Bank of England (BoE)
UK audit office praises most of BoE’s ‘One Bank’ strategy
Report says Bank of England has been broadly successful in its transformation, although there have been some delays and changing culture is a long-term challenge
Commission’s CCP powers ‘might not lead to exodus from UK’
US regulation of CCPs provides a “plausible template” for the eurozone, says commentator
Yellen urges caution on regulatory adjustments
Janet Yellen and Mark Carney say the US could adjust its banking regulations without undermining global standards; Basel’s Coen stresses need for co-operation
BoE ups capital buffers as consumer credit outstrips income
“Pockets of risk” including effects of Brexit negotiations and car finance warrant attention, BoE says, though it stresses overall stability threats are at “normal” levels
‘No evidence’ of criminality in BoE crisis auctions
Bank of England given all clear on question of whether financial crisis liquidity auctions were rigged; central bank has now corrected may of the issues with its liquidity framework
BoE’s Forbes points to bias among overworked MPC members
Senior Bank of England officials are overworked and heavily scrutinised, which may make it harder for them to take tough decisions, Kristin Forbes says in her final speech as an MPC member
BoE’s Haldane examines changing nature of work
Rise of “gig economy” and self-employment may have weakened wage-setting power among workers, the BoE chief economist says; he indicates a willingness to vote for a hike later this year
BoE economists criticise DSGE inflation modelling
Team including MPC member Kristin Forbes criticises structural modelling approaches for failing to properly account for trend inflation
UK ring-fencing an ongoing process, says PRA official
James Proudman says Bank of England is considering changes to its supervisory approach once bank ring-fences are in place; “electrification” powers will be enforced
Silvana Tenreyro picked for BoE MPC
LSE academic to take over from Kristin Forbes as external member of the monetary policy committee at the end of June
BoE economist sees monetary policy benefits to demonetisation
Removal of high-denomination notes could help central bankers maintain policies of low inflation and interest rates near the zero lower bound
MPC dissent grows amid BoE dilemma
Rates remain on hold but committee split 5-3 as some argue the BoE’s difficult trade-off has shifted in favour of tackling inflation
Cash industry should tweak models in new environment, says BoE’s Cleland
Chief cashier says players should be prepared to “flex” models to adapt to environment where cash reliance is less significant; technology is not a threat, it’s an opportunity, says Cleland
People: Haldane keeps his MPC seat; new FSB chairs appointed
BoE’s chief economist Haldane keeps his MPC seat for another term; new FSB chairs picked as Norman Chan and European deputies step down; and more
BoE paper tackles multidimensional tail risk forecasting
Researchers set out method that can capture the multiple sources of risk feeding into a tail event and help understand how risks interact
Bank of England threatened with strike action over pay
Union members to be balloted on strike after being awarded a “derisory” 1% pay rise; UK inflation currently running at 2.7% and forecast to rise further
Central banks stress commitment as FX Global Code launches
Central banks worldwide are quick to state they will comply with the new global forex code and expect their counterparties to do the same
Mark Carney ensnared by email prank
BoE chief seemingly caught off guard by the same prankster who tricked Barclays boss Jes Staley
Tackling the ‘human agency’ problem
Central banks are readying their communication strategies to mitigate a populist backlash against their post-crisis policies
Kohn worried about weight of expectations on Federal Reserve
The weight of expectations on the US Fed may be too high; the US is not as well placed as the UK to tackle another major crisis, says the former Fed vice-chair
Former Fed vice-chair Kohn on populism, top central bankers
Donald Kohn speaks to Christopher Jeffery about his fears for the Fed amid mounting populism, why he has few policy regrets and his experiences working with some of the world’s top central bankers
Sterling depreciation will increase pace of tightening, BoE says
Inflation will overshoot target for longer period, reveals latest Inflation Report, but raising rates will not help, BoE says; “extraordinary circumstances” call for delicate balancing act
BoE opts out of distributed ledger tech for new RTGS system
New central infrastructure needed for RTGS revival; wider range of settlement models could be integrated by adopting a broader group of participants
UK report sets out steps to unify payment services operators
Move would help drive “innovation and competition”, working group chairman says