News
ECB receives strong demand for three-year liquidity
European Central Bank extends €489 billion in loans to banks in its first three-year liquidity operation. But analysts believe the measures will do little to ease funding pressures in the eurozone
Barroso urges Hungary to drop controversial bill
European Commission president Jose Manuel Barroso challenges Budapest over proposed amendments to National Bank of Hungary law; central bank raises rates by 50 basis points
Sepa migration deadline pencilled in for 2014
European Union says migration end-dates for credit transfers and direct debit to Single Euro Payments Area will be February 2014
Bank of Italy selects Rossi to join governing board
Bank of Italy names secretary-general Salvatore Rossi as deputy director-general, filling seat left open by governor Ignazio Visco on central bank board
Basel statement on risk transfer could halt legitimate trades, bankers warn
Basel Committee’s focus on cost of credit protection in attempt to stamp out capital arbitrage could also hurt sound trade trades, investment banks claim
Banking structure reform gets go ahead from British government
UK government lays down plans to incorporate Independent Commission on Banking recommendations into law; process to begin next year
Sweden lowers benchmark rate for first time in two years
Riksbank announces a drop of 25 percentage points to the repo rate; first time the rate has been reduced since 2009
South Africa announces new deputy governor
Francois Groepe selected by president Zuma to be the new deputy governor of the South African Reserve Bank
Lagarde applauds Nigerian sovereign wealth fund creation
Christine Lagarde makes first visit to Africa since becoming managing director of the IMF; hails creation of Nigerian sovereign wealth fund as an “important advancement”
Sri Lanka appoints four new assistant governors
Monetary board selects assistant governors for key departments; aims to ease succession challenges
ECB says financial stability in Europe faced ‘strong headwinds’ in 2011
European Central Bank releases Financial Stability Report; says weakening macroeconomic growth prospects and “unprecedented” loss of confidence to blame for rise of key risks in the region
Basel releases consultative document on capital disclosure
Proposal could see banks complying with new disclosure requirements from the date of publication of their first set of financial statements relating to a balance sheet date on or after January 1, 2013
South Korean won slips following Kim Jong-il’s death
Death of North Korean leader causes South Korean won to hit two-month low against dollar and sterling; world waits to see how youngest son will handle succession
UN and US lift sanctions on Libyan central bank
UN Security Council and US government announce removal of sanctions on Central Bank of Libya's assets
Bank of Canada appoints new special adviser for Carney
Evan Siddall to become senior representative for financial markets at the Toronto regional office; will also sit on Monetary Policy Review and Financial System Review committees
Renminbi to be reserve currency in less than five years: CB.com poll
A poll of CentralBanking.com readers finds most believe the Chinese currency will account for more than 5% of global reserves in less than five years
Czech Republic holds off euro entry
Czech Republic will not join single currency until at least 2015 after central bank and finance ministry urge government not to enter Exchange Rate Mechanism II next year
Bank of Japan launches Twitter account
Bank of Japan advances internet offerings by launching a Twitter account; joins several other central banks in ‘tweeting’ key information
RBI signals end to tightening cycle
Reserve Bank of India leaves interest rates on hold and says it is likely to loosen monetary policy next on expectations of moderation in growth
South Korea takes heed of US sanctions on Iran
US Senate passes bill containing strict new sanctions affecting Central Bank of Iran; South Korea government warns businesses of implications
Noyer blasts ratings agencies on Twitter
Banque de France verified Twitter page publishes stream of comments from governor Christian Noyer; criticises credit ratings agencies and slams UK economic performance
Hungarian government proposes banking regulator merger
Hungarian parliamentary committee sets out amendments to National Bank of Hungary law that will merge institution with financial regulator; move would see governor Andras Simor demoted to deputy head
Draghi explains extraordinary policy measures
ECB president sets out the reasons behind governing council’s decision to cut the benchmark interest rate and introduce three measures to support bank lending and liquidity in the eurozone
SNB holds rates despite weaker growth outlook
Swiss National Bank holds currency floor at Sfr1.20 to the euro as forecasts project a sharp decline in growth and deflation in 2012