News
Hildebrand and Carney vie for FSB chair
Mario Draghi relinquishes role as head of the Financial Stability Board; race is on to claim the job
Thai banks to 'scale down' operations as floods hit Bangkok
Central bank tells financial institutions to “scale down” to only essential operations in order to safeguard employees; inflation report shows contraction in Thai economy this year
BIS reviews development of macroprudential toolkits
Bank for International Settlements progress report to G-20 says macroprudential framework needs appropriate tools to limit systemic risk; provides broad definition of macroprudential
BoJ provides more scope to ease policy
Bank of Japan amends terms and conditions of asset purchase programme to enable further room for monetary easing as yen hits five-year high
FSB releases detail of enhanced shadow banking regulation
New report outlines approach to strengthen the oversight and regulation of the shadow banking system, details the proposed recommendations for intensifying monitoring and enhancing regulation
Iceland splits financial stability and payments department
Central Bank of Iceland splits financial stability and payments group into two distinct units to improve function; new director hired for financial stability department
Robert Jenkins appointed to interim Financial Policy Committee
Robert Jenkins approved by Treasury Committee to join interim FPC
Greek debt value halved after marathon EU discussions
New Europe crisis resolution deal brokered overnight in Belgium; EFSF extended, Greek debt cut, banks’ capital to rise and governance increased
Lira strengthens as Turkey cuts reserve ratio
Central Bank of Turkey continues battle with falling lira and reduces its reserve requirement ratio by 210 basis points
Indonesia announces deputy governor candidates
Four candidates named for two deputy governor posts; parliament passes bill creating new financial services authority
Stark to remain on ECB executive board until January
Jürgen Stark agrees to stay on at the European Central Bank until Jörg Asmussen’s term begins in January 2012
Visco confirmed as Bank of Italy governor
Bank of Italy’s Ignazio Visco promoted to governor following confirmation by Italian president Giorgio Napolitano
Draghi open to further bond purchases
Bank of Italy governor Mario Draghi says tools for immediate implementation of unconventional measures are necessary for crisis management
European Payments Council raises concerns over Sepa regulation
Representatives from Europe's payments industry say European Union proposals for Sepa regulation are an attempt to abolish preferred direct debit model in region
Korea and China renew currency swap deal early
People’s Bank of China and Bank of Korea agree to renew and expand currency swap arrangement; also discuss converting swap currencies into reserves
Bundesbank accelerates Weber’s UBS start
Bundesbank permits Axel Weber to take on role as an “adviser” to UBS three months early; investment bank needs him to help fill top management void after scandal
Estonia sounds clear warning on Europe crisis contagion
Eesti Pank says strain is growing in Estonia as eurozone crisis spreads to other areas of the region; asks banks to pay close attention to capital levels
Kenya selects finance ministry official as new deputy governor
Deputy director of debt management at the finance ministry chosen as deputy governor for central bank; tasked with improving capacity in monetary policy management
ECB threatens to stop trading swaps with US counterparties
ECB invokes US legal amendment providing it with broad immunities and says it might stop using US dealers unless granted exemptions from Dodd-Frank Act rules
Vatican calls for global central bank
Vatican social policy experts say global leaders should establish global central bank to address problems in international monetary system; says IMF failed to stabilise financial system
Treasury Select Committee grills King
Bank of England governor faces quick-fire questions on quantitative easing and lending to small and medium-sized enterprises; discusses the timing of the latest asset purchase programme boost and reminds government of their responsibilities
Finland reveals board member applicants
Candidates represent a lively cross-section of career paths; existing board member Pentti Hakkarainen submits application
BoE’s Haldane discusses broad reforms
FPC member calls for comprehensive reform of bankers’ remuneration and warns Basel III may not go far enough
ECB announces new T2S start date
European Central Bank announces T2S project to launch in June 2015; key changes demanded by Advisory Group behind delays