Central Banking
Senate confirms two out of three Fed directors
Last-minute deal seats Yellen and Raskin, Diamond turned down
Basel II grievances stir transatlantic tensions on new accord
BNP Paribas chairman Michel Pébereau slams United States’ failure to implement Basel II across the board; says Basel III will unfairly impair Europe
Trinidad and Tobago’s central bank faces legal action over bankrupt insurance giant
Disgruntled policyholders of failed insurance giant Clico demand compensation from Central Bank of Trinidad and Tobago over what they see as deficiencies in oversight
Weber, Blankfein praise Basel III leverage cap
Bundesbank president Axel Weber and Goldman Sachs chairman Lloyd Blankfein laud Basel III’s inclusion of leverage ratio, as opposition mounts
OECD reappoints Gurría as secretary-general
Angel Gurría commits to second term as secretary-general at Organisation for Economic Cooperation and Development
Hungary’s Simor asks for independence to be written in statute: reports
National Bank of Hungary governor András Simor reportedly asks lawmakers to put central bank independence in constitution as controversial pay cut takes effect
Too big to fail solution essential, says Weber
Bundesbank president Axel Weber says financial system will be unsafe unless too big to fail problem is solved
Bernanke stresses importance of financial education
Federal Reserve chairman Ben Bernanke says financial literacy is important part of school curriculum
Polish banking sector curbed growth in crisis
National Bank of Poland study shows banking sector played significant role in economic slowdown during financial crisis
ESRB big leap for Europe: Trichet
European Central Bank president Jean-Claude Trichet says launch of European Systemic Risk Board indicates significant progress in regulatory architecture
Fisher: Bank special liquidity scheme will not be extended
Bank of England executive director of markets Paul Fisher says government bond swap facility will expire in 2012
RBNZ: carry trade reversed depreciation in NZD
Reserve Bank of New Zealand study shows high yielding currencies gradually offset declines in New Zealand dollar during crisis
BoE: stress tests tightened credit conditions
Bank of England’s survey on credit conditions shows lenders thought the availability of funds tightened in response to European stress tests
IMF on link between collateralised borrowing and systemic risk
Fund study says rapid declines in the value of bank collateral can cause systemic risks
Australia adds financial stability to monetary policy mandate
Australian government amends Reserve Bank of Australia’s monetary policy remit to include financial stability
Meirelles flags travails of financial reform
Central Bank of Brazil governor Henrique Meirelles says reform must be unified; Chinese, Indian ambassadors note shortcomings of G20
Ireland reveals fresh Anglo Irish bailout
Central Bank of Ireland outlines new restructuring for Anglo Irish Bank, finance minister acknowledges cost of bailout prevents government from meeting deficit cuts for year
No alternative to bail-in capital: Bank's Tucker
Bank of England's Paul Tucker attacks bankers' concerns that bail-in capital will rattle investors; Sweden's Ingves says conversions achievable
Extend 'systemic importance' to countries: Brazil's Meirelles
Central Bank of Brazil governor Henrique Meirelles calls for concept of systemic importance to be extended to countries; panellists broach challenges posed by central counterparties
Belgium’s Quaden defends IMF
National Bank of Belgium governor Guy Quaden says political independence of Fund makes its surveillance meaningful
BIS on renminbi management
Bank for International Settlements research results consistent with the renminbi having been managed in 2006-08 against a basket of currencies
Basel III could distort monetary policy: ECB’s Bini Smaghi warns
European Central Bank executive board member Lorenzo Bini Smaghi says Basel III may have unintended consequences on monetary policy
CEPR advocates rule-based approach to central bank projections
Centre for Economic Policy Research study says central bank projections based on interest rate rule yield same results as one on market expectations
Why Brazil’s economy survived shaky markets
Central Bank of Brazil Financial Stability Report says external shocks did not hamper economic recovery in Brazil owing to sound macro fundamentals