United Kingdom
Bank of England seeks global consensus on ‘fair and effective’ markets
Review aims to fix outstanding issues with market structure and conduct; Minouche Shafik says the central bank is working with others globally to build a consensus
Broadbent: Neutral real rates will stay low for ‘some time’
Bank of England deputy governor Ben Broadbent expects neutral real rates of interest to rise ‘eventually’, but expects them to remain low ‘for some time yet’
Carney launches review into RTGS failure
Independent review will look into ‘technical issue’ that knocked RTGS system out of operation yesterday, and consider the central bank’s response
Bank of England resumes settlement after 'technical issue’
UK’s high-value payment system was ‘paused’ for several hours today, but is now back up and running; central bank extends opening hours to deal with backlog
BoE lifts lid on Scottish independence contingency plan
Plan warned of ‘potential instability’ from use of pound north of the border; central bank prepared emergency liquidity and clear communication strategy in run up to vote
BoE unveils draft rules for ring-fencing UK banks
Prudential regulator issues consultation on rules relating to legal structure, governance and maintaining core operations; Andrew Tyrie welcomes structural recommendations
Stronger pound has pushed down UK inflation rate, says BoE's Forbes
MPC member says 14.5% appreciation between March 2013 and July 2014 will have powerful effects on the UK economy over the coming quarters
Bank rules and their impact on inequality
Banking regulation has a profound effect on levels of long-term financial inclusion around the world; US engaged in a failed ‘lottery ticket’ effort by the US to offer housing to the poor.
BoE paper: ‘No evidence' QE operated via bank-lending channel in UK
If quantitative easing gives rise to short-lived deposits in a given bank, the traditional bank-lending channel is diminished, BoE paper finds
Bank of England QE led institutional investors into corporate debt
Portfolio rebalancing into riskier assets triggered by monetary easing did not extend to equities, BoE paper finds
Kohn says exit from unconventional monetary policies likely to be 'positive event' for UK
External member of Bank of England FPC says ‘most likely all will go well' but warns long period of low volatility may have led to mispricing of risk
Carney says 'striking' labour market differences will prompt ‘less synchronised' monetary policy
The Bank of England governor addresses UK wage conundrum; argues US is in worse position as its headline unemployment rate is 'much better than the details'
LCH payments system raises concentration concerns
A large proportion of cash payments between clearing members and LCH.Clearnet are processed by just two banks, raising concentration risk concerns from banks and regulators
De La Rue ‘preferred bidder' for next Bank of England printing deal
UK printer expected to sign contract with central bank next month and start producing new notes in April; BoE hired Innovia Security to supply polymer substrate in March
Bank of England sets out rules for foreign bank branches
Branches lacking credible resolution plans could have their licences revoked, bank warns; insurance executive joins Prudential Regulation Authority board
Olli Rehn: Scotland would need central bank to join EU
Independent Scotland would not be able to both keep the pound sterling and join the EU, former commissioner argues, referring to ‘core part' of union treaty
Bank of England MPC sees first dissent since 2011
McCafferty and Weale vote to raise interest rates, minutes show, as conflicting labour market developments split committee's view on UK spare capacity
Stagnant wages amid falling unemployment creates headache for BoE
Bank of England halves wage growth forecast for 2014 as unemployment seen falling below 6%; Mark Carney notes ‘wide range of views' on MPC about degree of slack
UK government to 'explore potential of virtual currencies'
Major study will look into whether regulation is required for businesses to set up in the UK, says chancellor George Osborne, who adds virtual currencies can ‘transform lives’
PRA highlights restrictions on group own funds
Implementation note says capital instruments issued by third-country undertakings must conform to Solvency II to qualify as loss absorbing
BoE working group finds ‘striking' changes in investment behaviour by insurers and pension funds
Nature of investments has changed markedly over the past 15 years, says Andrew Haldane-led group, which also includes Oxford professor Ian Goldin and Jim O'Neill
Bank of England unveils plans to lock up bankers' bonuses for seven years
New rule will mean financial sector bonuses can be 'clawed back' for up to seven years, but the BoE is also proposing bonuses are locked up until that period expires
Broadbent says credible policy blunts current account deficit threat
UK current account deficit is historically large but is not threatening growth, new Bank of England deputy says, thanks in part to macroeconomic policy framework
IMF calls for clarity on BoE monetary framework ahead of first rate hike
Bank of England ‘will need to announce soon what its new monetary control framework will be', the Fund says, adding it is ‘waiting to hear' from the bank