Regulation
Euro Parliament: More emphasis on growth for Pact
Press release on the Stability and Growth Pact by the Chair of the Committee on Economic and Monetary Affairs of the European Parliament, Christa Randzio-Plath MEP, 27 November. "A constructive debate on Stability and Growth Pact is needed: a political…
Dutch start negotiations on staff reduction
Central bankers throughout the euro area have their eyes anxiously fixed on the Netherlands. For it is there that the first really big job cuts in an national central bank (NCB) since the introduction of the euro are due to take place. The Netherlands…
Russian Duma adopts new law on currency controls
The Russian State Duma adopted a draft law "On currency regulation and currency control" on 21 November, according to ITAR-TASS. Under the law precious metals and stones will no longer be treated as currency assets and Russian citizens will be allowed to…
RBI forms finance advisory panel
The Reserve Bank of India has appointed an advisory committee on financial regulation which will be lead by deputy governor K. J. Udeshi, according to a report by PTI. The committee will meet once every two months to review the current regulatory regime…
ECB sees improvement in European banking sector
Bundesbank director and head of the ECB's banking supervisory committee Edgar Meister said, according to an AFP report, "Generally speaking, we do not consider that EU banking sector stability is at risk. Indeed, we perceive several signs that conditions…
Fed's Ferguson on regulatory capital
In a speech on 'The Proposed U.S. Approach to Regulatory Capital: An Update' given on 13 November, Roger Ferguson of the Federal Reserve said he considers the recent decisions reached by the Basel Committee to be a very good example of how supportable…
BoE's Large on financial stability
In a speech on 'Financial Stability: Maintaining Confidence in a Complex World' given on 17 November, Andrew Large of the Bank of England said he echoed the views expressed recently by Callum McCarthy, in his speech to the European Policy Forum. The FSAP…
IAIS launch improved website
The International Association of Insurance Supervisors (IAIS) has launched its new improved website at www.iaisweb.org. The website includes an extensively improved navigation and information layout, an elegant new design, information on forthcoming…
US bank regulators assess impact of Basel accord
Speaking on Thursday 13 November, Fed Vice Chairman Roger Ferguson said U.S. regulators are gathering data on whether the complex new Basel II rules will disadvantage institutions that lend to small businesses, home buyers or consumers according to a…
Concern over financial watchdog reform in Hungary
The National Bank of Hungary has issued a statement, reports Kossuth Radio, stressing that there is no need to reorganise the State Supervision of Financial Institutions and saying that the regulator is carrying out its duties appropriately.
A vision of stability within the Basel accord
In this article, first published by the Financial Times, Bank of Spain governor Jaime Caruana says the new Basel accord offers us the chance significantly to improve financial stability. In a few years' time, the benefits of Basel II will have become so…
RBNZ can veto bosses in biggest ever bank merger
The RBNZ cleared New Zealand's biggest ever commercial deal, the takeover of the National Bank by ANZ, but added the condition that it could veto senior appointments of directors or senior management. It is the first time new prudential banking…
Thai c bank says local banks ready for Basel II
Bank of Thailand Governor Pridiyathorn Devakula said on Monday 27 October, according to Dow Jones, that Thai commercial banks will be ready to adopt the new Basel II regulations on capital adequacy when they come into force end-2006.
Basel committee vows to respect timetable
At its weekend meeting in Madrid, the Basel Committee moved forward with a proposal for how banks would treat what is known as expected credit losses, adopting the stance of the US banks. The committee pledged to stand by its timetable for implementing…
Supervisory body to boost BI's accountability
Indonesia's Minister of Finance, Boediono, has repeated the importance of establishing a supervisory board for Bank Indonesia's board of governors, a report in the Jakarta Post said. The idea has been opposed by Bank Indonesia but is meant to strengthen…
Caruana asks What next for Basel?
In a speech on the subject of 'What next for Basel?' given on 9 October Jaime Caruana of the Bank of Spain said while many challenges lie ahead for the New Basel Accord, even more lie behind us that we have already overcome. Perhaps it's helpful to…
Office of CBRC set to open in Shanghai
The China Banking Regulatory Commission will open a Shanghai Bureau this week, says the China Daily.. The CBRC's Shanghai bureau will take over the supervision of the city's banking industry from the local branch of the People's Bank of China, the…
ECB to provide assistance to Russian central bank
The ECB is to help train staff from the central bank of Russia, according to a report by AFX. The training will be provided by officials from nine eurozone national central banks and the non-central bank supervisory authorities of the UK, Sweden and…
Central bankers debate Basel II delay in Madrid
The central bankers and bank supervisors charged with creating a new regime for bank capital were due to meet in Madrid on Friday 10 October to decide whether to postpone the implementation of the rules, according to the Financial Times. The issue was to…
ECB shake-up in response to staff discontent
The European Central Bank is to reshuffle its management in response to claims that the eurozone central bank is becoming too bureaucratic, the Financial Times reports. Feelings inside the bank's Eurotower headquarters in Frankfurt have been running high…
Crunch meeting for Caruana - Special Feature
CentralBanknet's Monday special feature focuses on the Basel Committee's current crunch meeting in Madrid and the key issues for Jamie Caruana's chairmanship.
Swiss National Bank calls for deregulated economy
In his debut speech, reported by the Financial Times, the Swiss National Bank's board member for financial markets, Philipp Hildebrand, called for broad deregulation of the domestic economy to tackle unemployment and protect the country's long-term…
Syria issues money laundering law
The Syrian President has issued a decree providing the legal framework to combat money laundering in the country, according to a report by AME Info. The law improves the legal framework of the banking system and creates a new authority affiliated to the…
FATF to review Philippines' anti-money laundering
A team from the Financial Action Task Force (FATF) will arrive in the Philippines later this month to review the implementation of anti-money laundering laws, Agence Presse reports. The review is part of the process of removing the country from the FATF…