United Kingdom
UK authority calls on banks to help tackle cyber crime
UK National Crime Agency calls on banks to collaborate with authorities to reduce fraud
BoE Court recommends forecasting rethink
Review of forecasting sheds light on strengths and weaknesses of central bank’s approach; recommends more systematic performance evaluation and new modelling techniques
BoE’s Bailey stresses need for true understanding on boards
Andrew Bailey says executive board members should be responsible for explaining complex matters in simple terms, rather than leaving non-executives to figure it out for themselves
BoE researchers unearth further evidence of electronic trading driving liquidity shocks
Study of market liquidity finds episodes of volatility have centred on fast, electronic markets, and says broad trend has been towards greater use of electronic platforms
BoE’s Brazier defends new stress testing framework
Executive director says the Bank of England already has much of the forecasting infrastructure it needs, but will not overestimate its ability to spot the UK’s position in the financial cycle
BoE’s Shafik unconvinced regulation is main factor driving volatile liquidity
Deputy governor says regulation ‘only part of the story’ of why market liquidity has experienced bouts of dramatic volatility, and offers opinion on what policy-makers can do to help
Threshold-based forward guidance can work at the zero lower bound, BoE paper says
Private sector industries have to understand how threshold-based forward guidance will be used in order for it to be effective, BoE working paper notes
Retail banking investigation findings criticised by MP
First report from investigation on retail banking criticised by Andrew Tyrie for its findings on ‘free-if-in-credit’ model for current accounts
BoE’s Bailey considers how to foster competition
Bank of England deputy governor highlights the role of the PRA in fostering competition in the banking sector
Liquidity issues demand further work, says BoE’s Cunliffe
Greater fragility of market liquidity requires reassessment of regulation, new stress tests and better data, BoE deputy says; private sector economists warn of distortionary effects from QE
UK’s Osborne defends ‘middle way’ struck by BoE bill
Finance minister tells MPs the decision to drop the reverse burden of proof avoids creating a two-tier regime; talks up value of BoE independence in response to concerns over NAO role
Carney wants ‘clear principles’ to safeguard non-euro members
Bank of England study of EU membership finds union has broadly contributed to ‘dynamism’ in the UK economy, but imposition of regulation from afar may not suit UK needs
Bank of England expands swap line with China
The BoE and PBoC strike a deal to increase the swap line to RMB350bn and extend it by three years; seen to support London as an offshore centre
BoE unveils new systematic stress tests
Stress tests designed to move counter-cyclically with the financial cycle and inform decisions on capital buffers; BoE looking to improve modelling techniques to keep pace
Carney treads carefully amid potential threats to BoE independence
Governor expresses concern over the National Audit Office's role in the new Bank of England Bill, but dismisses fears he is harming free debate by chairing too many committees
BoE needs to avoid getting ‘behind the curve’, says McCafferty
The monetary policy committee member warns against leaving the rate hike "too late", making it harder to raise it gradually to minimise disruption to households and businesses
BoE’s Bailey defends dropping reverse burden of proof
PRA chief says decision to backtrack on key element of senior managers regime makes the rules more robust; rejects suggestion he has been ‘cowed by the lawyers’
Outlook for emerging markets not as ‘gloomy’ as people think, BoE’s Forbes says
Bank of England MPC member Kristin Forbes warns pessimism may be ‘overshadowing important differences across countries’ and strengths in some economies
BoE unveils final plans for ring-fencing banks
Consultation sets out how bank holding companies should structure themselves to comply with legislation on ring-fencing, but a decision on extra capital buffers is yet to come
BoE’s new MPC member grilled on financial assets
Treasury Committee questions Gertjan Vlieghe on real or perceived conflict of interest; Ian McCafferty justifies view on rate hike in reappointment hearing
BoE’s Sharp wants FPC powers over buy-to-let market
UK Treasury will consult on the prospect of handing the FPC powers of direction over buy-to-let lending; external FPC member in favour
BoE turns attention to risk-free rate as markets push out expectation of hike
MPC mulling the question of whether lower rate expectations will provide enough stimulus to overcome growing risks from emerging markets; rates stay on hold
BoE paper explores link between mortgage debt and consumption
Tighter credit conditions and concern over debt repayments may have led to a 2% drop in aggregate private consumption following the crisis, working paper says
BoE committee sees benefits of moving CCB in small steps
The Bank of England's Financial Policy Committee leaves the CCB at 0% but notes the system is ‘moving into a normal phase of the credit cycle’ and sees potential advantages in using smaller increments when the time comes