Bank of England (BoE)
Bank of England handed new remit
UK budget embeds flexibility in MPC remit; suggests the committee adopts explicit forward guidance as a new policy tool; looks to expand funding for lending scheme
BoE chief economist warns against inflation complacency
Bank of England’s Spencer Dale says he is concerned by ‘dangerous talk’ suggesting MPC should focus more on growth
BoE research warns of coming financing problems for private equity firms
Quarterly bulletin article highlights problems on the horizon for private equity firms that over-leveraged before the financial crisis, as their debt comes to maturity under much tighter conditions
UK gears up to new era of prudential regulation
The UK will adopt ‘twin peaks’ supervision in April in a bid to restore integrity to its financial system. Chris Jeffery talks to the Bank of England’s Sarah Breeden about the challenges ahead
UK Banking Commission urges higher leverage ratio
Parliamentary Commission on Banking Standards says 3% leverage ratio prescribed by Basel III and planned UK rules is insufficient for banks; also advocates power to impose full separation of banking sector
People: Bank of England names PRA board; Rwanda’s finance ministry and central bank swap chiefs
Bank of England names three board members for new prudential regulator; Claver Gatete switches National Bank of Rwanda governorship with finance minister John Rwangombwa; and more
BoE asset purchases sit on knife-edge
Bank of England rejects further asset purchases in what is assumed to be a ‘close call’; UK finance minister could alter MPC remit in upcoming budget
ECB and BoE edge closer to more easing
Commentators home in on signs the ECB is shifting towards a more dovish stance; BoE could sanction more QE after three members voted in favour last time
BoE's King urges RBS break-up
Mervyn King says too-big-to-fail remains the ‘single biggest regulatory challenge'; suggests RBS is broken up and calls government handling of the bank ‘a nonsense'
BoE Funding for Lending Scheme sees loans contract in first 6 months
Data out today show lending down following the introduction of FLS; BoE points to the counterfactual and says transmission 'takes time'
People: Bank of England reappoints Dale and Haldane to committee posts
BoE hands Spencer Dale and Andrew Haldane – both executive directors – further three-year terms on the financial and monetary policy committee respectively; Sweden deputy stands down
Stockton’s Bank of England review offers forecasting lessons for central banks
The Stockton review of the Monetary Policy Committee at the Bank of England offers valuable lessons for central bankers and economists around the world.
BoE’s Fisher sees longer horizon for asset purchases
MPC member Paul Fisher says Bank of England should consider switching to a more gradual pace of asset purchases over a longer period of time
BoE’s Tucker urges careful consideration of negative interest rates
Paul Tucker encourages MPC discussion of alternative accommodative measures; expects existing QE to gain more traction as eurozone recovers
King and Zhou prepare ground for renminbi-sterling swap line
Governors discuss establishment of a currency swap arrangement between UK and China, with a final agreement expected to be signed ‘shortly’
BoE MPC member makes case for more stimulus
David Miles presents model that suggests monetary policy is probably still too tight in the UK; says more QE would be one way to address this, but other easing strategies could also work
UK statistics office explains QE impact on national debt
ONS attempts to clarify accounting practices used in transferring cash reserves from Bank of England’s quantitative easing programme to the Treasury
BoE minutes signal ‘shift in remit' to support economic growth
Minutes reveal governor Mervyn King sided with expanding QE, leading analysts to speculate that inflation is no longer a target
Eurozone ‘funding for lending scheme' gains favour
ABN Amro says a eurozone FLS would be ‘the most practical way of dealing with the credit constraints of SMEs'; Sony Kapoor says ECB would be ‘irresponsible' to ignore it
King insists economy must rebalance
Governor says Bank of England can still contribute to recovery but is running up an ‘ever steeper hill’; inflation report downbeat on growth and inflation prospects
Carney champions flexible inflation target
Bank of England’s governor-designate welcomes debate on monetary policy framework but says he strongly favours flexible inflation targeting
UK to ‘electrify' bank ring-fence in bid to end ‘too big to fail'
UK chancellor launches legislation to enforce ring-fencing – and separate banks that fail to comply
Former BoE MPC members divided on ‘maxed out’ easing
John Gieve, Charles Goodhart and Andrew Sentance disagree on whether the Bank of England has more scope to ease policy; Gieve says action at next meeting is likely
UK parliamentary commission attacks regulators’ ability to hold bankers to account
FSA enforcement head defends authority’s integrity; BoE chief legal adviser confident the central bank’s new supervisory divisions are up to the job