United Kingdom
BoE opens doors for debate on the future of central banking
Event breaks new ground in central bank engagement with the public; participants offer both positive and negative feedback
Central bank comms affect long-run uncertainty – BoE paper
BoE’s inflation report has effects on long-run bond yields, paper finds
Data services: Vizor Software
The Irish tech company has rolled out major updates to pave the way for more agile supervision as its scalable system won major repeat business with Sama and the Bank of England
‘Unsustainable’ debt needs more thought – BoE’s Broadbent
Sustainable debt levels can differ between economies, and may not be observable – deputy governor
UK’s Link implements new fees in bid to halt ATM closures
Subsidy paid by banks to cash machine operators rises to up to £2.75
Debt growth a better warning signal than levels – BoE’s Broadbent
Deputy governor says countries with high debt levels did not necessarily suffer more during the 2008 crisis
Dutch central bank and regulator call for AML law for crypto assets
But regulations should change to make crypto asset financing easier for small firms – DNB
Currency services: De La Rue
2018 was a busy year for the UK-based banknote provider as it secured new clients and transformed its focus towards technology
BoE paper studies CoCo effects in ‘one-shot game’
Game theoretic approach suggests CoCos cut risk-taking in certain circumstances
Brexit might allow simpler regulation for small UK firms – PRA chief
Sam Woods says “simpler, not weaker” regulation might boost both competition and safety
Ireland ready to shield insurance policy-holders in ‘hard Brexit’ – deputy governor
Irish financial system should prove resilient if UK quits EU without a deal, Ed Sibley says
UK lawmakers demand fix for RPI miscalculation
House of Lords says Statistics Authority’s failure to fix error has left many members of public poorer
BoE’s leveraged loan research draws interest from overseas
UK exposures are modest but firms in US and Japan have bigger holdings of CLOs, which carry echoes of the subprime mortgage crisis
Private mints to help with £1 overseas distribution
Royal Mint will provide blanks for overseas territories but design and distribution is responsibility of individual regions
Key Brexit vote complicates outlook for UK economy
Vote this evening leaves UK’s political and economic future uncertain; analysts optimistic on outlook for sterling
BoE keeping ‘open mind’ on central bank digital currency – Carney
But “it could be some time” before private accounts are available at BoE, if they are ever offered, governor says during online Q&A
People: Nellie Liang withdraws from Fed nomination; World Bank chief resigns
Trump nominee had played a key role in setting up the Fed’s stress tests; Kim was due to leave World Bank presidency in July 2022; further appointments in UK, Vietnam and Ghana
FCA opens temporary permissions regime application window
Firms have until March 28 to notify the UK regulator
Staff cuts made at majority of central banks since 2013
But staff numbers grow at several banks, including ECB and Bank of England
Lower interest rates make risky investments more likely – BoE paper
Gains from gambling increase when rates are low, researcher argues
Two women will join Bank of England’s financial policy committee
Colette Bowe and Jayne-Anne Gadhia to join FPC later this year
Low rates can encourage risk-taking – BoE paper
Author models the risk-taking channel of monetary policy alongside a “bankruptcy channel”
Minority representation at BoE requires ‘step change’ – Carney
Minority groups are underrepresented, report lower satisfaction and suffer higher staff turnover
Europe approves post-Brexit CCP and CSD framework
EC adopts temporary regime to allow UK CCPs and CSDs to continue operating for 12 months after Brexit; BoE and Esma in talks to ensure efficient supervision