News
Hungary names two external members to MPC
Hungarian parliament nominates two economists as external members to National Bank of Hungary rate-setting committee
Moody’s lowers Greece's credit rating
Greece's credit rating moved from B1 to Ba1 while spreads rise across eurozone periphery
ECB rejects temporary price pressures argument; signals tightening
European Central Bank’s hawkish Thursday announcement shows a different interpretation of commodity price pressures, second-round effects, to Bank of England and Fed
Central bank wage cap backfires on Budapest: reports
Hungarian government could be pushed to amend controversial central bank salary cap as problems mount in finding suitable external rate-setters
Ex FSA chair quits as head of LSE
Former Financial Services Authority chairman Sir Howard Davies steps down as director of London School of Economics over university’s financial links to Libyan Gaddafi regime
ECB’s González-Páramo calls on central banks to reinvent risk strategies
European Central Bank executive board member José Manuel González-Páramo says central banks must re-think their risk management framework; moots new toolkit
Canada pressed to develop inflation market
Current issuance of inflation-linked bonds is too meagre to meet demand from domestic and international investors, say market participants
EBA to launch new stress tests
European Banking Authority unveils timeline for second round of EU-wide stress tests with launch set for Friday; first executive director and internal committee named
UK lawmakers launch inquiry into BoE’s accountability
Influential parliamentary committee calls for views on the impact of regulatory change on Bank of England; changes will see Bank’s ambit expanded
SNB confirms large loss on back of franc gains
Swiss National Bank reports $20.7 billion loss; figure slightly lower than that forecast in January
Kenyan lawmakers criticise Ndung’u reappointment
Lawmakers critique government’s reappointment of Central Bank of Kenya governor Njuguna Ndung’u without any parliamentary review or input
ECB reports €171 million profit
European Central Bank experiences sharp fall in profits for 2010 due to €1.16 billion transfer of income to risk provision fund
Map of global banking network shows climb in contagion since late 1980s
Bank of England paper uses BIS banking stats to show potential for cross-border contagion has been rising for past two decades, reaching its apogee at the time of the Lehman Brothers’ collapse
Williams succeeds Yellen at helm of SF Fed
Head of research named new head of San Francisco Federal Reserve
SNB to close Geneva office as cash distribution services are outsourced
Swiss National Bank says Geneva office will close next year as cash distribution services to be carried out by private firms; fifteen staff affected by closure
Nobel Laureate Yunus dismissed from microlender by central bank
Bangladesh’s central bank removes Nobel Peace prize winner and founder of Grameen Bank Muhammad Yunus from helm of microlender
Efficient markets’ failure hamstrung central banks: CentralBanking.com panel
Reliance on efficient markets hypothesis to develop policy frameworks must be reversed, LSE’s Brandon Davies and Fathom director Danny Gabay argue
King warns of delay in switch to new regulatory regime
Bank of England governor Mervyn King says correct implementation of regulatory reforms takes precedence over achieving deadlines
Draft Irish law sketches resolution fund, living wills
Draft legislation from Irish government sets out rules on resolution fund that all banks must pay into, living wills; law includes strict penalties for failure
Bank won’t hike rates as gesture to market: King
Bank of England governor Mervyn King says use of interest rate to signal Bank’s intention to curb inflation would be self-defeating
Commentators split on Bank justification for high inflation
CentralBanking.com web panellists divided on whether Bank of England is acting within remit in accommodating persistently above target price pressures
Bailout renegotiation looms following Irish election
Ireland’s new prime minister-elect expected to press for renegotiation of EU-IMF bailout deal; scheduled to meet European Commission head José Manuel Barroso on Friday
Kenya’s Ndung’u reappointed for second term
Kenyan President Mwai Kibaki appoints Central Bank of Kenya governer Njuguna Ndung’u for second four-year term
Iosco draws systemic risk roadmap for securities regulators
International Organisation of Securities Commissions sets out ways in which securities authorities can help control systemic risk