Bank of England (BoE)
BoE’s Tucker denies involvement in Libor scandal
Paul Tucker says no members of the last government urged him to pressurise banks to alter Libor rates; claims no prior knowledge of Libor 'low balling' ahead of official investigations
McCafferty to replace Posen on BoE’s Monetary Policy Committee
UK Treasury names CBI economics adviser, Ian McCafferty, to replace Adam Posen on the Bank of England’s monetary policy board
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally
Diamond clarifies note on conversation with BoE deputy
Former chief executive of Barclays explains note written after conversation with Paul Tucker; gives evidence on same day Tucker makes public request for hearing with Treasury Select Committee
Barclays draws Bank of England into Libor debacle
Email relaying conversation between Bob Diamond and Paul Tucker raises questions over BoE deputy’s role in rate-setting scandal; Diamond set to explain further before parliamentary committee tomorrow
King calls for overhaul of UK banking system
Governor of the Bank of England says cultures of investment and retail banking operations do not mix; calls on government to legislate on all of Independent Commission on Banking’s recommendations
King laments growing problems in global economy
BoE governor says worsening situation in emerging economies, slowing US growth and continued eurozone trouble leave him “pessimistic”; Treasury Committee member confronts MPC over decision-making
BoE paper studies impact of Lehman’s collapse on payments
Bank of England working paper studies the effect of the Lehman Brothers collapse on wholesale payment patterns; finds slower payments and increase in risk following the default
BoE’s Weale discusses monetary policy challenges
Martin Weale paints bleak picture of the global economy; says new Bank of England schemes should help to support the recovery
Bank of England to post collateral in OTC derivatives trades
BoE thought to be the first major central bank to change policy on collateralisation as it seeks to reduce dealer funding charges
BoE’s Jenkins discusses threats to financial system
Financial Policy Committee member considers dangers facing the global financial system; says future interventions to stabilise cross-border capital flows are likely
UK ‘catching up’ on collateral eligibility, say CBP panellists
Central Banking ON AIR event sees discussion of central bank decisions to extend collateral eligibility; panellists stress diversification should be executed with care in non-crisis times
BoE minutes show dovish shift
Minutes from Bank of England monetary policy committee’s latest meeting reveal governor Mervyn King voted for an increase to the asset purchase programme in the UK; lost out in narrow vote
UK inflation unexpectedly drops again
Office for National Statistics reveals CPI annual inflation fell this month; leads to renewed QE expectations and predictions of on-target inflation figure by the end of the year
UK credit and liquidity schemes met with uncertainty
BoE and government announce plans to improve credit and liquidity picture in UK; banks’ shares rise but questions remain on effectiveness of plans
UK plans joint BoE-government funding scheme
Mervyn King announces 'funding for lending' scheme for banks; stresses full support from government is necessary
UK banks must remain under national supervision, says Lloyds chief
Lloyds Banking Group chairman says it is 'crucial' UK banks remain under national supervision; calls for more forward-looking regulation
FSA’s Sants airs fears of overburdened BoE governor
Hector Sants says operational tasks handed to Bank of England governor under recent reforms could be “too great”; slams government and BoE for not listening to advice concerning Northern Rock collapse
Posen calls on BoE to go beyond gilt purchases
External MPC member urges purchase of assets other than government bonds; suggests creation of a Fannie Mae-type entity in the UK
BoE’s Haldane criticises financial models
Andrew Haldane argues that use of normal distributions in many financial models seriously underestimates risk
BoE paper assesses contingent capital risk
Financial Stability Paper examines contingent capital’s risk to stability when used to fulfil banks’ equity requirements; warns that such capital may cause wider problems
Andrew Bailey to join interim UK Financial Policy Committee
Bailey to join June meeting of interim Financial Policy Committee as a voting member; takes over as head of the Prudential Business Unit at the FSA in the same month
HSBC chief identifies four steps to resolve ‘emerging markets’ crisis in Europe
HSBC chief executive Stuart Gulliver believes a European ‘tarp’ plus issuance of eurobonds needed to keep eurozone intact; says Spain and Greece failed to learn lessons from Asian crisis
New members admitted to BoE Court
Queen of England approves government recommendations; Bradley Fried, Tim Frost and Dave Prentis become non-executive directors of the Bank of England