News
EBA reveals guidelines for first stress tests on deposit guarantee schemes
European deposit guarantee schemes must carry out stress tests including checks on member banks’ customer data, response to stressed conditions and cross-border co-operation
Central bankers hail first phase of global forex code
Central banks say they will adhere to new global code and hold their counterparties to a similar standard, as BIS working group unveils first part of project
Further key decisions loom in Greek negotiations
Major decisions remain in negotiations over bail-out; IMF staff insist on cuts to primary surplus target that have met with opposition; ECB may restore eligibility of Greek bonds as collateral
Philippines central bank reveals counterfeiting arrests
Central bank says it was behind four successful anti-counterfeiting operations in Q1; has the legal authority to make arrests and seize property
RBA caps interchange fees and surcharges
Reserve Bank of Australia completes two-year card review, implementing reform around surcharges and interchange fees; regulation now applies to ‘companion cards’
Iceland prepares for offshore króna auction
Date set for major step towards lifting capital controls, as holders of offshore króna are offered chance to swap currency, albeit at punitive rates
FSB warns more work needed on shadow banking assessments
Peer review finds implementation of the oversight framework remains at an "early stage"; urges authorities to make a host of improvements, including around data collection
Turkish central bank continues monetary ‘simplification’ process
Upper band of interest rate corridor cut to 9.5%; inflation will be the main indicator for future decisions, bank says
Board member appointed as next Czech governor
Rusnok has been on the board since 2014 and is a former interim prime minister; he will serve a term of “at least five years”, from July 1
Greek deal unlocks funds but delays debt relief
Deal allows possibility of future debt relief but drops IMF’s stronger demands; pushes most difficult decisions back
More ‘flexible’ Nigerian exchange rate regime met with cautious optimism
Central bank announces intention to move to more flexible regime, though exact parameters not yet announced; analysts seem hopeful about the move but lack of details is worrying
Bank of Mauritius spells out cost-cutting measures
Central bank defends finances after posting losses in successive years; points to range of measures taken to reduce expenses, including release of "unproductive but fatly remunerated" employees
Eurozone's Single Resolution Board sets out 2016 plans
Eurozone's Single Resolution Board sets out its plans for 2016; resolution manual to be published in summer and resolution plans to be approved by end of 2016, board member says
Regulators sanction Swiss bank over links to Malaysian government fund
Swiss regulators impose range of measures on bank for breaching anti-money-laundering regulations; MAS will withdraw bank’s licence to act as merchant bank in Singapore
Swift to roll out cyber security programme
CEO announces five-part initiative, with improved information sharing a key element; full details to follow this week
Carney and MPC members defend independence
Mark Carney warns vote to leave EU could result in technical recession, defends decisions to comment on referendum; Broadbent, Vlieghe and Weale assert independence
SBP catches markets off guard with cut
State Bank of Pakistan’s MPC votes for rate cut after being split 5-5 in April, confounding markets’ expectations; inflation on the rise
Exports decline ‘worrying’ as Bank of Israel holds
Monetary committee cites "intensifying decline" in exports as it holds the policy rate at 0.1%; inflation dips to –0.9%, as growth figures disappoint
Further tightening may be needed in Colombia, IMF says
Staff in Washington, DC, welcome “resolve” of central banking in latest tightening cycle; current account deficit and inflation expectations may call for further action
Same factors can have different effects on bank risk profiles, ECB staff say
Factors that increase default risk for large and complex eurozone banks can decrease it for smaller banks, ECB staff say; results are based on new model of bank risk
BoE economists map current account dangers across OECD
Treating the current account as equivalent to the balance of trade could blind economists to the risks posed by large deficits, say Kristin Forbes, Ida Hjortsoe and Tsvetelina Nenova
Kenyan central bank sets out Imperial Bank progress
Several court cases to be heard in coming weeks regarding central bank’s handling of receivership; one matter sees two depositors seeking 1 billion shillings
China appoints new deputy governor
Former IMF official Zhang Tao appointed to deputy governor role at People's Bank of China; local media speculates he may return to the IMF as deputy managing director
Norges Bank reveals methods used to monitor banknote quality
Central bank to conduct ‘fitness surveys’ twice annually, analysing a host of variables to define which banknotes are suitable for circulation