News
Stanley Fischer nominated Fed vice-chair
US President also nominates Lael Brainard, a former US Treasury under-secretary, to the Federal Reserve board, while Jerome Powell, on the board since 2012, is nominated for a second term
Disappointing jobs report raises questions over Fed forward guidance
US unemployment falls toward Fed ‘threshold' of 6.5%, but few new jobs are added; confusing result raises questions for how - or whether - the Fed will proceed with its 'taper'
People: Bank of Portugal appoints ‘temporary’ chief economist; Bank of Spain reveals pride in ECB hire
Isabel Horta Correia named head of economics and research ‘under temporary assignment’ at Bank of Portugal; Ramón Quintana praised by Bank of Spain for ECB success
ECB appoints four SSM department heads
New directors general include a former secretary-general of the BCBS and hires from the central banks of Spain and Finland; ECB endorses Sabine Lautenschläger for its executive board
Fed minutes reveal QE wind-down balancing act
Reduction in monthly asset purchases of $10 billion meant to signal slow rather than quick tapering; thresholds becoming less relevant as economy improves
ECB 'strengthens' guidance but keeps policy on hold
Mario Draghi says December’s inflation drop was ‘broadly as expected’ and did not warrant a knee-jerk response; places additional emphasis on governing council’s forward guidance
European Commission pushes for Sepa deadline extension
Michel Barnier defies the Eurosystem by pushing for a six-month extension to the February 1 deadline for migration to the Single Euro Payments Area
People: Maldives nominates female governor; Uribe takes over from Carstens on BIS body
Local bank executive nominated after former governor's sudden resignation; Colombia governor Uribe takes over from Agustin Carstens on BIS Americas council
Riksbank board grappling with ‘genuine policy dilemma'
Minutes show last month's cut in interest rate was preceded by considerable apprehension, with one board member describing it as his ‘most difficult' decision to date at the central bank
RBI committee wants a bank account for every adult by 2016
A report on financial inclusion released by the Reserve Bank of India calls for all residents to have a universal bank account, and an electronic payment point within a 15-minute walk
UK banks win tax exemption for client clearing
UK tax authorities exclude client collateral received as a result of clearing activities from bank levy, after complaints it would act as a disincentive to clearing
People: Lautenschläger for ECB board; IMF's García set for Chile central bank
EU leaders nominate Bundesbank deputy, in charge of banking supervision, to take German spot on ECB executive; Chile's IMF director to join national central bank; and more
Yellen approved as Fed chairwoman
US Senate approves Janet Yellen as Federal Reserve's first female chair, in closest vote to date; adjusting unconventional policies to improving economic conditions ‘greatest challenge', says analyst
HKMA backs public ownership as resolution tool
Proposals for new resolution regime in Hong Kong include the temporary public ownership of failed financial institutions in the proverbial toolbox
Singapore intensifies efforts to cut banknote waste
Monetary Authority of Singapore unveils a social networking campaign that encourages the public to refrain from giving brand new banknotes to each other at Chinese New Year
Flug turns Bank of Israel focus to financial stability
Central bank's 'workplan' for 2014 centres on financial stability reforms; governor tells Knesset that stress tests show banking system is strong, but operating efficiency remains low
Bank of Italy share capital revalued
Italian government revalues central bank’s share capital at €7.5 billion; ECB rebukes finance ministry for jumping the gun
SNB loses $16 billion on gold
The Swiss National Bank expects to report a loss of 10 billion dollars for 2013 as heavy valuation losses on its gold holdings outweigh forex gains and StabFund profits
US Fed heads debate slow growth ‘riddle'
Presidents of four regional reserve banks at odds over whether weak trajectory in wake of the financial crisis is inherently structural or cyclical
Lagarde warns of single currency ‘challenge’ in East Africa
IMF managing director Christine Lagarde tells the East African Community to learn from the genesis of other monetary unions across the globe
IMF urges full recapitalisation of Ugandan central bank
The Bank of Uganda was recapitalised by the government in June 2013, but further capital injections will depend on the central bank's ability to ‘streamline’ operational costs
Offshore RMB market booming in London, report finds
A study by the City of London Corporation reveals the City's efforts to become a global hub for renminbi business are paying off, with daily spot value reaching $4.8 billion last year
Bank of Estonia staff pay rises will survive budget cuts
Staff members will receive average salary increases of 5% in 2014, even as the central bank strives to cut its budget by €830,000
People: Canada deputy retires; Tucker becomes Sir Paul
John Murray's retirement creates a deputy governor vacancy at the Bank of Canada; former Bank of England deputy Paul Tucker is knighted; and more