News
Basel Committee bids to strengthen Basel II
The Basel Committee on Banking Supervision on Friday issued a string of draft measures aimed at enhancing the Basel II capital framework in light of the credit crunch.
Turkey slashes to record low as growth slumps
The Central Bank of Turkey on Thursday chopped two percentage points off its benchmark rates, taking the measures to their lowest-ever levels.
ECB cuts, Trichet signals more could come
The European Central Bank (ECB) has chopped a half point off its key rate and indicated rates could reach a fresh low in the months to come. The news followed confirmation that eurozone inflation sank below the central bank's target in December.
G30 proposes reforms to punish biggest banks
The biggest financial institutions must be subjected to more stringent regulation and central banks must take a greater role in safeguarding stability, the Group of Thirty, an influential consultative group on economics, has warned.
We should have warned Europe more: IMF's Belka
The head of the International Monetary Fund's European department has acknowledged the Fund failed to adequately warn European states of the risks from the fallout of the financial crisis.
Rouble at fresh low as devaluation continues apace
The rouble slumped to a record low against the greenback on Thursday as the country's central bank stepped up its devaluation of the currency.
Denmark slashes on back of ECB move
The National Bank of Denmark lopped three-quarters of a percentage point of its key rate on Thursday in response to the European Central Bank's (ECB) move.
Anti-Fed senator behind Geithner nomination block
Jim Bunning, a Republican politician who last year labelled the Federal Reserve "a leading cause of the mess we're in", is one of two senators attempting to block Tim Geithner becoming Treasury Secretary on Friday.
Academics advocate discretionary ECB supervision
European Union member states should be allowed to choose whether or not they want to be regulated by the European Central Bank (ECB), academics say.
Lacker pans Fed for risky "fiscal" action
A regional Federal Reserve president has warned that the recent expansion of the Fed's balance sheet is fraught with risks.
Thailand slashes rates, cites demand and exports
The Bank of Thailand surprised markets on Wednesday by slashing rates for the second month in a row on further signs of a slowdown.
Philadelphia Fed promotes five vice presidents
The Philadelphia Federal Reserve has promoted one of its staff to the role of executive vice president, two to the role of senior vice president, and two to vice presidential positions.
Bernanke revisits idea of toxic asset purchases
Ben Bernanke, the chairman of the Federal Reserve, on Tuesday mooted several ways in which American authorities could remove toxic assets from banks' balance sheets. He also said that more capital injections and guarantees may be required to ensure…
Ex-MPC members offer solutions to crunch
A financial stability committee, a derivatives exchange and a pan-EU regulator were among the ideas suggested to stave off future credit crises by an influential group of British-based economists on Tuesday.
Mexico's Ortiz to replace Roth as BIS chair
Guillermo Ortiz, the governor of the Bank of Mexico, is to succeed Jean-Pierre Roth, the head of the Swiss National Bank, as the chairman of the Bank for International Settlements (BIS). He becomes the first governor from an emerging-market economy to…
Fed's Kroszner to step down later this month
Randall Kroszner, a governor at the Federal Reserve, will leave the institution on 21 January to return to academia.
Denmark publishes first lending survey
The National Bank of Denmark on Tuesday published its first-ever lending survey, covering the loan-making activities and policies of the country's banks and mortgage lenders.
Number of forged euro notes hits record high
The number of counterfeit euro banknotes seized soared by 13% in the second half of 2008, the European Central Bank (ECB) said on Monday.
Congo hikes rates to 55% as currency plunges
The Central Bank of Congo attempted to halt the depreciation of the CFA franc on Monday with a 15 percentage-point hike in its key rate to 55%.
Report prompts Ireland's chief regulator to quit
Patrick Neary, the chief executive of the Financial Services Regulatory Authority, will retire after a report condemned the organisation for its failings in a scandal involving one of the country's biggest banks.
Protect consumers with new measures, says HKMA
The Hong Kong Monetary Authority (HKMA) has urged banks to adopt a raft of new guidelines aimed at protecting consumers. The measures follow almost 20,000 thousand complaints about the mis-selling of Lehman Brothers-related products.
New York Fed names nine new vice presidents
The New York Federal Reserve has promoted three of its staff to the role of senior vice presidents and six to vice-presidential positions.
Chile surprises with one-point cut
The Central Bank of Chile surprised observers and markets with the size of the reduction in borrowing costs as data revealed that inflation plunged almost two percentage points in December.
Ireland's Hurley to stay on after term ends
The governor of Ireland's central bank, John Hurley, has agreed to stay on beyond the official end of his first seven-year term in March.