News
Weidman explains plummeting Bundesbank profit
President of the Deutsche Bundesbank explains why profit dropped drastically in 2011; increased risks led central bank to boost buffers
BoJ to continue easing until it hits 1% inflation goal
The Bank of Japan says it plans to continue "powerful easing" until a 1% inflation target is in sight but rejects motion to increase its asset purchase programme by another 5 trillion yen
Hong Kong and Malaysia launch investment and settlement pilot platform
Hong Kong Monetary Authority, Bank Negara Malaysia and Euroclear Bank launch new pilot platform for cross-border investment and settlement of debt securities; culmination of work started in 2008
Draghi urges government action to spur recovery
President of the European Central Bank discusses internal and external eurozone competition and calls on countries to act during period of relative financial stability to advance economic reforms
Kenyan parliament clears central bank governor
Chaotic debates in Kenyan parliament result in Njuguna Ndung'u being cleared of personal responsibility over collapse of Kenyan shilling
SNB issues own-account rules; Danthine trades attacked
Swiss National Bank issues new rules on private financial transactions conducted by top management; Jean-Pierre Danthine attacked for forex trades done in May 2010
ECB compromise on Basel III adjustments gets mixed response
An ECB proposal for the European Systemic Risk Board to have oversight on whether European regulators can adjust Basel III for macro-prudential purposes gets a mixed response from central bankers
Esma under pressure on Emir implementation
A public hearing on Emir draft technical standards has left market participants concerned regarding both the implementation time frame and the asset classes covered by trade repositories and CCPs
US must get tough on China to fix imbalances, says Aliber
The US can reduce its government deficit and unemployment rate if it addresses the ‘predatory’ trading and currency policies of China and other Asian countries, says leading economist Robert Aliber
IMF readies €28bn in support of Greece
International Monetary Fund managing director Christine Lagarde plans to get funds approved this week; Isda rules debt restructuring a ‘credit event’
Pakistan’s Anwar calls for development of corporate bond markets
State Bank of Pakistan governor wants to see corporate bond market developed in the country; stresses government must be open to change for process to work
RBI cuts reserve ratio to improve lending conditions
Reserve Bank of India reduces cash reserve ratio for banks by 75bp; move injects 480 billion rupees into banking system
Norway to issue new coin to mark universal suffrage
Norges Bank announces plans to introduce a commemorative 10-krone coin 100 years after suffrage was extended to all women
Filipino governor announces new fund to assist small businesses
New office building opened in Roxas City; coincides with introduction of Capiz Credit Surety Fund and public learning programme in the region
Greece’s private bondholders approve ‘voluntary’ debt swap
An 85.8% majority approves Greek sovereign debt swap but strong-arm tactics raise concerns about the future legal certainty of sovereign bonds
Lord Kingsdown pays tribute to BoE’s George Blunden
“If he approved, it was likely to be the right answer,” says former governor of the Bank of England; other former central bank colleagues pay respects to man with "highest moral standards"
Lagarde chooses new IMF secretary
Christine Lagarde picks Jianhai Lin as secretary of the Fund; becomes first Chinese national to hold the post
Former Bank of Haiti governor shot dead
Venel Joseph, former governor of the Central Bank of Haiti killed in his car; held office as chief of the central bank between August 2001 and March 2004
Asia-Pacific keeps rates on hold as Brazil surprises with 75bp cut
Korea, Indonesia and New Zealand keep benchmark interest rates on hold despite surprise 75 basis point cut by the Central Bank of Brazil to 9.75%
SNB spent $19.6 billion maintaining minimum exchange rate
SNB purchased foreign currency to a value of $19.6 billion in 2011; central bank also reveals larger than expected profit
UK payment card fraud falls to 10-year low
UK card fraud has fallen sharply due to ‘chip and pin’ and new online payment services, reaching a 10-year low in 2011. Online banking fraud has also fallen but bogus mortgages remain a concern
Auditors find no breach of SNB regulations by governing board
Audit of own-account transactions by members of the enlarged governing board of the Swiss National Bank reveals no breach of the regulations in place during the time of investigation
BoE unveils new heads in monetary analysis and statistics division
Bank of England appoints three new department heads in its monetary analysis and statistics division; seen as a springboard to MPC
European Commission pursues Hungarian central bank independence issue
European Commission welcomes Hungarian promise to change legislation affecting the independence of the central bank, but wants to see more details