
ECB operations are critical for European bank funding as the interbank market is all but broken, says NALM panellist
King sets out loose monetary policy exit plan
Governor of the Bank of England explains how the UK will unwind from the loose monetary policy measures brought in to support the flailing economy
RBA warns banks against chasing ‘unrealistic profit’
Reserve Bank of Australia’s latest Financial Stability Review cautions banks not to increase risk-taking by chasing ‘unrealistic profit expectations'
Bernanke commends global co-operation for stemming ‘meltdown’
Fed chairman says Fed and international policy actions prevented economic “meltdown”; says some areas of co-operation need improvement
Bundesbank president cautions against central bank shift into politics
Deutsche Bundesbank president Jens Weidmann confirms central bank’s policy advocating tighter eurozone rules while acknowledging long-term growth is needed to help peripheral countries out of debt
New Estonian governor sees pay scheme altered
Bank of Estonia Supervisory Board simplifies governor pay structure; removes "monthly supplementary allowances or compensations"
Nigeria needs more reserves and better inflation controls, says Fitch
Nigeria will need to further increase the size of its foreign exchange reserves and keep inflation in closer check if it wants to secure investment-grade status by 2020, says Fitch
Markets start to price in QE3 following Bernanke speech
Equity prices rise and dollar eases as markets interpret Federal Reserve chairman’s comments as signalling increased likelihood of further quantitative easing
OECD’s Gurría wants ‘mother of all’ firewalls in Europe
OECD secretary-general demands expansion of emergency funds available to struggling eurozone sovereigns; wants monetary conditions to remain ‘supportive’