News
Cyprus must make NPLs ‘number one priority’, international agencies say
Authorities must properly implement proposed loan reforms, joint statement says
Bank of Israel smoothes way for new credit card players
Central bank moves to ease the process of entering the merchant acquiring and credit card market; aims to streamline licensing and expand ownership options
IMF urges response to rapid credit growth in Cambodia
Staff report lays out buffet of macro-prudential tools to address factors driving the expansion, which has seen the credit-to-GDP ratio double since 2012
Statistical spin may decide severity of trading book rules
Capital increase levied by Basel Committee on Banking Supervision could depend on use of mean versus median figures
Canadian paper sees costs to leaning against the wind
Research estimates difference in policy rates between ‘lean’ and ‘clean’ central banks, while identifying costs in terms of inflation and output deviations
Macro-prudential tools an ‘essential’ part of policy toolkit, Irish deputy says
Macro-prudential policies introduced by the Irish central bank appear to be ‘functioning as intended’, Gerlach says; joint ECB-EC statement sees measures underpinning stability
BIS’s Borio challenges monetary orthodoxies
Claudio Borio questions current concepts of equilibrium, monetary neutrality and deflation, calling for a rethink of monetary policy frameworks – and potentially mandate changes
Lagarde declares support for RMB inclusion in SDR basket
IMF managing director endorses inclusion in currency basket after staff report deems Chinese currency 'freely usable'; executive board decision expected on November 30
Barbados central bank to manage ‘enhanced credit guarantee scheme’
Under the forthcoming guarantee fund there will be $70 million available; it will be used to guarantee as much as 80% of specific loans to SMEs
EBA launches consultation on credit value adjustment risk
The European Banking Authority launched a public consultation on regulating credit value adjustment risk; aims to create a ‘common European approach’
Shawwa succeeds Al-Wazir as Palestine governor
Azzam Shawwa set to take over as Palestine Monetary Authority chief as Jihad Al Wazir’s eight years at the helm draw to a close
Bank Indonesia to update major payment platforms
Central bank will launch new versions of three systems, including the RTGS platform, on November 16, with a view to improving liquidity management
Dudley leads Fed speeches as December meeting looms
William Dudley says conditions necessary for rate hike ‘could soon be satisfied’ but notes concerns about inflation outlook; Evans, Fischer and Lacker also speak on US outlook
Speed of response a good proxy for risk culture, FCA director says
Good risk culture makes firms more responsive and can help avoid nasty fines, says UK regulator’s head of enforcement
ECB aims for single policy on ‘options and discretions’ with new proposals
Central bank publishes draft documents aiming to create a single policy for the exercise of options and discretions under banking law in financial systems it regulates
FSB refines shadow banking definition with new ‘activity-based’ measure
Attempt at greater precision estimates shadow banking sector represents around 30% of non-banks; final framework for securities financing transactions published
Level playing field could help ‘unlock’ Islamic finance potential, says Lagarde
Speakers at the Islamic Finance Conference in Kuwait highlight the growth benefits of financial inclusion, especially for underserved parts of the Muslim population
Decisions on ELA could be shifted to ECB
Mario Draghi says ‘intricate’ framework for providing emergency liquidity assistance could be reviewed in light of banking union; potential for decisions to become ‘more European’
Open Forum: Market maker of last resort presents host of issues for central banks
Axel Weber and Minouche Shafik point to perils for central banks looking to step into the role of market maker during a liquidity crisis
Open Forum: BoE event highlights gulf between perception of public and regulators
Open Forum attempts to break new ground in communication, but a sense emerges that regulators have failed to address public dissatisfaction with financial markets
Bank of Namibia defends currency deal with Angola
Namibia's central bank addresses stakeholders' concerns over its currency conversion agreement with the National Bank of Angola, including the latter’s ability to buy back kwanza
RBNZ: Auckland housing risks have increased
New Zealand central bank warns Chinese slowdown could affect banks' funding costs as house prices-to-income ratios rise to record highs; effect of macro-pru rules ‘too early to judge'
Neel Kashkari to head Minneapolis Fed from 2016
Federal Reserve Bank of Minneapolis reveals Neel Kashkari will succeed Narayana Kocherlakota as president; past experience includes oversight of Troubled Asset Relief Program
Rajan picked as BIS board vice-chair as he calls for global ‘rules of the game’
RBI governor chosen to take over position Masaaki Shirakawa vacated in 2013; delivers lecture in Frankfurt calling for global ‘rules of the game’