News
RBA hands over responsibility for autonomous financial sanctions
Reserve Bank of Australia no longer has regulatory responsibility for autonomous financial sanctions; Department of Foreign Affairs and Trade now handles implementation and administration of law
Bank of Estonia to reveal travel statistics gleaned from mobile positioning data
Estonian central bank has been using data from mobile phone usage for more than three years to assist with balance of payments calculation; only two other European central banks operate similar systems
New CRD IV draft exempts sovereign trades from CVA capital charge
The latest council draft adds a CVA capital charge exemption for sovereign derivatives transactions – potentially removing one of the big unintended consequences of CRD IV, participants say
Deputy governor renews Bank of Japan attack on Volcker rule
Kiyohiko Nishimura reiterates Bank of Japan’s concerns over unintended consequences of Volcker rule; says “prudent assessment” of potential impact of the rule on other countries is “crucial”
Australia leaves benchmark rate unchanged again
Reserve Bank of Australia decides to keep cash rate unchanged at 4.25%; follows surprise decision in February to do the same
Canada cracks down on Syrian central bank
Canada imposes asset freeze on Central Bank of Syria; foreign affairs minister reiterates demand that president Assad step down
Tucker replaces Dudley as chairman of CPSS
Bank of England’s Paul Tucker to replace New York Fed’s William Dudley as head of international committee responsible for payments, clearing and settlements infrastructure
Former Venezuelan central banker joins board of commodities company
PetroMagdalena announces appointment of Central Bank of Venezuela veteran Nelson Ortiz as director
Dutch central bank warns on budget deficit
Netherlands Bank says “highest priority” is required for restructuring of Dutch public finances
South Africa must tackle capital flows ‘challenge’, says deputy governor
Sarb deputy governor says problems with capital flows in South Africa require “fresh thinking”; rand exchange rate fluctuations causing problems
China expands yuan cross-border settlement option to all exporters
People’s Bank of China permits all companies qualified for foreign trade activities to conduct international settlements in yuan, reports official Xinhua news agency
Ireland replaces credit institutions supervisor
Jonathan McMahon announces decision to return to the UK; Fiona Muldoon, director of insurance supervision to assume responsibility for the supervision of credit institutions
CB.com poll finds support for financial transaction tax
Survey sees 56% of voters support the introduction of a financial transaction tax in Europe
Turkey reveals new currency symbol
Turkish prime minister leads ceremony at the Central Bank of Turkey to unveil the new symbol for the lira
Swedish authorities lambast maximum harmonisation for Basel III
Swedish Finansinspektionen and the Riksbank hold first joint meeting on macroprudential policy matters; again take on EU proposals to fix capital adequacy requirements
EFSF gets go-ahead for collateral enhancement facility
Plan to restore worth to Greek bonds as collateral is authorised; two days after the European Central Bank was forced to stop accepting Greek bonds following downgrade
Volcker rule will not be ready for July, Fed chair admits
Expert predictions of delayed start date proven correct
Sri Lanka objects to ‘highly unwarranted’ downgrade
Central Bank of Sri Lanka unhappy with ratings alterations; issues lengthy statement objecting to the moves
BoE looking 'carefully' at banknote substrate choices
Chris Salmon, chief cashier at the Bank of England, says the possibility of polymer or hybrid substrate banknotes is being looked at by the central bank; no decision made yet
Bernanke laments 'modest' US recovery
Fed chairman describes mixed progress in US economic recovery; explains reasons for publishing statement of longer-run goals and policy strategy
Goodbye VAR? Basel to consider other risk metrics
Trading book review will look at replacing value-at-risk, but quants say the obvious alternative - expected shortfall - is not much better
European Central Bank lends $712 billion to banks
ECB doles out €529.5 billion in low interest loans; analysts raise concerns about how effective the second round of the LTRO will be and the market reaction
Chinese government hampering financial industry, World Bank warns
New World Bank report sees flaws in China's regulatory system
Regulators ignore data challenges at their peril, say CBJ authors
Standards-setters around the world seeking to improve financial stability are destined to fail unless they can get to grips with core data needs, according to the authors of a new Central Banking Journal article