Central Banking
De La Rue profits nose-dive
UK banknote printer De La Rue reports 63% decline in operating profits after racking up large costs from a “single customer”
Worry about Greek CDS misguided, dealers suggest
Dealers believe fears about Greek sovereign CDS trigger event are overplayed
Central banks risk amplifying tightening cycle
Working group review on sovereign debt management issues warns that lack of communication between central banks and debt managers risks amplifying tightening cycles
Selection process gets underway to find next IMF managing director
Nomination period commences; managing director will be chosen by executive board before the end of June; decision will be made “without geographical preferences”
S&P places Italy on negative outlook
Standard & Poor's places Italy’s long-term credit rating on negative outlook; analysts say downgrade not expected in near term
IMF approves €26 billion extended arrangement for Portugal
IMF agrees extended support of Portugal; political cooperation allow plans to progress
Malaysia announces new banknotes and coins for 2012
Bank Negara Malaysia to issue new banknotes and coins; design will be “distinctively Malaysia”
New chief economist for SEC
Vanderbilt professor Craig Lewis named SEC chief economist and director of RiskFin Division
BoJ - Monthly Report of Recent Economic and Financial Developments (May 2011)
Bank of Japan Monthly Report of Recent Economic and Financial Developments says strong downward pressures in production continued to be felt in aftermath of Tohoku earthquake
Bank of Canada paper on real financial linkages
Bank of Canada study highlights importance of inclusion of real financial linkages in models of Canadian economy
Bankruptcy does not exclude consumers from credit markets: Fed paper
Federal Reserve study finds evidence that bankruptcy filers are not excluded from unsecured credit markets but usually pay a higher premium for finance
CoCos will realign incentives of too-big-to-fail: SNB's Danthine
Swiss National Bank governing board member Jean-Pierre Danthine says measures requiring firms to hold contingent convertible capital will reduce moral hazard associated with too-big-to-fail
Surprise choice for Dutch central bank chief
The Netherlands Bank announces Klaas Knot as next president; previous favourite Lex Hoogduin decides to leave central bank
IMF leadership race heats up
Central bankers from around the world have differing views; Lagarde still leads
Greek reprofiling risks spreading contagion: Buba’s Weidmann
Bundesbank president Jens Weidmann says restructuring of Greece’s bonds would make it “impossible” to accept its debt as collateral at European Central Bank
China’s cross-border yuan settlement rises 6%
Yuan cross-border settlement increased by 6% in early 2011 as plans to internationalise yuan-based trade materialise
Belarus gets $3 billion bailout from Russia
Russia agrees $3 billion dollar bailout for Belarus
UK experiencing growth 'soft patch': BoE’s Bean
Bank of England deputy governor Charlie Bean says period of slow growth recorded in the UK would ultimately depend on demand forces
Crisis measures improved financial market conditions: Chicago Fed paper
Chicago Federal Reserve study shows Fed crisis measures led to significant improvement in financial market conditions
LIC Asia banks’ not isolated from crisis: IMF paper
Fund study identifies spillover effects from global financial crisis on low-income country banks in Asia
ESM will act as 'fire service' for euro area: ECB’s Constâncio
European Central Bank vice-president Vítor Constâncio says European Stability Mechanism will offer fire service in event of crises
Strauss-Kahn bows to pressure and quits
Dominique Strauss-Kahn resigns from his post as managing director of the IMF; continues to deny all allegations
Fed minutes reveal split over exit strategy
Minutes from Federal Open Market Committee meeting show division among ranks over monetary policy exit strategy
UK outlines strategy for new micro regulator
Prudential Regulation Authority will focus attention according to risk; new five-step strategy to capture key threats