Regulation
Nauru passes legislation to axe offshore banks
Nauru's parliament has passed legislation which will abolish the country's controversial offshore banks.
CGFS report on institutional asset management
The latest report from the Committee on the Global Financial System (CGFS) has been published. The report "Incentive structures in institutional asset management and their implications for financial markets" was prepared by a working group comprising…
UK financial services regulation needs overhaul
An article in the Financial times suggests that financial regulation is a balancing act. On the one hand too tough an approach may reduce London's position as a major financial centre, but on the other hand a laissez faire attitude will bring criticism…
Russia takes Latvia off currency control list
Russia's central bank has removed the tight currency controls which it had in place against Latvia. These are the last of the restrictions adopted by Russia's central bank regarding Latvia in 1998, according to a report from the baltic News Service.
SARB may block access to banking information
Governor of the SARB Tito Mboweni told South Africa's parliament on Friday that he may seek to prevent confidential banking information entering the public domain, reports Business World
Jordanian c b approval needed over Iraqi funds
Jordan's central bank has told banks to secure its authorisation before allowing the withdrawal of funds from Iraqi accounts. AFP reports that the governor of the central bank of Jordan said the measures would help guarantee the security of the banking…
Complexities of Basle 2
An article in the Financial Times reports that the Basle bank capital accord is being stifled by complexity. Though central bankers and supervisors have worked hard on Basle 2, a US decision to apply the standard to a mere handful of banks has revived a…
New chairman of UK FSA
Callum McCarthy, a former executive at Barclays Bank and currently chief executive of the UK's energy industry regulator Ofgem, is expected to be named as the next chairman of the UK's Financial Services Authority, reports the Financial Times. The report…
Fed's Olson on the Regulatory Relief Act
In a speech on 'Financial Services Regulatory Relief Act of 2003' Mark Olson of the Federal Reserve endorsed legislation that would make it easier for banks to open branches in other states. The ban on opening new branches gives savings associations an…
Serbia, Montenegro appoint National Bank to IMF
Serbia and Montenegro have agreed to appoint the national bank and its governor as fiscal agents with the IMF, says the Tanjung news agency.
Extra six months proposed for Duisenberg at ECB
A report by Belga News quoting official sources says Greece, as the current holders of the EU presidency, will propose that ECB president Wim Duisenberg stays on for another six months in office.
No Iraqi money in Ukraine - Central Bank
Speaking on Wednesday March 27, Serhiy Tyhypko said that the US call to freeze Iraqi assets would not affect the Ukraine as the country did not hold any Iraqi bank accounts, according to a report by Interfax-Ukraine News Agency.
Vahhaji takes over as central bank head in Iran
After the sudden death of the governor of the central bank of Iran, Mohsen Nourbakhsh, at the weekend, it has been announced by the Islamic Republic News Agency that the deputy governor will assume the position of interim governor.
Lebanese central bank fighting money laundering
A report issued on Wednesday March 26 says that the central bank of Lebanon is increasing its activities against suspected money launderers, according to a report in the Lebanon Daily Star. Central Bank Governor Riad Salameh is reported to have said in…
HKMA Pay Adjustments 2003
The Hong Kong Monetary Authority (HKMA) announced on Thursday March 27 that the pay adjustments for staff of the HKMA would take effect in April 2003. The changes include a further reduction of just over 5% in fixed pay for Chief Executive Joseph Yam.
Dominican central bank chief becomes minister
The president of the Dominican Republic's central bank, Frank Guerrero Pratts, has been appointed foreign minister of the Caribbean nation, according to a report by Associated Press. The previous foreign minister resigned on Wednesday March 26 after…
Crockett- Central banking, fin stability, Basel II
SPEECH - In a speech on 'Central banking, financial stability and Basel II' Andrew Crockett of the BIS said restoring financial stability has been at the core of the efforts to revive economic performance. Promoting financial health, however, is not just…
Asia prepares for impact of Iraqi war on markets
Contingency plans are being made for Asian markets to maintain normal functioning during the Iraqi conflict, according to a report in the Wall Street Journal.
G7 deputies may meet at Financial Stability Forum
G7 central bankers may separate from their ministry colleagues at the meeting in Berlin on Monday March 24 of the Financial Stability Forum (FSF). Reuters reports that the meeting will include an evaluation of the impact of recent financial market…
BoJ takes emergency stability measures
The Bank of Japan has taken emergency measures to shore up the financial system as the US led war on Iraq begins. Toshihiko Fukui began his first day as the governor of the BOJ saying on Thursday "The Bank of Japan closely monitors associated economic…
IMF admits policy failures on economic advice
The IMF's chief economist Kenneth Rogoff has described as "sobering" an IMF report which is critical of the advice the organisation provides to developing countries on economic reform, according to the BBC.
IMF: Give Bank of Israel full independence
A comprehensive IMF report recommends that the Bank of Israel is given independence from government control. It also highlights areas where the Bank can improve transparency, according to Globe online.
Carse: how the HKMA tackles money laundering
In a speech "The Fight Against Money Laundering and Terrorist Financing - The HKMA Viewpoint" delivered on March 17, David Carse, deputy chief executive, outlined Hong Kong's approach to combatting financial crime.
Ukrainian MPs to see secret central bank data
Members of Ukraine's parliament are to be allowed access to files previously kept secret by the central bank. interfax reported that the Ukrainian Constitutional Court upheld the right of MPs to request access to NBU data.