News
People: Fiji appoints deputy; Commission proposes new SRB chair term
Esala Masitabua will become deputy governor in Fiji on January 1, 2018; European Commission proposes extending Elke König’s mandate as chair of the SRB; and more
Change in fees could lead to ATM ‘deserts’ – MP Nicky Morgan
Chair of UK Treasury committee concerned that changes to ATM networks could threaten financial inclusion as cash continues to be important to 2.7 million people
Portuguese finance minister named new head of Eurogroup
ESM manager praises Mário Centeno as a “passionate economist”
Diversified export markets may offset Mexican Nafta showdown
Bank of Mexico sees a failure to renegotiate the trade deal as the biggest risk to the economy
More easing next year if inflation does not pick up – RBNZ
Global supply chains, the rise of China and the digital economy led to a low traded-goods inflation
Venezuela to launch cryptocurrency as cash crisis continues
New cryptocurrency will be backed by Venezuela’s oil reserves and other raw materials; new ‘blockchain observatory’ has responsibility for oversight
BIS top body poised to approve Basel III
The GHOS meets on December 7, and all signs indicate it will finally give Basel III the green light
Richmond Fed appoints McKinsey executive its next president
Tom Barkin will serve as a full FOMC member as of 2018
Russian central bank closes two more banks for malpractice
Smaller banks will be able to operate with “basic licences” from 2018, Nabiullina says
Asian banks vulnerable to fintech disruption, report finds
Banks reliant on transaction fees will struggle to compete with fintech firms who will offer cheaper alternatives; banks in HK, Korea and Singapore all at risk
Fed hikes have created ‘paradoxical’ easing – BIS
Review draws parallels between current episode and “Greenspan conundrum” of mid-2000s
Doubts cast on Europe’s IFRS 9 transition period
Dynamic transition viewed as too complicated for banks to use or investors to understand
Malaysian inquiry calls for investigation of former PM – local media
Some local media attack inquiry as politically motivated after criticism of current leader
FSB consults on bail-ins and funding during resolution
Consultations seek to unpick the operational complexities of implementing resolution regimes
Digital currencies may foster competitiveness in retail payments, research finds
But central banks should be cautious and implement non-anonymous models to preserve security
Income convergence in eurozone faltered before euro, research finds
Strong financial cycle concealed lack of productivity growth since 1990s in Spain and Italy, implying euro may not be to blame
Bank Indonesia expands reserves averaging mechanism
Bank Indonesia to extend the scope of its reserve requirement averaging mechanism to include foreign currency and Islamic banks
Goodfriend nominated to Fed board
Central bank veteran to fill one of the four vacant spots on the board of governors
Implementation of new ECB rules on NPLs may be delayed
Daniele Nouy dismisses criticisms as “myths and misinterpretations”
UK enters next phase of Libor transition
BoE and FCA say expanded working group will be tasked with delivering the switch to Sonia
Insider León takes Carstens’ seat at Bank of Mexico
León to take over from Carstens at end of week; lengthy selection process saw top contender drop out to run for presidential office
Bank of England launches beta version of new website
New website designed by Cyber-Duck, design agency which helped launch BoE’s new fiver website in 2016
Letter said to be from Malaysia deputy governor alleges bullying
Bank Negara Malaysia deputy resigns early after 31 years’ service
ECB and 14 European central banks commit to forex code of conduct
Bank of England and rest of the European Union central banks set to follow suit in early 2018