United Kingdom
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
BoE moves to prepare UK banks for EU recovery and resolution rules
UK central bank moves to implement EU Bank Recovery and Resolution Directive, a key piece of legislation to prevent taxpayer bailouts of banks
Weidmann encourages UK to stay in EU
Deutsche Bundesbank president says the UK and continental Europe are 'more than the sum of their parts' and have both benefited from the European Union
Bank of England 'edges closer' to rate rise
Mark Carney notes ‘quickest job creation on record' since he took office last July amid confusing labour data; market practitioners say likelihood of a rate hike this year is rising
UK parliamentary report calls currency union with independent Scotland a ‘dead parrot'
There will be ‘no currency union of any kind - no ifs, no buts, no fudges, no deals', says chair of Scottish Affairs committee
People: Emefiele to chair key WAMZ committee; BIS appoints chief rep for Americas
Godwin Emefiele elected as chairman of the West African Monetary Zone’s committee of governors; Spanish economist Enrique Alberola Ila takes BIS post; more
Cut in capital requirements opens door for new UK banks
Regulators say efforts to lower barriers of entry for small banks, including lower capital requirements and easier application process, is spurring competition
Incoming BoE chair highlights ‘extraordinary' lack of women in bank's top ranks
Anthony Habgood, chairman of the Court of the Bank of England, highlights 'crying gender gap'; also raises questions about BoE's ‘one bank' merger, which he says may turn out ‘slightly awkward'
Haldane says MPC faces ‘corridor of uncertainty'
Bank of England chief economist turns to cricketing metaphors to explain the dilemma faced by the monetary policy committee at this delicate moment for the UK recovery