News
RBA and government set out rules of engagement
Update to ‘statement on the conduct of monetary policy' says Australian government recognises the Reserve Bank's need for a strong balance sheet; RBA will pay no dividend to the government this year
Fed targets tougher LCR for US banks
Federal Reserve proposes a liquidity coverage ratio for country’s largest financial institutions that goes above and beyond the Basel III minimums
Demoted Myanmar governor ‘allowed' to quit central bank
Former governor was replaced in July by his predecessor, and made one of three vice-governors; he has now been ‘allowed to resign of his own volition', according to the presidency
FDIC inks MoU with China on bank resolution
The document, signed in Beijing yesterday, seeks to improve collaboration on resolution planning through the exchange of information and co-operation on risk monitoring
Carney says BoE 'open for business' ahead of QE wind-down
Extra money for more types of collateral to be made available over longer tenors and at cheaper prices, in a bid to prepare UK banks for the end of QE; facilities could also be opened to non-banks
Cyprus governor hits back over reports of bank re-cap ‘success fee'
Panicos Demetriades says fresh reports refer to confidential documents that have been unlawfully leaked; says central bank will not pay fees based on size of failed banks' recapitalisations
RBI and industry disagree over interest rate futures launch
Secret consultation on introducing interest rate futures in India finds disagreement between industry and regulators over the nature of the underlying bonds
Cœuré concerned over 'big bang’ payments migration
ECB says many member states are planning to migrate to the Single Euro Payments Area in the last quarter of the year; Benoît Cœuré points to operational risks of leaving it to the last minute
ECB unveils three-pronged comprehensive assessment
European Central Bank reveals the methodology behind the risk assessment, asset quality review and stress test it will use to scrutinise the eurozone’s largest banks over the next year
OECD tells Brazilian government to stay quiet on interest rate policy
New report urges government to stop commenting on future trajectory of interest rates, and set fixed terms for MPC members ‘during which they cannot be dismissed'
Australian government pours $8.5bn into RBA's reserves
New Australian government blames dwindling reserves on predecessor's demand for ‘extraordinary' dividends; records show losses were incurred due to currency movements in 2010–11
RBA proposes Australian Payments Council to strengthen industry coordination
Reserve Bank of Australia and industry body Australian Payments Clearing Association launch consultation on establishment of new payments council
Central Bank of West African States facing broken transmission mechanisms
Members of the IMF’s African department find the central bank’s ability to influence liquidity conditions in the WAEMU is restricted by the union’s ‘shallow’ financial system
Woodford forward guidance an ‘academic curio', says BoE's Bean
Deputy governor says Bank of England cannot commit to low interest rates for as long as Woodford and Eggertsson would advocate; concedes financial stability knockout in guidance may be ‘material'
Bank of Russia slashes forex intervention target
Halved intervention target brings rouble closer to free-float; IMF tells central bank to maintain reform momentum and resist calls to loosen policy
Bundesbank warns over surge in German property prices
House prices in the country's biggest cities are up more than a quarter since 2010, as investors search for yield amid record low interest rates; lack of supply also plays a role, says new study
Cypriot board member breaks ranks to criticise Demetriades
Alexandros Michaelides accuses central bank governor of a lack of professionalism for cancelling board meeting ahead of troika visit; demands greater respect
Singapore becomes third RQFII renminbi hub
Deal struck between Singaporean and Chinese authorities follows hot on the heels of an agreement with London, making Singapore the third approved centre for renminbi investments
UK’s Chaps continues growth despite losses to Faster Payments
High-value payments system handled an increasing value of transactions in 2012 despite widespread migration to Faster Payments, according to first ever Chaps report
Fed heavyweights warn new bank resolution laws won't end ‘too big to fail'
Dudley, Lacker and Tarullo say 'single point of entry' framework under 'Title II' provision is important but inadequate; FOMC members call for long-term debt requirement for Sifis
RBI launches ‘advanced’ new RTGS system
New platform expected to ‘significantly’ boost efficiency, and thought to be first ISO 20022-compliant RTGS system; Rajan says it keeps central bank a step ahead of financial markets
Bank of Israel saga comes full circle with Flug nomination
Prime minister relents and nominates Stanley Fischer’s deputy as the next central bank governor; Karnit Flug’s first act is to appoint research head Nathan Sussman to the monetary committee
Bailey sets resolution criteria for foreign banks' UK branches
Bank of England’s Andrew Bailey says foreign banks will not be able to operate branches in the UK if their home regulator’s resolution regime is not up to scratch
De La Rue launches post-grad scholarship with Central Bank of Barbados
One year's funding worth $17,300 on offer for a Barbadian student pursuing post-graduate studies in economics or finance mimics similar programmes elsewhere in the Caribbean