News
RBA targeted by cyber attacks
Reserve Bank of Australia reveals it has been the victim of cyber crime; consults with government intelligence agencies over appropriate defence strategies
New York Fed demands better management of foreign exchange risks
Greater use of capital and collateral to mitigate all risks relating to foreign exchange trading is crucial, warns Jeanmarie Davis, head of financial market infrastructure at the NY Fed
Fed stress tests reveal potential for losses of $460 billion
Stress tests show banks would suffer heavy losses if another financial crisis hits, with some hovering very close to the US Federal Reserve’s minimum core capital requirements – and one falling below
Central Bank of Mexico cuts rates for first time in four years
Mexico slashes benchmark rate 50 basis points to combat falling demand and rising unemployment; Brazil and Canada hold rates steady
Lagarde sets out case for ECB rate cut and wider use of OMT
IMF managing director says ECB has room to cut rates and a European recovery is constrained by a lack of demand; suggests OMT programme could help countries ‘regain market access'
People: Bank of England names PRA board; Rwanda’s finance ministry and central bank swap chiefs
Bank of England names three board members for new prudential regulator; Claver Gatete switches National Bank of Rwanda governorship with finance minister John Rwangombwa; and more
Bank of Portugal distances itself from anti-trust investigation
Portuguese central bank says investigation into banks' anti-competitive practices will not undermine the stability of the financial sector
BoE asset purchases sit on knife-edge
Bank of England rejects further asset purchases in what is assumed to be a ‘close call’; UK finance minister could alter MPC remit in upcoming budget
Draghi hints at governing council rate split
ECB holds rates again but Draghi reveals dissent among council members; central bank staff lower growth forecast
Asia-Pacific central banks tread water with rate holds
Malaysia and Indonesia join Australia and Japan in holding rates - citing healthy growth and on-target inflation
Bundesbank’s waning role in Europe dates back to Schmidt’s ‘Auschwitz’ comments
The loss of German central bank authority in Europe in the past two years dates back to an historic meeting with Helmut Schmidt, who used references to Auschwitz to drive home monetary integration
RBNZ policy to be set by ‘governing committee’
Reserve Bank of New Zealand’s four governors will make all its monetary and financial policy decisions in a new committee
BoJ rejects immediate shift to radical easing
Bank of Japan remains committed to hitting new inflation target ‘at the earliest possible time’, but today rejected a proposal to start open-ended purchases straight away
ECB and BoE edge closer to more easing
Commentators home in on signs the ECB is shifting towards a more dovish stance; BoE could sanction more QE after three members voted in favour last time
Polish central bank shocks market with steep rate cut
Monetary policy committee cuts rates by 50bp but indicates the move brings to an end the cycle of easing started in November last year
De Larosière slams US protectionism and EU Solvency II rules
Former IMF and Banque de France chief Jacques de Larosière says the introduction of a swathe of new regulations in Europe – by contrast to the US – may jeopardise the continent’s growth
Philadelphia Fed president demands end to QE
Charles Plosser says asset purchases should be phased out gradually and halted before the end of the year; ‘meagre benefits’ are outweighed by threat to price stability
BoE's King urges RBS break-up
Mervyn King says too-big-to-fail remains the ‘single biggest regulatory challenge'; suggests RBS is broken up and calls government handling of the bank ‘a nonsense'
UK FSA admits response to Libor lowballing was too slow
Internal audit concludes Financial Services Authority should have moved faster, broadened its focus and been more ‘inquiring and challenging' about Libor fixing
IMF report calls for more powers for Bank of Spain
Progress report finds Spain has implemented 'the bulk' of required financial sector reforms, but suggests greater independence and powers for the central bank
MAS pushes for tighter rules on financial advisers
Monetary Authority of Singapore expands and elaborates on report recommending tighter rules for financial advisers; calls for higher qualifications, more capital and greater efficiency
Top US regulators restless over too-big-to-fail
Fed’s Jerome Powell and FDIC’s Martin Gruenberg stress the need for ongoing progress in bid to eliminate ‘too-big-to-fail’ problem
ECB lauds 2012 as year of ‘great achievement' for T2S programme
Annual report details progress in 2012 including 22 participating clearing houses and new governance and legal frameworks, though one deadline has already been missed
New Zealand central bank publishes macro-prudential ‘tool-kit' consultation
Four new tools proposed by Reserve Bank of New Zealand; former RBNZ chief economist says implementation will take time, but anticipates an ‘announcement effect'