Central Banking
Central Bank of Belize publishes annual report
Annual report published by Central Bank of Belize says central bank is “cautiously optimistic” regarding economic outlook
New Central Bank of Ireland headquarters revealed
Irish central bank to spend €7 million on new headquarters in Dublin; bank expects to relocate in three to four years when building work is complete
BoE paper assesses contingent capital risk
Financial Stability Paper examines contingent capital’s risk to stability when used to fulfil banks’ equity requirements; warns that such capital may cause wider problems
Israel’s Fischer advocates growth strategy in eurozone
Governor of Bank of Israel discusses eurozone crisis; says countries need not start fiscal consolidation immediately and should concentrate on growth
IMF paper examines financial intermediation costs in low-income countries
Working paper considers causes of high financial intermediation costs in low-income countries; finds that lack of competition and various bank-specific factors lead to high costs
Bank of Canada paper estimates settlement balance demand
Working paper estimates aggregate demand for settlement balances; suggests that the central bank’s supply of $3 billion is reasonable
ECB delivers blow to Hungarian central bank law
The European Central Bank says the amended draft central bank law still “fails to address” concerns over independence; continued uncertainty leaving central bank operations unstable
Andrew Bailey to join interim UK Financial Policy Committee
Bailey to join June meeting of interim Financial Policy Committee as a voting member; takes over as head of the Prudential Business Unit at the FSA in the same month
Brazil’s Tombini seeks appointment of new director
Governor of the Central Bank of Brazil nominates candidate to become director of special affairs; former governor Henrique Meirelles announced as chairman of Lazard Americas
Nalm Americas: Reserves panel split on euro
Some central banks in the Americas are reducing allocation to euro – but not necessarily as a result of the eurozone debt crisis
IMF’s Nehmat urges eurozone fiscal adjustment plan rethink
Deputy managing director of the IMF says some eurozone countries’ fiscal targets for 2013 may need to be altered given growth slowdown; also supports deeper European integration
Czech National Bank shifts reserves away from euro
Annual report shows decision was taken to hold Australian dollars as part of foreign currency reserves; swapped part of euro holdings for the Australian currency
Finland’s Liikanen discusses causes of youth unemployment
Bank of Finland governor examines causes of youth unemployment in Europe; says labour market functioning will be important determinant of recovery speed
New York Fed report models herd behaviour
Fed staff report models financial market herding behaviour using NYSE transaction data; finds herding is “fairly pervasive” on some trading days
Swiss central bank board member explains unique situation
Jean-Pierre Danthine examines SNB’s unusual monetary policy situation; says impact of unconventional measures should not be overestimated
IMF paper examines capital flow management
Working paper considers methods of managing large-scale capital flows in Czech Republic, Poland and Romania; argues capital controls should not be used
HSBC chief identifies four steps to resolve ‘emerging markets’ crisis in Europe
HSBC chief executive Stuart Gulliver believes a European ‘tarp’ plus issuance of eurobonds needed to keep eurozone intact; says Spain and Greece failed to learn lessons from Asian crisis
Former Italian governor acquitted in market-rigging case
Antonio Fazio sees prison term for market-rigging regarding sale of Banca Nazionale del Lavoro in 2005 overturned; still facing jail in another case
Fed to release historical central banking material
Federal Reserve reveals plans to mark centenary; inventory of historical information about central banking in the US to be created
FSB says risk aversion back at ‘elevated levels’
The Financial Stability Board used its May meeting in Hong Kong to highlight the return of risk aversion in the global economy and set its agenda ahead of G-20 Los Cabos summit in Mexico next month
Outgoing governor criticises Spanish government’s fiscal position
Miguel Fernández Ordóñez, outgoing governor of the Bank of Spain, criticises government’s fiscal position; speculation begins over successor
ECB denies it rejected Spanish recapitalisation plan
European Central Bank denies it has refused Spanish authorities’ plans to recapitalise a major bank in the country; European Commission discusses direct disbursement to banks from ESM
BoJ’s Shirakawa considers demographic change in Japan
Governor of Bank of Japan examines macroeconomic impact of aging population; emphasises that Japan need not accept a lower long-run growth rate
Sarb publishes Monetary Policy Review
South African Reserve Bank Monetary Policy Review notes continuing global uncertainty; central bank decides to maintain repurchase rate of 5.5%