News
US Treasury hands CCP resolution powers to FDIC
Mnuchin regulatory review explicitly refers to FDIC as receiver under a Title II resolution
People: FSB appoints new secretary-general
ADB’s East Asia department and International Association of Deposit Insurers also gain new heads
Fintech is the future – Menon
Central bankers weigh in on potential of fintech, agreeing there is a need to separate use cases from the hype
Philippines central bank seeks to allay concerns on FDI slowdown
Foreign direct investment into the Philippines dropped 37.9% in the year to July; government is struggling to meet ambitious growth targets
Moldovan parliament expands central bank’s supervisory powers
Major bank crime saw theft of approximately 12% of GDP in 2014
PBoC targets stability ahead of party congress
China's central bank has taken several measures to boost stability in the run-up to the Communist party congress, which starts on October 18
Blanchard and Summers call for rethink of stabilisation policy
Both economists question consensus on fiscal prudence and advocate stricter financial regulation
ECB strongly criticises Slovenian draft law on central bank
Proposals would put legal burden of proof in banking crisis cases on central bank, ECB says
Bank of Lithuania bans banks from virtual currency activities
Lithuanian financial firms must disassociate themselves from virtual currencies, says central bank, warning licences may be revoked
Birr plunges 15% as Ethiopia devalues currency
Move aims to tackle “severe” forex shortage; IMF recommends higher interest rates and more flexible exchange rate
London-based banks face ECB Brexit power grab
Drive to supervise swaps books from Frankfurt threatens cross-border balance sheet management
IMF cautions global vulnerabilities put growth at risk
Fund calls central banks to provide needed monetary support while tackling underlying threats
Bahamian central bank proposes law change to cap government debt holdings
New legal framework for Bahamas central bank would enforce “comprehensive” limits on government debt; holdings of long-term government debt stand at 12.52%
BoE introduces new counterfeit initiative for ‘front line of defence’
New checking scheme will employ “targeted training” for cash handlers while retailers will help central bank gather data on current practices
Danish central bank critical of fiscal easing plans
As growth accelerates and inflation rises the economy risks overheating, the central bank says
DNB warns of overheating in Dutch housing market
Government should raise borrowing limits and reduce mortgage interest tax relief – DNB
Fed should have adopted BoE approach to mortgage lending – Tarullo
BoE’s approach to leveraged lending aimed to prevent “hard stop”, Cunliffe says; caps on mortgage lending were enforced by UK central bank in 2014
Ethiopia launches ‘first of its kind’ swap agreement with Sudan
Central banks to swap $16 million under new agreement designed to strengthen financial co-operation and ease Ethiopia’s foreign exchange pressures
IMF recommends Spain take a tougher approach on NPLs
Fund advises central bank to set up a group to oversee public asset management company Sareb
ECCB strategic plan aims for ‘transformation’
Eastern Caribbean must address high unemployment and low growth, governor says
IMF: global recovery is broad but incomplete
Fund ups its growth forecasts but says many are missing out; Maurice Obstfeld urges policymakers to take action while “times are good”
StanChart probed by MAS over fund transfers
MAS says supervisory probe is still ongoing and it will not tolerate abuse of its financial system; Indonesia is also reported to be investigating
Bank of Zambia outlines resolution plan for failed lender
Balances of 99.8% of IBC depositors will be restored in full under new arrangement, which will see creation of new commercial bank
Low volatility challenges central banks – BSP deputy governor
BSP deputy governor examines the correlation between volatility and uncertainty, and the calibration of monetary policy and macro-prudential policy in the Asean region