Europe
ECB’s Godeffroy sees clear path to 2015 T2S launch
Director-general leading Target 2 Securities project says testing is largely going to plan; platform to create ‘survival of the fittest’ environment for European CSDs
Kocherlakota explains dissent from FOMC decision to end asset purchases
Minneapolis Fed president says downside risks to inflation outlook ‘arguably worse' than a year ago; says evidence from Japan and Europe shows need to act on 'an ongoing basis'
Fears surface over lack of trust among resolution authorities
Countries still do not trust one another enough to cooperate fully during the resolution of a globally systemic bank, participants at Chatham House event warn
Swift resists ‘political pressure' to disconnect Russian and Israeli banks
Brussels-based cooperative says calls for exclusion undermines ‘systemic global character' of its services; previously condemned EU parliament resolution in September
Olli Rehn: Scotland would need central bank to join EU
Independent Scotland would not be able to both keep the pound sterling and join the EU, former commissioner argues, referring to ‘core part' of union treaty
Bank of Portugal initiates administrative proceedings against 14 banks in first half of 2014
Throughout the period the Portuguese central bank also issued 357 recommendations 'to require the correction of irregularities and infringements detected'
Europe doubles RMB transactions with Greater China in one year
European hubs fuel growth in renminbi usage with 10% share of global payments, after major financial hubs sign swap agreements with the People's Bank of China
US and Europe more vital for Australian trade than thought
Australian goods being exported to western markets indirectly via east Asia, skewing statistics, according to paper using ‘complementary' estimates of value-added trade
Central Bank of Hungary buys $1.8m vacation home
Rural ‘castle hotel' boasts swimming pool, beer pavilion and a bowling alley; will be used for ‘recreation purposes' by staff and create local jobs, bank says
Opinion: Sepa opens borders for European money
ECB’s director-general of market infrastructure and payments reflects on the successful creation of the single euro payments area, its beneficial impacts and the payment cards challenge to come
Reza Moghadam quits IMF to join Morgan Stanley in London
IMF's Europe chief to 'return home' after 22 years with the Fund, lately ‘spearheading the Fund's response from one crisis to the next'; Thomsen promoted on an interim basis
Finland paper: Loans-to-deposits among best indicators of banking crises
Paper examines banking crises in 11 EU countries between 1980-2013; growth rates and trend deviations of loan stock variables also yield 'useful' signals of impending crises
Belgians call for ‘strong co-ordination’ to hold EU prudential regime together
Article in National Bank of Belgium's financial stability review evaluates the institutional structures that will influence macro-prudential policy in Europe
Europe’s ‘bloated’ banking system could be harming growth, says ESRB committee
Report by advisers to European Systemic Risk Board says the banking system is ‘overweight’ and prescribes a number of remedies, including securitisation of SME loans
US regulation of foreign banks follows 'pattern set by the EU', says Fed's Tarullo
Basel rules are ‘floors, not ceilings', the Federal Reserve's Daniel Tarullo said yesterday, following accusations that the US is treating foreign banks unfairly
Bail-in rules the 'bedrock' of European banking union, says BoE's Cunliffe
Head of the UK's Prudential Regulation Authority also cautions that despite far-reaching reform efforts, regulators would struggle to resolve 'a failing global giant'
EU banks fear capital hit from CCP approval delays
For banks to apply a 2% risk-weight, non-EU CCPs must be approved by Esma and their home-country rules by the EC; banks fear that will not happen by June 15 deadline in some cases
Europe card fraud up after five-year decline, ECB data show
Growth in online shopping blamed for increase in card payments fraud, which totalled €1.33 billion within the Single Euro Payments Area in 2012 - up 21% on the previous year
Political impasse threatens SRM progress
European parliamentarians express frustration with the slow negotiations over the single resolution mechanism; Martin Schulz urges finance ministers to pick up the pace
Albania governor calls for Balkan payments system in annual conference speech
The Bank of Albania's 10th annual international conference celebrated the 20th anniversary of the central bank and the 100th anniversary of its declaration of independence
ECB unveils new Euro Retail Payments Board
New board will be the driving force behind retail payments integration in Europe; will replace the Sepa council and take a more proactive approach than its predecessor
ECB launches public consultation on mobile payments security recommendations
The governing council of the ECB asks market participants to comment on draft recommendations intended to make mobile payments more secure; interested parties have until January 31 to weigh in
Belgian paper warns central bank policies could worsen financial shocks
Working paper studies optimal monetary policy configurations for price and financial stability in Eastern Europe; finds central banks may worsen credit shocks by taking action against them
Banks respond differently to capital target deviations, ECB paper shows
Working paper finds banks tend to reshuffle risk-weighted assets or increase holdings when above Tier I ratio, but more inclined to increase equity levels when below target