United Kingdom
FCA proposes expanding climate-risk disclosure rules
Climate disclosure proposals are first “substantive” policy for asset managers since Brexit
BoE suspends dividend as capital falls below target
Growth of intangible assets due to RTGS project caused loss-absorbing capital to drop
Covid-19 caused steep decline in SME turnover – BoE research
Government support stemmed collapse but younger firms suffered
BoE’s Bailey says CBDCs could be ‘fundamental’
Innovation hub run by BoE and BIS hub likely to concentrate on CBDCs and payments, official says
BoE outlines climate stress tests
Tests planned as “learning exercise” and will not be used to set capital requirements
Sizing the benefits and risks of our climate ambition
Fixing climate change is likely to entail substantial risks, new NGFS scenarios show. Firms and supervisors must seize this opportunity to adapt, write Sarah Breeden and Frank Elderson
BoE says stablecoins must be as trustworthy as commercial bank money
Stablecoins may require tailored regulation and access to emergency liquidity facilities, paper says
People: Sarah Breeden becomes BoE’s executive director for financial stability
Senior official who has played key role in BoE’S climate initiatives will replace Alex Brazier
BoE unveils plan to ‘green’ its corporate bond-buying
Hauser says BoE will “tilt” bond purchases and might insist on full climate disclosure by issuers
BoE’s Hall proposes policies to tackle ‘dash-for-cash’ risks
Central banks could offer repos to “broad array” of counterparties, FPC member says
BoE’s Breeden urges financial firms to run climate scenarios before ‘time runs out’
Firms need to re-examine risk models to ensure all transmission channels are considered
Over 4,000 FCA staff complete mandatory cyber training
FCA spends $26,990 on cyber security course
Don’t dismiss inflation risks but don’t overreact, say central bankers
Sbordone, Smets and Vlieghe weigh up challenges for central banks in the “return towards normal”
BoE paper explores liquidity traps with ‘Hank’ model
Precautionary savings can send economy into deflationary spiral, authors find
BoE paper highlights link between mortgage limits and consumption
Authors find “new link” between down payment requirements and household consumption
UK regulators launch plan for less liquid fund structure
Aim is to allow productive investment for the long term while curbing vulnerabilities
BoE’s Nelson warns against ‘rigid’ approach to op risk
Firms may fear the “wrath” of regulators, but rules should not offer guarantees, says official
BoE forecasts 7.25% UK growth in 2021
Bailey warns downside risks to the outlook remain
BoE prepares to break with EU rules on smaller banks
Central bank signals a more tailored approach to regulating non-systemic banks
BIS to operate sterling liquidity facility backed by BoE
Move echoes 20th century arrangements when BIS acted as intermediary in swaps network
Central banks halt longer-term dollar liquidity auctions
Major central banks will no longer offer dollar liquidity at the 84-day maturity
Macro-prudential tools can boost long-run growth – BoE paper
Authors develop theoretical framework linking financial frictions to long-run growth
Black people in finance face ‘insidious’ racism – FCA official
Sheldon Mills says only 10% of senior figures at UK’s FTSE 100 firms are from ethnic minorities
People: UK’s FCA appoints head of ESG
Burundian senior officials switch roles and senior Vietnamese supervisor is promoted