Bank of England (BoE)
People: BIS replaces Debelle as chair of markets committee; UK advertises for Shafik replacement
MAS’s Jacqueline Loh will chair the markets committee at the Bank for International Settlements; Bank of England advertises for deputy governor role
BoE sets final rules for bank loss-absorbency
Final rules for bail-inable debt adjusted for longer transition and lighter load on smaller banks
BoE paper takes DSGE approach to deflation probabilities
Comparing simulations using a DSGE model estimated on different market-based measures of deflation probability helps to pick out causality, researchers say
BoE’s Andrew Hauser says RTGS needs to move with the times
Executive director speaks on the risks and benefits of upgrading the UK’s core payments infrastructure; central bank is working on new technologies, including distributed ledgers
Last stand for central bank independence?
Political attacks on Janet Yellen and Mark Carney appear to be just the start of a sustained assault on central bank independence. It’s a battle the central bankers may lose
Brexit unlikely to spell end of London as a financial centre – BoE’s Cunliffe
“Clustering effects” should ensure London remains a major financial centre, says BoE deputy, though fragmentation poses a risk to activity throughout the EU
Bank of England MPC backtracks on planned rate cut
Latest inflation report forecasts larger overshoot of 2% target; there are “limits” to the extent to which above-target inflation can be tolerated, committee says
People: Furse leaves BoE FPC; Bank Negara appoints sharia advisors
Furse leaves BoE for new role at HSBC; shariah advisory council appointed for new term at Bank Negara Malaysia; and more
Carney to be grilled on exit timing
MPs plan to question Mark Carney on how, for a second time, he has managed to circumvent UK law designed to fix the length of a Bank of England governor’s term
Carney will remain at BoE until 2019
BoE governor chooses to extend term at central bank an additional year amid intense speculation as to his future, though he stops short of a full eight years
Carney’s decision is bigger than one man’s career
Politicians in the UK have already harmed perceptions of the Bank of England’s independence through a sustained attack on its governor, Mark Carney. His decision to stay or go will have wide ramifications
Banks not fully adapted to new prudential environment – BoE deputy
Firms need a “proper chance” to adapt to the “new world”, says Woods, warning that the banking system still looks fragile on some metrics, despite work by his predecessor, Andrew Bailey
IMF amends SDR calculation method
Exchange rates used to calculate SDR to be obtained from a commercial provider by the Bank of England, in effort to make methodology more “robust”
Sponsored forum: Evaluating big data capabilities in central banking
Central Banking convened a panel of experts to discuss the big questions about big data, how and where it can add value to central banking in the near term, and balancing the pros against the cons
Macro-prudential policy can guard against global volatility – BoE paper
Tighter macro-prudential policies appear to reduce the sensitivity of capital flows to global volatility, paper finds
Carney: I will stay ‘as long as I can’
Carney says the decision to stay or go will be “entirely personal”; Bank of England governor says central bank will not “slavishly rely” on QE
Macro-prudential rules must be reciprocated – Shafik
“Leakages” will reduce the effectiveness of macro-prudential policy if countries do not reciprocate changes in countercyclical buffers, BoE deputy warns
‘Hard’ law not enough to reform banking culture, says BoE’s Shafik
Market participants must do their bit to reform behaviour and culture in the financial services industry with ‘soft’ law playing a broader role, says BoE deputy
BoE plans could force change to Libor-Sonia swap payments
Reformed sterling overnight indexed average rate proposals may see floating-leg settlements delayed
No change to monetary policy, UK finance minister says
Hammond clarifies comments made by PM, emphasising the government will not be altering BoE mandate; finance minister says it is the government that needs to offset monetary policy impacts
Evaluating big data capabilities in central banking
Central Banking convened a panel of experts to discuss how big data can add value to central banking in the near term, the need for good governance, and balancing the pros against the cons
QE is not hurting pension funds, says Broadbent
‘Material constraints’ not seen yet, says BoE deputy governor, who believes problems are being driven by more fundamental causes
BoE officials admit need for clearer communication
Mark Carney joined by deputies and COO at bank’s latest open forum, fielding questions from the general public; concerns surrounding funding for small enterprises and the bank’s rhetoric addressed
BoE corporate bond purchases off to rapid start
Barely more than two weeks into the 18-month programme, the BoE has already filled more than 10% of its quota; gilt purchases continuing at steady rate