United Kingdom
BoE makes gains on QE assets
Bank of England’s Asset Purchase Facility Fund reports £9.8 billion increase in value of balance sheet; gains channelled to UK government in form of indemnity
UK abandons plan to end cheque use
Method of payment will exist for “as long as customers” need, says Payments Council
King receives 2.5% pay rise
Bank of England 2010 Annual Report shows governor Mervyn King’s starting minimum salary for 2010 increased to £375,000; deputy governors also receive pay rise
BoE identifies deficiencies in central banks’ monetary policy frameworks
Bank of England deputy governor Charlie Bean says central banks must review their monetary policy frameworks to include a more prominent role for financial intermediaries
BoE urges expansion of Chaps membership
Bank of England executive director of banking services Chris Salmon calls for broader membership of UK large-value payments system
Tucker hints at shifting BoE attitudes and policies
Paul Tucker, deputy governor at the Bank of England hints he might vote to raise interest rates; calls for new “social contract” with banks
FSB probes deposit insurance response to crisis
Financial Stability Board launches peer review of deposit insurance systems; highlights cross-border relations and crisis response
Fed extends temporary dollar swap lines again
Canada, UK, Switzerland and ECB prolong arrangements; Japan to decide soon
Regulation reform dominates British Bankers’ Association conference
Regulatory reform causing concern for all involved; any changes made must be the right ones, say speakers at the BBA Annual International Banking Conference
BIS call for UK rate hike ‘nonsense’, says Bank’s Posen
Bank of England external Monetary Policy Committee member Adam Posen describes Bank for International Settlement’s argument for increase in Bank rate as ‘nonsense’
FSA outlines strategy for new conduct authority
UK Financial Services Authority says Financial Conduct Authority will be tougher and bolder than past consumer regulator
Sovereign debt crisis dominates BoE’s first FPC briefing
European sovereign debt crisis leads discussions at Bank of England’s first interim Financial Policy Committee briefing; body issues five policy recommendations to Financial Services Authority
Bank considers further QE
Bank of England Monetary Policy Committee minutes reopens debate on further quantitative easing; new external MPC member Ben Broadbent votes to hold rates
King defends his additional powers
UK government publishes draft legislation handing significant powers to the governor of the Bank of England; King reassures critics of the shift
UK chancellor backs ring-fencing of banks
Chancellor of the exchequer endorses plans to separate retail from investment arms; says FPC’s stability remit to be reviewed annually
BoE’s Weale calls for early rate hike
Bank of England external Monetary Policy Committee's Martin Weale says early rate increase will give central bank more room to manoeuvre in future
BoE paper on development of central banks' lender-of-last-resort function
Bank of England study looks into evolution of clearing and settlements systems and central banks' progression as providers of liquidity
Bank utilises Google in analysis
Bank of England paper says internet search tools offer accurate analysis of current economic trends
Ex-IMF adviser calls for 'hard rules' on cross-border resolutions
Former IMF adviser Rosa Lastra says international regulatory framework should apply 'hard' rules on cross-border resolutions; says FSA was scapegoat in crisis
British bankers disagree over ring-fencing
Controversial proposals for reform of UK banking system spark dispute among representatives of ‘big four’ banks; disagree over ring-fencing option
UK lawmakers highlight lack of market expertise on FPC
Treasury Committee labels Alistair Clark an “insider”; calls on Michael Cohrs to make more public pronouncements
BoE outlines risk of higher intraday liquidity buffers
Bank of England study says new measures to enhance intraday liquidity risks jeopardising payment and settlement operations; recommends tools to mitigate banks’ incentive to delay settlement
BoE paper reviews international transmission mechanism
Bank of England study says shift in international monetary transmission mechanism in 1990 corresponds to changes in United Kingdom’s monetary policy framework
Bank’s Fisher explains low bank rate levels
Bank of England executive director for markets, Paul Fisher, says not much could have been done by central bank to address inflationary pressures