Europe
Pandemic payout freeze increased lending - BIS paper
Research finds restrictions depressed equities but augmented capital buffers and boosted loans
People: Elderson approved as vice-chair of ECB supervisory council
Former Canadian deputy Wilkins joins insurance company; Japan nominates new policy board member; Rwandan deputy gains role at African Union Commission; and more
ECB to increase asset purchases
Lagarde says PEPP decision was unanimous as ECB staff increase inflation and growth forecast
Riksbank renews Covid-19 lending facilities
Riksbank extends $60 billion facility and will penalise banks that do not lend to non-financial firms
Lagarde expected to clarify ECB bond-buying plans
ECB has lowered purchases as yields have risen and spreads have increased
Greenpeace lands activists on ECB roof
Stunt publicises new study arguing collateral framework favours high-carbon industries
‘Do bank supervisors wear too many hats?’ asks BIS paper
Many countries require array of mandates beyond “safety and soundness”, authors say
Yield curve control not ECB’s ‘easiest way forward’ – Centeno
ECB board member Fabio Panetta calls for decisive action to reduce higher bond yields
Mário Centeno on monetary-fiscal interaction in the eurozone
Bank of Portugal governor says ECB is not being overrun by former finance ministers, must improve the definition of its inflation target and has no need for yield curve control. Centeno believes NextGenerationEU fund could serve as template for a future…
ECB pushes for greater crypto asset powers
Central bank suggests changes to afford it greater oversight of e-money issuers
Irish central bank to gain stronger anti-counterfeiting powers
Draft law makes Irish central bank national currency analysis centre and gives it enforcement role
Eurozone needs fiscal stimulus – ECB’s Schnabel
ECB board member says raising eurozone inflation needs fiscal evolution and structural reform
Corporate Services Benchmarks 2021 report – trends in financial reporting and administration
Insights on staffing and salaries, technological automation, data security, rule compliance, gender equality and green office spaces in accounting, audit, HR and administration
Paper presents real-time bank stress measurement tool
Bank of Italy paper can measure deposit flows using RTGS data, researcher says
ECB profit falls by 30% in 2020
Decrease is mainly due to lower Treasury yields reducing income on dollar portfolio
ESRB warns governments not to withdraw stimulus prematurely
New report highlights how support measures face trade-offs between cliff effects and debt sustainability
Green finance: new initiatives in China, Europe and Americas
Eurosystem adopts common investment principles; China pushes climate modelling; and more
BoE may diverge from EU on software as capital
PRA opens consultation after Bailey says there is no evidence software assets should count as capital
Paper finds little evidence of long-term scarring
Richmond Fed research finds short-term demand shocks rarely create hysteresis
Fed’s 2021 stress test includes major asset price shock
CCAR will evaluate 19 largest banks; scenario includes 55% fall in equity prices
French governor calls for ECB to make radical carbon shift
ECB is not sufficiently accounting for exposure to climate risk, says Villeroy de Galhau
People: BoE’s executive director to leave
Alex Brazier to leave BoE in September; ECB looks for senior climate official
Central banks look to shockproof models in wake of Covid-19
The Covid-19 crisis caused many central bank models to break down. Economists at the St Louis Fed, Bank of Spain and ECB were quick to innovate and say they will continue testing new tools
European supervisors unveil new rules to combat ‘greenwashing’
Authorities say the “significant” new rules should lead to better climate disclosures, but warn of flaws in the underlying legislation