News
BoJ slashes bonuses and top officials’ pay
Bank of Japan shaved $2 billion off 2009 expenditure through salary and spending cuts, annual report shows; lower banknote costs and interest payments also contributed to savings
Peru nearly doubles reserve ratio on foreign deposits
Central Bank of Peru raises reserve requirement on foreign deposits to 120% in bid to stem capital inflows
Fed looks to take Bloomberg battle to Supreme Court
Federal Reserve asks appeals court for stay on ruling that will force it to reveal emergency lending details; central bank considering appeal to country’s highest court as last resort
Eurozone lending gathers steam: ECB
European Central Bank figures show growth of bank lending in single currency area increased in July; data follow signs of pickup in loan demand
New Basel proposals threaten bank sub debt, investors warn
Bond investors voice concerns over freedom given to national regulators to determine trigger events for conversions or haircuts
SNB appoints new media spokesman
Swiss National Bank names broadsheet economics deputy editor Walter Meier as new media spokesman; Meier to start in early 2011
India and China set to drive global demand for gold
World Gold Council says demand for gold jewellery in India and China will ensure robust gold market in 2010
RBI’s income plummets on low returns
Reserve Bank of India’s Annual Report shows income in past fiscal year dropped as rates of return fell worldwide; central bank expects temporarily weakened output path
UK FSA revisits trading regulation in comprehensive review
Financial Services Authority identifies valuation, capital framework coherence and risk management as key problem areas; issues 15 recommendations to revitalise standards
Standard & Poor’s downgrades Ireland
Standard & Poor’s downgrades Ireland’s sovereign credit rating on fears over fiscal burden imposed by banking sector rescue
Basel Committee to rethink CVA capital charge
Regulators might adapt the bond-equivalent approach amid claims the methodology will lead to perverse incentives
Southern Sudan on the brink of collapse: deputy governor
Central Bank of Sudan deputy governor says Khartoum has starved south of foreign currency, leaving it two weeks shy of economic crisis; oil spat thought to be linked to independence referendum
Indian officials to probe De La Rue plant
Reserve Bank of India says government officials due to visit De La Rue plant; trip follows paper fault which forced De La Rue chief executive to quit
Payments providers split over Sepa end dates
Comments released by the European Commission show that European institutions and banking associations disagree over Sepa proposals to seperate end dates
Impact of pledge to keep rates on hold unclear: Bank of Canada
Canadian central bank research says conditional commitment to keep rates low has had mixed effect; study shows pledge lowered interest rates on government bonds, but findings not statistically strong
Fed loses appeal to protect names of bailed out banks
Federal Reserve appeal to withhold names and details of banks it bailed out in crisis dealt a further blow; central bank must now petition Supreme Court
Executive director Hoogduin tipped as Wellink’s successor
Netherlands Bank executive director Lex Hoogduin frontrunner to take over as president when Nout Wellink’s term expires
Russia inches back toward dollar assets
Bank of Russia report shows percentage of dollar assets increased by end 2009, reversing trend set in two previous years; central bank also upped sovereign debt holdings and risk appetite declined
UK think tank forecasts 8% rates by 2012
Though now at record lows, Policy Exchange chief economist Andrew Lilico says interest rates in the United Kingdom may rise to 8% by 2012 to overcome double digit inflation
Regulators kick off derivatives reform discussion
Market participants call for clearing decisions to be left to market forces and caution regulators about clearing house ownership
Former BoA chief risk officer Curl joins Singapore's Temasek as president
Temasek has hired former BoA CRO Gregory Curl and promoted Simon Israel as co-presidents to work alongside existing president and former SGX chief executive, Hsieh Fu Hua
Rate round-up: Hungary, Israel hold on uncertainty
Continued uncertainty in global and domestic economy prompts Hungary, Israel to leave rates unchanged
Holocaust museum slams Romanian central bank over ruling on anti-Semite coin
US Holocaust Memorial Museum labels National Bank of Romania’s decision to keep anti-Semite coin in circulation “misguided”
Nepal to end circulation of banknotes featuring ousted king
Nepal Rastra Bank says it will phase out old notes depicting former monarch