News
Australian banks propose ‘layered' high-speed payments system
Industry body presents ‘fast payments solution' based on core infrastructure and additional services; RBA describes proposals as ‘substantial initial progress'
Report slams IMF over Article IV ‘formalistic rituals’
Independent Evaluation Office finds IMF has been consistently failing in some areas, with the Fund paying little attention to the needs of individual countries
BoE minutes signal ‘shift in remit' to support economic growth
Minutes reveal governor Mervyn King sided with expanding QE, leading analysts to speculate that inflation is no longer a target
Eurozone ‘funding for lending scheme' gains favour
ABN Amro says a eurozone FLS would be ‘the most practical way of dealing with the credit constraints of SMEs'; Sony Kapoor says ECB would be ‘irresponsible' to ignore it
Zhou Xiaochuan to stay on as governor of PBoC, says Reuters
China’s top central banker and renminbi reformer Zhou Xiaochuan may not step down from his post as previously expected, according to a news agency report
People: NZ names new currency head, Fischer shuffles Israeli appointment committee
Reserve Bank of New Zealand hires retail banking expert as new head of currency; Bank of Israel and Richmond Fed name new members to key advisory groups
Draghi wants variable NAV for all European MMFs
European Systemic Risk Board – chaired by ECB president – demands changes to the way money market funds present asset value, but industry body slams recommendations
Dutch central bank wants audit investigation into its role in SNS collapse
DNB says it is "pleading" for European rules to be changed to allow an investigation by the national auditor
BoJ board divided ahead of new governor appointment
Minutes detail arguments made by two policy board members who opposed move to 2% target, and why they were overruled; Shinzo Abe hints Bank of Japan could lose independence if target is not hit
Bundesbank’s Dombret warns low interest rates are not 'suitable therapy'
Executive board member Andreas Dombret says exit from low interest rate environment must take place at ‘right time’; expounds damage it causes to savers
Bank of England confirms Bailey as deputy governor
Andrew Bailey named Bank of England deputy governor and chief executive of the Prudential Regulation Authority from April 1
Draghi backs single resolution mechanism as banking union next step
ECB chief says single resolution authority should be set up when single supervisory mechanism is in place; suggests failure to do so would leave central supervisor toothless
FSB report warns G-20 over return of market appetite for risk
Carney tells G-20 governors and finance ministers the return of risk appetite makes reforms to OTC market and shadow banking even more urgent
G-20 vows to resist entering currency wars
Commentators including Paul Krugman and Christine Lagarde reject concerns over possible currency war, as G-20 reaffirms commitment to exchange rate flexibility
Liquidity fears temper uncleared margin proposals
Rules see two-way posting of initial margin, but apply threshold of €50 million in counterparty risk
G-20: Mexican governor warns of ‘perfect storm’ for vulnerable economies
Agustín Carstens worried about consequences of ‘massive capital flows’ into emerging markets; calls for the G-20 to regain a ‘sense of common purpose’
European recovery stalls as UK politicians warn of complacency
Latest GDP figures reveal eurozone economy contracted by 0.5% in 2012; OECD calls for wider and stronger reform efforts
Hungarian central bank accused of illegal data transfer
Rift between National Bank of Hungary and the State Audit Office widens amid accusations of ‘unlawful' communication with the IMF and poor management of banknote company
Basel Committee seeks to eliminate principal risk from FX trades
New guidance encourages banks to use payment-versus-payment systems to smooth the settlement of foreign exchange transactions
RBI sees repo market development as necessary to meet Basel liquidity rules
India central bank views repo as an increasingly important market in the wake of Basel III implementation
Concern in the City over Vickers implementation
Participants at event in the City of London raise varied and numerous concerns about implementing the Vickers proposals in practice
World gold demand drops despite increased central bank purchases
Central bank purchases in 2012 reach highest level in 48 years, but Indian contraction leads global demand fall
European Commission sets out detailed Tobin tax proposal
Proposal would tax most transactions at 0.1% and derivatives at 0.01%; belt-and-braces approach to clamp down on tax avoidance draws fire from US financial lobby
Japan holds rates as GDP drop leaves analysts unfazed
Bank of Japan to continue 'aggressive easing' as long as it judges it appropriate; analysts remain bullish despite fall in GDP last quarter