News
Price stability rightly remains sole focus of monetary policy: IMF
Fund directors say macroprudential measures, rather than monetary policy tools, should deliver financial stability; propose measures including dynamic provisioning framework
Swiss National Bank set to post half-year loss of $3.8 billion
SNB forecasts exchange-rate losses of more than Sfr14 billion on the back of the euro’s decline; gold gains and FX positions pare losses
BoE expands discount window collateral list
Bank of England to accept loans to individuals and businesses as collateral for discount window in order to provide more liquidity in times of stress
Estonia upgraded on euro accession; Ireland knocked down on banks’ weakness
Fitch lifts Estonian credit rating two notches, citing benefits of eurozone membership and strong fiscal performance; Moody’s downgrades Ireland on poor growth projections, worries over bad bank
Volcker philosophical on weakened rule, reform bill
Former Fed chairman Paul Volcker says failure to include dollar limit on banks’ positions in hedge funds “disappointing”, but accepts need for political compromise
Nigeria’s bad bank comes to life
Nigerian President signs bill approving creation of bad bank to take $10 billion in toxic loans off beleaguered banks’ balance sheets; agency to be up and running by end-September
HKMA unveils design of two new banknotes
The Hong Kong Monetary Authority says improved security features on new banknotes will reduce counterfeits in circulation
Euro counterfeits fall by 13%
ECB statistics show 387,000 forged euro banknotes recovered in first half of 2010; €50 note overtakes €20 as most popular bill to fake
HKMA, PBoC agree to expand renminbi business
New agreement will enable banks in the territory to establish renminbi accounts for financial institutions
East Asian, Pacific governors set for 15th annual meeting
Executives’ Meeting of East Asia and Pacific Central Banks gears up for 15th outing in Sydney; regional currency and financial stability issues to dominate agenda
Fed names new regional chairs
Washington-based board announces heads of 12 Federal Reserve banks for 2010; none from banks
Fed is the main winner from Dodd-Frank bill: Meyer
Former Federal Reserve governor Laurence Meyer says the central bank has gained powers it wanted and shed responsibilities it did not, despite initial anti-Fed sentiment among lawmakers
Yam joins China Investment Corporation
Former HKMA chief executive Joseph Yam appointed to sovereign wealth fund’s international advisory council
India approves new currency symbol
Indian government picks symbol for rupee after nationwide contest; says country’s growth and arrival on the international economic stage merit symbol
Irish central bank sees profits more than double
Central Bank of Ireland 2009 Annual Report shows profits rose past the $1 billion mark last year
FOMC faces tricky task in avoiding another bubble
FOMC officials’ pessimism about conditions highlights challenge central bank faces in fulfilling its dual mandate
Basel Committee counter-cyclical proposals tie buffers to economic indicators
Committee publishes paper on counter-cyclical capital and defers recommendations on Basel III to oversight board meeting on July 26
Dodd-Frank passes but leaves questions unanswered
Financial reform legislation passes in the US Senate, as focus turns to the complex issue of implementation
Spanish banks’ reliance on ECB rockets again
Bank of Spain data shows the country’s lenders borrowed 48% more from the European Central Bank in June than in May; figures renew worry on sector’s health, but government remains adamant
Analysts dub IMF commitments to Asia redundant
IMF makes strides to repair relationship with Asian region through series of commitments, analysts say move lacks substance
Tough capital rules will not stunt growth: Bank's Miles
Bank of England rate-setter David Miles roundly dismisses industry argument that harsher capital standards will choke off growth
Hong Kong investors claw back more Lehman losses
Hong Kong unit of DBS bank will pay just under $84m in compensation to holders of Lehman-linked credit notes; settlement follows on from agreement on minibonds
Wadhwani scolds central banks for reluctance to say sorry
Former Bank of England Monetary Policy Committee member disappointed over central banks' reluctance to admit need to lean against the wind
FSA’s Turner: financial deepening has its limits
Financial Services Authority chairman Adair Turner says no clear relationship between financial deepening and growth in advanced economies over the past 30 years