Regulation
Big German banks to pay dearly for Basel II - Buba
Bundesbank council member Edgar Meister has said large German companies will pay heavily under the new Basel II regime as they will have to set aside billions of euros in additional capital to buffer against surprise losses.
Regular OTC Derivatives Market Statistics
The Global OTC Derivatives Market at end-December 2002, 8 May. The BIS is releasing today its semiannual statistics on positions in the global OTC derivatives market for end-December 2002. The statistics cover the notional amounts and gross market values…
Ecuador's Gutierrez withdraws bill from Congress
Four days after the president of Ecuador submitted a bill to Congress which aimed at reform of the central bank, the bill was withdrawn. President Gutierrez said the withdrawal aimed to "reformulate and enrich it with opinions from the Central Bank,…
Report says Bank of Canada broke contract rules
The Canadian Press reports that the Bank of Canada apparently broke its own financial rules over the awarding of contracts worth millions of dollars. Apparently the Bank twice hired consulting firms without getting competing bids and then paid them…
FATF cancels Philippine mission due to Sars fears
The Financial Action Task Force has cancelled a mission to the Philippines due to the threat posed by Sars.
QIS 3 - Basel Committee releases Impact Study
The Basel Committee on Banking Supervision has released the results of the latest field test of new capital rules. This is the third impact study undertaken by the committee and was intended to show how the committee's new capital accord will impact the…
Bank of Uganda's powers trimmed by parliament
The central bank of Uganda has lost the power to control capital requirements for commercial banks after parliament voted to amend rules under the Financial Institutions Bill.
Ecuador seeks tighter controls over banking system
Ecuador's President Lucio Gutierrez has called for reform of the country's central bank which could involve the Bank's board replacing an existing board at the helm of the Banking Superintendency regulator in a bid to tighten controls.
New law to boost BMA role as a key regulator
A new law is expected to reflect the Bahrain Monetary Agency's expanded role as regulator of capital markets and will make it easier for international dealings to operate as a central bank.
Bank of Israel supervisor cleared by comptroller
The Bank of Israel's supervisory office has been cleared of a direct failure in monitoring the embezzlement at Trade Bank Ltd.
Ireland's long awaited financial regulator arrives
The Irish government has launched the new Central Bank and Financial Services Authority of Ireland, according to a report by BizWorld. Described as a historic day by the governor, John Hurley, the new Authority will establish a code of conduct for banks,…
New commission regulates Chinese banks
The China Banking Regulatory Commission began operations on Monday 28 April and will take over the supervisory role of the People's Bank of China, according to a report in Asia Times Online.
Poole on maintaining financial stability
In a speech on 'The Fed's Role in Maintaining Financial Stability' William Poole of the Federal Reserve Bank of St. Louis said the US is fortunate that the Federal Reserve is generally effective in minimizing collateral damage from unpredictable shocks…
Estonian central bank reappoints auditor
The Bank of Estonia has asked parliament to reappoint Deloitte & Touche as auditors, according to the Baltic News Service The company audited the central bank's results for 2002.
Egypt's Shura Council gives approval to bank law
The draft law of the central bank of Egypt on the banking sector and foreign currency has been approved by the Shura Council, according to a report by the MENA news agency.
Uganda's c bank appeals against Sh700m tax bill
The Bank of Uganda is appealing against a decision by the Revenue Authority to charge the central bank sh700m in taxes after it sold property, All Africa News reports.
Serbia, Montenegrin cbs sign cooperation agreement
The central banks of Serbia and Montenegro have signed an agreement pledging cooperation on bank control, according to the Tanjung News Agency
S.Korean law makers push for central bank autonomy
Lawmakers in Korea aim to give the central bank more independence from the government, according to an article in The Korea Times. But the move could be opposed by the finance ministry which feels that policy cooperation is as important as independence.
Central bank of Kenya to remove illegal accounts
Kenya's central bank plans to crack down on illegal accounts and secret banking services, according to a report in The Nation. The governor said the bank was fully aware of the practice and was "developing thoughts" on how to eliminate it.
Fed's McDonough to head new SEC accountancy board
US regulator the Securities and Exchange Commission has voted unanimously to appoint Federal Reserve Bank of New York president William McDonough as chairman of the accounting oversight board, according to a report by Associated Press.
Union reps at Bank of France call for demo
French unions are calling for Bank of France staff to demonstrate against the restructuring of the Bank's network of regional branches Le Figaro said.
Olson on the implications of Basel II
In the speech 'Basel II: Its Implications for Second-Tier and Community-Size Banks' Mark Olson of the Federal Reserve said just as Basel I has been modified on numerous occasions to accommodate new financial instruments or a new recognition of risk…
China cuts red tape for gold industry
China's central bank will no longer have to approve gold manufacturing, processing and trading in the country Eastday reported.
Chilean scandal prompts resignation of regulator
The head of Chile's financial regulator has resigned, according to the Wall Street Journal, following the scandal involving the leakage of information from the computer of the Central Bank President.