United Kingdom
People: RBNZ names new assistant governor
NZ chief economist to step down; Vanuatu governor gets new term; Swift CEO to depart; Don Robert to step down from Bank of England Court
BoE revamps expenses rules after criticism from MPs
MP says some officials’ expenses claims are “staggeringly high”
Book notes: Macroprudential policy and practice, edited by Paul Mizen, Margarita Rubio and Philip Turner
An important overview of the current state of thinking about macro-prudential policy, but uncertainties remain about the current allocation of financial stability responsibilities
BoE paper outlines DSGE model of financial and real frictions
“Channels of effect” run between financial markets and labour markets, authors find
Central banks turn to visual communication in 2018
More than 30 central banks started YouTube channels over the past 12 months, according to Central Banking Directory 2019; Bank Indonesia retains Twitter titles
BoE issues warning over global leveraged loan market
Scale, growth and lending standards similar to pre-crisis subprime lending, BoE reports
Bank of England official urges buy-side firms to adopt global FX code
BoE markets director says uptake from the buy side has been slower than that of banks
BoE held back on Brexit commentary for fear of influencing negotiations
UK central bank planned to publish analysis after the country left the EU in 2019
Carney warns on ‘uncomfortable’ Brexit compromise
Governor fears some Brexit outcomes could restrict the BoE’s regulatory options; defends no-deal Brexit analysis
Bank of England to overhaul consumer interest rate statistics
Changes are designed to ensure the statistics reflect consumers’ experiences “as closely as possible”
UK banks’ holdings of leveraged loans ‘very small’, BoE says
Global leveraged loan market growing rapidly but lending standards falling, says Bank of England
No-deal Brexit could hit UK harder than global financial crisis, BoE says
Latest analysis from the UK central bank says growth could plummet 8% in the event of a no deal
Stress tests show major UK banks should withstand ‘disorderly Brexit’ – BoE
All large UK banks surpass risk-weighted capital and leverage hurdle rates
FCA survey reveals significant increase in tech failures
Cyber incidents represented 18% of incidents reported to the FCA in year to October, despite firms appearing confident with current systems and processes
Brexit set to transfer powers to UK regulators
Government to replace EU financial institutions’ powers with UK versions, says FCA, which will gain oversight of credit ratings and trade repository regulation
Esma acts to give UK-based CCPs EU access if ‘hard Brexit’ occurs
Banque de France governor says equivalence must last “no more than a year or so”
Ageing population could harm policy transmission – BoE’s Saunders
Interest rates’ “cashflow channel” may weaken, says MPC member
Brexit vote has hurt UK investment – IMF paper
Researcher presents proxy term for UK firms’ exposure to Brexit costs
Interview: Clair Mills on the meaning of fintech
The Bank of England’s head of change and data management discusses why fintech is so important for a financial sector going into uncharted territory
Carney calls for financial sector to face up to climate risks
Outlook is “concerning” as losses from extreme weather hit record levels, BoE governor says
PRA using AI to understand connectivity of rulebook
UK regulator is using Google search engine algorithm to see if rulebook can be streamlined, says BoE’s Proudman
Oxford academic argues Milton Friedman is misunderstood
James Forder says Friedman had a bigger impact on neoclassical economics than on monetarism
Information can substitute for collateral, BoE paper finds
Strong lending relationships can insulate a firm during booms and busts
BoE paper proposes fix for flawed rate expectation estimates
Model augmented with overnight indexed swap rates performs better, author says