United Kingdom
UK moves to address Libor debacle
Martin Wheatley presses ahead with UK government investigation into Libor manipulation; may replace the interest rate benchmark
Bank of Canada paper finds major benefits of QE in UK and US
Researchers study impact of asset purchases by Federal Reserve and Bank of England; identify ‘powerful effect’ on output and inflation
BoE paper models risk of financial shock amplification
Working paper develops model of financial system linkages to illustrate shock transmission; finds spread of defaults is amplified by fire sales and curtailed lending
UK Treasury proposes payments regulation overhaul
Government sets out options for changes to payments regulation in UK; favours creation of new ‘Payments Strategy Board’ to monitor industry and make recommendations
IMF urges UK to take further measures to promote growth
Staff report on UK Article IV Consultation urges policy-makers to act in order to boost ‘flat’ economy; says fiscal tightening may need to be eased next year
Former Bank of England MPC member blasts QE dissenters
David Blanchflower says Spencer Dale and Ben Broadbent were 'on another planet' when they voted against an increase to the asset purchase programme; minutes of July MPC meeting show 7:2 split
Agius confirms BoE governor’s intervention in Barclays
Chairman of Barclays recounts meeting with Mervyn King during which he was told Bob Diamond had lost the confidence of the regulator; following day the bank’s chief tendered his resignation
BoE’s Tucker denies involvement in Libor scandal
Paul Tucker says no members of the last government urged him to pressurise banks to alter Libor rates; claims no prior knowledge of Libor 'low balling' ahead of official investigations
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally
Diamond clarifies note on conversation with BoE deputy
Former chief executive of Barclays explains note written after conversation with Paul Tucker; gives evidence on same day Tucker makes public request for hearing with Treasury Select Committee
Barclays draws Bank of England into Libor debacle
Email relaying conversation between Bob Diamond and Paul Tucker raises questions over BoE deputy’s role in rate-setting scandal; Diamond set to explain further before parliamentary committee tomorrow
King calls for overhaul of UK banking system
Governor of the Bank of England says cultures of investment and retail banking operations do not mix; calls on government to legislate on all of Independent Commission on Banking’s recommendations
Libor manipulation lawsuits could cost banks ‘tens of billions’
Barclays' $450m settlement gives lawyers smoking gun evidence of attempts to tamper with benchmark rates
BoE’s Weale discusses monetary policy challenges
Martin Weale paints bleak picture of the global economy; says new Bank of England schemes should help to support the recovery
Bank of England to post collateral in OTC derivatives trades
BoE thought to be the first major central bank to change policy on collateralisation as it seeks to reduce dealer funding charges
BoE’s Jenkins discusses threats to financial system
Financial Policy Committee member considers dangers facing the global financial system; says future interventions to stabilise cross-border capital flows are likely
UK plans joint BoE-government funding scheme
Mervyn King announces 'funding for lending' scheme for banks; stresses full support from government is necessary
FSA’s Sants airs fears of overburdened BoE governor
Hector Sants says operational tasks handed to Bank of England governor under recent reforms could be “too great”; slams government and BoE for not listening to advice concerning Northern Rock collapse
Posen calls on BoE to go beyond gilt purchases
External MPC member urges purchase of assets other than government bonds; suggests creation of a Fannie Mae-type entity in the UK
Andrew Bailey to join interim UK Financial Policy Committee
Bailey to join June meeting of interim Financial Policy Committee as a voting member; takes over as head of the Prudential Business Unit at the FSA in the same month
New members admitted to BoE Court
Queen of England approves government recommendations; Bradley Fried, Tim Frost and Dave Prentis become non-executive directors of the Bank of England
UK police seize more than £4 million in counterfeit coins
Metropolitan police uncover large counterfeit operation in UK; some of the fake coins may already be in circulation
BoE’s Bailey debunks ‘dangerous’ free banking myth
Andrew Bailey says reform of UK banking sector is needed to include upfront charges on banking services; calls current supposedly free in-credit banking a "dangerous myth"
Canada behind macro-prudential curve, say former Bank governors
Paul Jenkins and Gordon Thiessen want responsibility for macro-prudential policy formally assigned in Canada; also urge creation of a framework in which to carry out these functions