News
Yellen expects 'lift-off' later this year
Janet Yellen expects the Fed to raise the federal funds rate "at some point" in 2015 with full employment "coming closer into view" and inflation on track to return to 2% in the next few years
Provincial bond issuance could revive Chinese CDS market
China's CDS market has been languishing in the shadow of state protection – will the rising provincial bond market change this?
IMF wants new fund with ability to extend ELA in Bosnia and Herzegovina
Staff suggest creating financial stability fund that can provide liquidity support to stressed but solvent banks, which the currency board arrangement prohibits the central bank from doing
CPMI and Iosco launch first consistency assessment of FMI principles
'Level three' assessment will examine the consistency with which the Principles for Financial Market Infrastructures have been applied to central counterparties
Greek crisis enters critical weekend
Negotiations enter final days, with European authorities scrambling to assess whether new proposals go far enough; Greece has backers, but Germany must still be persuaded
Ex-BoE deputy to review UK statistics in effort to improve productivity measure
Charles Bean will lead an independent review on the ‘quality, delivery and governance’ of economic statistics produced in the UK, as government grapples with productivity puzzle
De Grauwe says Greek crisis has shaken OMT credibility
Belgian economist says ECB’s decision not to use OMTs because of fears over Greek solvency may have fatally damaged the policy’s credibility and consequently the stability of the eurozone
New swaps margin hub aims to solve disputes pre-call
Matching up risk factors should avoid collateral headaches, hub hopes
FSB highlights ‘major steps’ toward reforming ‘Ibors’
Report finds administrators of Libor, Euribor and Tibor are making progress towards stronger interest rate benchmarks, with those in other jurisdictions advancing too
Irish SME report shows growth in new lending
Report published by Central Bank of Ireland shows annualised gross new lending at highest level since 2011, with the largest share channelled to the agricultural sector
Central banks cannot avoid fiscal impact, Bundesbank panellists warn
Academics and central bankers point to fiscal impact of monetary policy and lender of last resort function, raising the question of how much fiscal power central banks ought to wield
HKMA introduces ‘major' piece of financial infrastructure to facilitate China flows
New routing and settlement service will underpin mutual recognition of funds initiative launched July 1; will enhance Hong Kong's role as ‘leading asset management centre', says Pang
BoE launches year-long artist collaboration
Martin John Callanan to work with BoE for a year to produce works reflecting central banking, in what Mark Carney hopes will be a creative way of communicating
CNB faces strategy dilemma when it comes to ending exchange rate floor
Vice governor Mojmir Hampl says the Czech National Bank faces dilemma when it comes to removing its FX floor as it does not want to shock markets; communication will be key
EBA calls for more risk-sensitive securitisation regulation
Opinion submitted to European Commission recommends end to ‘one-size-fits-all’ capital treatment of securitisations, with two-stage process to determine which should be subject to lighter touch
Greece asks for three-year ESM bailout as Tsipras tries to unite Europe
Government submits request for longer support programme than previous proposals while Alexis Tsipras seeks backing during rowdy European Parliament session
Markets having trouble grasping ‘data-dependent' policy, says Kansas City Fed director
Getting markets to understand the concept of data-driven monetary policy remains a big challenge, according to Kansas City Fed's Troy Davig
Kenyan central bank hikes by 150bp in Njoroge’s first move
Central Bank of Kenya increases key rate for second consecutive month in first meeting with former IMF adviser Patrick Njoroge as governor
Capital volatility fears spur talk of wider G-Sii charges
Concerns about yo-yoing capital are behind proposals to extend the higher loss absorbency requirement beyond non-traditional business
People: Madigan returns to Fed board; FCA appoints retail supervisory head
Brian Madigan returns to the Federal Reserve Board as FOMC secretary; Financial Conduct Authority names Jonathan Davidson director of supervision, retail and authorisations; and more
Greece set to request new ESM bailout
Greece expected to submit new proposal to ESM in effort to unlock bailout funds; ECB appears to increase haircuts on collateral used by Greek banks to obtain emergency liquidity
IMF staff call on US to develop new macro-prudential tools
Assessment says tools that strengthen market resilience to run risks and fire sales in shadow banking sector should be a high priority; staff report recommends 2016 rate hike
Iceland’s Guðmundsson plans post-capital controls monetary redesign
‘Inflation targeting plus plus’ would help the small, open economy to pursue independent monetary policy, insulated from violent capital flows, the Icelandic governor tells Central Banking
World Bank plans to put 'de-risking' on the global agenda
Banks are reportedly shutting down the accounts of customers in 'high-risk' category; the World Bank has begun work on the problem