United Kingdom
EU leaders thrash out ECB bank supervision deal
European finance ministers reach agreement that gives the ECB supervisory powers over the largest banks; EBA rules adjusted to balance voting powers of states outside supervisory mechanism
UK’s Wheatley outlines behavioural foundations of FCA approach
CEO-designate of UK’s Financial Conduct Authority says regulator’s new approach will centre on behavioural economics rather than treating consumers as fully rational
UK’s Wheatley talks tough on financial market intervention
Head of UK’s Financial Conduct Authority says he will act ‘early and decisively’ in cases of misconduct; fleshes out details of wholesale market and client asset regulations
New UK regulators may have some overlap, says FSA’s Nicoll
Director of conduct policy at UK’s FSA says there may be crossover between ‘twin peaks’ regulators; report suggests banking lobby can influence rule-making and industry complacent over costs
Inflation jump exposed in BoE report
Bank of England adjusts inflation expectations after an October rise in inflation that some commentators branded as 'embarrassing'
BoE’s Bailey preaches simple supervision
Bank of England executive director wants basic supervisory tools to support complex risk-based analysis
BoE’s Haldane debates banking reformation with Occupy
Bank of England’s Andrew Haldane discusses the banking system with social inequality activist group; urges bank reform rather than 'banker bashing'
Structure of banks must change as they grow, says BoE’s Haldane
The Bank of England’s Andrew Haldane discusses ways to address the ‘too-big-to-fail problem’; considers impact on banks’ economies of scale
US reform could slash $150bn payments bill, says Fed’s Pianalto
Cleveland Fed president Sandra Pianalto explains the Fed’s vision of how the US payments system will operate in a decade; says UK offers valuable lesson on speed
ECB’s Constâncio downplays impact of single supervisory mechanism
Vítor Constâncio says banking supervision will not be significantly altered when ECB starts new supervisory role; attempts to allay fears over internal conflicts and role of national supervisors
UK endorses Wheatley report to fix Libor
The UK Treasury has endorsed recommendations made by Martin Wheatley of the Financial Conduct Authority to fix Libor; will amend the UK’s Financial Services Bill
Further QE discussed in BoE minutes
UK central bank’s Monetary Policy Committee minutes show further quantitative easing debated even though members voted unanimously to keep asset purchasing at current level
Policy-makers debate how to restore trust in the financial system
Andrew Tyrie among speakers at BBA conference discussing how to develop greater trust in the financial system, ideas range from greater competition to code of conduct for bankers
UK’s Wheatley outlines steps toward new regulator
Chief executive-designate of the UK’s new Financial Conduct Authority outlines regulatory vision; new body to be created in 2013 as one half of ‘twin peaks’ approach
Riksbank deputy questions the role of inflation targeting
Per Jansson, deputy governor of the Sveriges Riksbank, suggests a move away from fine-tuning monetary policy around inflation but says a shift to a higher target does not seem advisable
Tyrie to scrutinise draft of UK’s Banking Reform bill
The UK’s Banking Reform Bill published today will undergo parliamentary scrutiny; Andrew Tyrie concerned important details are being left to secondary legislation
King says price stability insufficient for economic stability
The governor of the Bank of England discusses the relationship between price and financial stability; says inflation targeting should not be buried yet
ECB chief views speed of reform as critical for success
ECB chief Mario Draghi calls for the fast implementation of single supervisory mechanism despite many details remaining unclear; others say reform needs to be more ‘thought out’
Norway’s SWF adds further $560m of property to portfolio
Government Pension Fund Global continues progress towards 5% of fund invested in real estate with purchase of 50% stake in UK’s Meadowhall shopping centre
Spillovers at ‘zero lower-bound’ examined by BoE paper
Bank of England study investigates how monetary policy decisions by large countries in low interest-rate environments affect the ability of small economies to stimulate demand
BoE review estimates OTC margin requirements could hit $800bn
Bank of England review models the effect of OTC reforms on margin requirements; anticipates slow adaptation
Wheatley unveils details of planned Libor reform
Martin Wheatley’s final report recommends ‘comprehensively reforming’ Libor rather than replacing the benchmark; BBA stripped of rate-setting role
BoE’s Jenkins attacks banking sector myths
Bank of England Financial Policy Committee member says myths about regulation are rife in the banking sector, with reform likely to suffer until the myths are dispelled
BoE’s Fisher details progress on ‘funding for lending’ scheme
Bank of England MPC member Paul Fisher reveals the initial uptake of UK ‘funding for lending scheme’; says impact difficult to judge