News
Sarb fines five banks for weaknesses in ‘control measures’
Investec Bank fined largest amount at 20 million rand; local branch of Standard Chartered faces 10 million rand penalty a month after another branch was reprimanded by MAS
Regulation may be fuelling covered interest parity breakdown – BoJ economists
Authors link puzzling breakdown of CIP to regulations including liquidity constraints, as well as divergent monetary policies
Philippines central bank fines RCBC over Bangladesh heist
Rizal Commercial Banking Corporation ordered to pay one billion pesos, after stolen funds from Bangladesh bank were transferred to four accounts held at the institution
Sri Lanka releases trading stats as it seeks to develop market
First set of data shows 3.42 billion rupees traded, with transactions over 50 million rupees to be reported within 30-minute window
People: Philippines and Sri Lanka gain new monetary board members
Finance minister becomes member of Philippines’ monetary board; new joiner for Sri Lankan board; HKMA names executive director for financial infrastructure
IMF’s response to self-evaluation report ‘very positive’
Engagement with evaluation "very positive", says IEO official, after it offered broad support to recommendations, with some qualifications
ECB begins gathering data on daily money-market transactions
ECB announces daily collection of data from four money-market segments; scheme gathers 35,000 transaction records per day
BoE launches broad Brexit response
Central bank wields all its main tools and some new ones as the effects of Brexit begin to appear; aims to support transmission mechanism amid extraordinary measures
Kenyan governor outlines three pillars for ‘new normal’ in banking
2016 to be a year of “transition” for banking in Kenya, says Patrick Njoroge; calls for greater transparency, stronger governance and new models
Malaysia’s central bank toughens corporate governance standards
Boards must have a majority of independent members and promote ethical, prudent and professional behaviour, Bank Negara Malaysia says
EBA calls for binding 3% minimum leverage ratios
Central counterparties and central securities depositories should be exempted from leverage ratio, EBA says, as it recommends binding pillar 1 requirement
RBNZ stands by decision to end embargoed lock-ups
RBNZ commissions review into different options for providing key releases to journalists ahead of time; decides costs outweigh benefits, and reaffirms decision to scrap the practice
IMF urges Abenomics ‘reload’ as BoJ struggles
Fund tells Japanese authorities to be clearer and more systematic in setting policy, as government unveils new stimulus; working paper suggests alternative to helicopter money
Parliament keeps door open to monetary financing in Ghana
Parliament approves bill that removes government representative from central bank board, but government would still be able to borrow from central bank to finance deficit; IMF to discuss implications
Irish central bank forms macroprudential committee
Governor Philip Lane announced internal advisory committee on design of macroprudential policy; featuring senior officials, the group will convene for the first time in “early September”
First meeting of MAS fintech panel was ‘fruitful’ – Menon
Advisory panel to look at how Singapore can harness new tech and “enhance” fintech provision to financial services
ECB bulletin says institutional reform important for increasing resilience
Governing institutions in eurozone countries need reform, the ECB says; Finland’s institutions are among very best in OECD but those of Greece and Italy are close to worst
Russian central bank establishes reinsurance company
New company will improve transparency and stability of the market and restore capacity lost to financial sanctions, central bank says; observer says role of the company may be more complex
Experts question CPMI-Iosco cyber guidance
Speedy settlement and resumption of services after cyber attack could be counterproductive
BoE seen as ‘boxed in’ ahead of MPC vote
Forward guidance from MPC members has laid the ground work for a rate cut or other form of easing; even if the effect of a cut is minimal, a hold decision would be worse, says former committee member
Boston Fed seeks ‘more welcoming front door’ with new website
Federal Reserve Bank of Boston launches new website embracing responsive design; new navigational system focuses on four elements of its work
RBA cuts as housing risks posed by lower rates ‘diminish’
Reserve Bank of Australia cuts by a further 25bp to 1.5%, after annual CPI inflation drops to 1% in June; growth in lending for housing has "slowed a little"
Italian banks feel more pressure from EBA stress-test results
Publication of the 2016 stress tests on European banks focuses attention on Italian banks in particular, but private sector recapitalisation plan takes some pressure off MPS
Flug points to risks as banking competition work proceeds
Government approves banking competition bill and central bank moves ahead with payments competition work, though Karnit Flug says new risks stemming from the reforms must be dealt with