Regulation
Fed seeks nominations to Consumer Advisory Council
The Federal Reserve Board has announced that it is seeking nominations for appointments to its Consumer Advisory Council. Eleven new members will be appointed to serve three-year terms beginning in January 2005.
Taiwan appoints new regulator chief
Taiwan has appointed Jaw Sheng Kong as chairman of the newly formed Financial Supervisory Commission. Kong, 48, is currently chairman of state-owned Taiwan Sugar Corp, said the Executive Yuan, the island's Cabinet.
Fed's Kohn on regulatory reform proposals
In testimony 'Regulatory reform proposals' given on 22 June, Donald Kohn of the Federal Reserve said that the Federal Reserve Board strongly supports legislative proposals that would authorise the payment of interest on demand deposits and on balances…
The Norwegian Banking Crisis
It has been ten years since the Norwegian banking crisis ended. This publication considers the crisis in retrospect and provides a comprehensive, but reasonably compact description in English of the Norwegian banking crisis. It contains six chapters and…
IMF's Carstens on anti-money laundering
In a speech on 'Anti-Money Laundering and Combating the Financing of Terrorism: The Challenges Ahead' given on 4 June, Agustin Carstens of the IMF said since global efforts to combat AML/CFT began in the early 1990's, there have been many successful…
Olson on banking insurance & securities activities
In a speech on 'Regulatory update: Banking industry, insurance, and securities activities' given on 10 June, Mark Olson of the Federal Reserve said the U.S. system of risk-focused bank supervision relies heavily on cooperation among multiple state and…
Basel Committee considers IFRS
The Basel Committee on Banking Supervision has been considering the potential impact the implementation of certain International Financial Reporting Standards (IFRS) may have on regulatory capital and whether it should be adjusted, in response.
Ireland's Hurley on the role of the central bank
In a speech on 'The role of the central bank and the current issues being considered by the Financial Services Regulator' given on 1 June, John Hurley of the Central Bank and Financial Services Authority of Ireland put the role of the Central Bank in…
BOT profits hit by exchange rates
The Bank of Thailand's (BOT) annual report recorded Bt5 billion net profit for 2003, a sharp drop of 58 per cent from the previous year, attributed to foreign exchange losses and lower interest income.
RBA's McKibbin barred from providing advice
The Governor of the Reserve Bank of Australia, Ian Macfarlane, blocked board member Warwick McKibbin from advising a residential home equity fund, the Sydney Morning Herald reported this week.
Fed's Bies on accountancy reform
In a written statement on IASB reform given on 3 June, Susan Schmidt Bies of the Federal Reserve said the Federal Reserve strongly supports efforts to enhance the oversight activities of the IASCF and the standards-setting processes of the IASB. Such…
Irish financial regulator to get new powers
Ireland's new financial regulator is to be given powers to fine and name offending institutions under draft legislation going through the Irish parliament, the Dail, this week, according to the Financial Times on Friday4 June.
Supervision of banks paying off reports CBRC
The China Banking Regulatory Commission (CBRC) said Thursday its recent efforts to strengthen the supervision of banks and contain their lending risks have shown good results, according to Friday's China Daily.
Fed's Bies on Bank Secrecy Act enforcement
In testimony on 'Bank Secrecy Act enforcement' given on 3 June, Susan Schmidt Bies of the Federal Reserve said the Federal Reserve has expanded its anti-money laundering program "dramatically" in the last 10 years and urged U.S. banks to take steps to…
CBK to get increased regulatory powers
Under proposed changes, the Central Bank of Kenya will have additional powers to monitor and regulate the banking industry. The ministry of finance will transfer banking licensing, regulation and disciplinary authority to the CBK, the East African…
Report says Basel II will cost banks 20-30bn euros
Applying capital requirements under a new accord drafted by the Basel committee should cost European banks 20-30 billion euros between 2002 and 2006, a study prepared for the European Commission has estimated.
Philippines may stay on FATF list
The Philippines may have to wait another year before it can be removed from the list of so-called "uncooperative" countries by the Financial Action Task Force (FATF,) Governor Rafael Buenaventura of the Bangko Sentral ng Pilipinas said Monday 31 May.
Geithner: Perspectives on the US financial system
In a speech on 'Perspectives on the U.S. Financial System' given on 27 May, Timothy Geithner of the New York Fed said banking supervisors are engaged in a never-ending "arms race" with the increasingly complex financial system they are supposed to…
Exchanging views on central banking issues
At the opening on Tuesday 25 May of the Joint Eurosystem, Bank of Russia Seminar in Helsinki the participants were welcomed by Matti Louekoski, Acting Governor of the Bank of Finland. He stressed that the Russian Federation has been enjoying rapid…
Beijing forum on banking and finance opens
four hundred bankers from China and overseas, financial institution representatives and banking supervisors gathered in Beijing on Wednesday 19 May to discuss China's banking and financing issues at a high-profile forum.
Fed's Bies on corporate governance
In a speech on 'Corporate Governance: Where Do We Go From Here?' given on 19 May, Susan Schmidt Bies of the Federal Reserve repeated on Wednesday that banks involved in setting up structured finance deals need to ensure they are undertaken for proper…
China's PBOC considers new plan on NPLs
The People's Bank of China is considering adopting an aggressive new strategy to offload another 200 bln yuan in non-performing loans (NPLs) from the Bank of China and China Construction Bank, as the government steps up its efforts to clean up the nation…
SARB Financial Stability Review, March 2004
The South African Reserve Bank has published the first edition of its Financial Stability Review for March 2004. This explains some of the approaches used in both a quantitative analysis of the various financial-stability indicators and a qualitative…
IMF urges better bank monitoring in NZ
The Reserve Bank of New Zealand's monitoring of banks may not give enough information "at the onset of a sudden crisis", according to the International Monetary Fund.