News
BIS sees profits plummet
Annual report shows net profit falls to “more normal” level after record amount last year
Basel Committee will not impose CoCo requirement for Sifis
Basel Committee proposes a staggered common equity capital surcharge for systemically important banks, but steers clear of contingent capital
Kenya overnight lending rate leaps in unscheduled move
Overnight lending rate raised to 8%, 175 basis points above the benchmark central bank rate
Sri Lanka allows renminbi in international transactions
Central Bank designates renminbi for banking transactions in Sri Lanka; next step in internationalisation of the Chinese currency
Greece austerity measures pass vote
Greece averts default as parliament passes €28 billion austerity bill; government set to receive €12 billion lifeline from EU and IMF
European stress tests not complete; EBA’s Enria
European Banking Authority chief says speculation on results of European stress test are “completely unfounded”
Lagarde takes on top IMF role at challenging time
IMF selects Christine Lagarde as managing director; she takes the helm as Fund criticises US
Regulation reform dominates British Bankers’ Association conference
Regulatory reform causing concern for all involved; any changes made must be the right ones, say speakers at the BBA Annual International Banking Conference
OECD says crises will continue to occur
Organisation for Economic Cooperation and Development report warns crises are likely to repeat themselves as the global economy becomes more interconnected
Afghan deputy attorney general pursues central bank governor
Afghan deputy attorney general issues international arrest warrant after Abdul Qadeer Fitrat resigns and flees to the United States; action comes amid Kabul Bank scandal investigation
King defends governance of FPC
Bank of England governor Mervyn King says Financial Policy Committee should remain a committee of the Bank Court to preserve independence
ECB lifts lid on shadow-banking activities
New statistics based on broad data collections will improve euro area reporting for financial institutions that fall outside traditional monitoring frameworks
BIS call for UK rate hike ‘nonsense’, says Bank’s Posen
Bank of England external Monetary Policy Committee member Adam Posen describes Bank for International Settlement’s argument for increase in Bank rate as ‘nonsense’
Sweden gives Ingves six more years as governor
General council of the Riksbank extends Stefan Ingves’ term as governor for another six years; first deputy governor and deputy governor resign
Sir Mervyn King collects more titles in Basel
BIS reveals Bank of England governor to chair Global Economy Meeting, Economic Consultative Committee and Group of Governors and Heads of Supervision; takes over in November
BIS Annual Report highlights action needed in key global economies
General theme of Annual Report is of slow global recovery; the United Kingdom, the United States and China all pinpointed for action
FSA outlines strategy for new conduct authority
UK Financial Services Authority says Financial Conduct Authority will be tougher and bolder than past consumer regulator
Lithuania plans public education programme
Central bank in discussions with banks and ministry of finance to provide public education programme; central bank governor sees vital importance in the endeavours
Draghi appointed ECB president
European Council approves appointment of Bank of Italy governor Mario Draghi as next president of the European Central Bank
Sovereign debt crisis dominates BoE’s first FPC briefing
European sovereign debt crisis leads discussions at Bank of England’s first interim Financial Policy Committee briefing; body issues five policy recommendations to Financial Services Authority
Belarus central bank first deputy appointed acting head
Belarusian first deputy chairman Yuri Alymov takes over from hospitalised central bank head Pyotr Prokopovich
Lagarde ready to get tough on Greece
Says she “will not shrink from the necessary candor and toughness” in discussions with European leaders
Euro area heads endorse Vienna Initiative-style agreement
European governments back official and private sector involvement to roll over Greek debt
Financial institutions scramble to avoid Sifi label
Federal Deposit Insurance Corporation detects “absolutely no interest” from any financial institution in being named a systemically important financial institution