News
Malta establishes financial stability forum
New forum includes members from authorities and key stakeholders in financial services industry; governor wants to ensure crisis never comes to Malta
De La Rue profits nose-dive
UK banknote printer De La Rue reports 63% decline in operating profits after racking up large costs from a “single customer”
Worry about Greek CDS misguided, dealers suggest
Dealers believe fears about Greek sovereign CDS trigger event are overplayed
Central banks risk amplifying tightening cycle
Working group review on sovereign debt management issues warns that lack of communication between central banks and debt managers risks amplifying tightening cycles
Selection process gets underway to find next IMF managing director
Nomination period commences; managing director will be chosen by executive board before the end of June; decision will be made “without geographical preferences”
S&P places Italy on negative outlook
Standard & Poor's places Italy’s long-term credit rating on negative outlook; analysts say downgrade not expected in near term
IMF approves €26 billion extended arrangement for Portugal
IMF agrees extended support of Portugal; political cooperation allow plans to progress
Malaysia announces new banknotes and coins for 2012
Bank Negara Malaysia to issue new banknotes and coins; design will be “distinctively Malaysia”
New chief economist for SEC
Vanderbilt professor Craig Lewis named SEC chief economist and director of RiskFin Division
Surprise choice for Dutch central bank chief
The Netherlands Bank announces Klaas Knot as next president; previous favourite Lex Hoogduin decides to leave central bank
IMF leadership race heats up
Central bankers from around the world have differing views; Lagarde still leads
Greek reprofiling risks spreading contagion: Buba’s Weidmann
Bundesbank president Jens Weidmann says restructuring of Greece’s bonds would make it “impossible” to accept its debt as collateral at European Central Bank
China’s cross-border yuan settlement rises 6%
Yuan cross-border settlement increased by 6% in early 2011 as plans to internationalise yuan-based trade materialise
Belarus gets $3 billion bailout from Russia
Russia agrees $3 billion dollar bailout for Belarus
Strauss-Kahn bows to pressure and quits
Dominique Strauss-Kahn resigns from his post as managing director of the IMF; continues to deny all allegations
Fed minutes reveal split over exit strategy
Minutes from Federal Open Market Committee meeting show division among ranks over monetary policy exit strategy
UK outlines strategy for new micro regulator
Prudential Regulation Authority will focus attention according to risk; new five-step strategy to capture key threats
Brazil creates Finance Stability Committee
Central Bank of Brazil creates Financial Stability Committee to supervise financial industry and manage systemic risk
SEC approves credit rating agency reforms
Securities and Exchange Commission unanimously votes in rules and amendments for greater transparency of credit rating agencies' operations
Greece programme not working: IMF
IMF mission to Greece urges sovereign to undertake further budgetary measures; European official hints at soft restructuring
Credit rating agencies slam sovereign warning proposal
EU Commission proposal for credit rating agencies to give sovereigns three days’ notice of a rating change causes “grave concerns”
Europe must share blame for sovereign debt crisis: ECB’s Stark
Stark says European Monetary Union failures contributed to situations in Greece, Ireland and Portugal; calls for end to emergency stimulus policies
Slovakia falls €515 million into the red
National Bank of Slovakia Annual Report shows a €515 million loss for 2010 due to large write-downs on securities and derivatives
Azerbaijan working to improve banking sector
Helped by the IFC and the World Bank, central bank is training bank board members in oversight and risk management best practices