Central Banking
Fed's Bies on accountancy reform
In a written statement on IASB reform given on 3 June, Susan Schmidt Bies of the Federal Reserve said the Federal Reserve strongly supports efforts to enhance the oversight activities of the IASCF and the standards-setting processes of the IASB. Such…
Irish financial regulator to get new powers
Ireland's new financial regulator is to be given powers to fine and name offending institutions under draft legislation going through the Irish parliament, the Dail, this week, according to the Financial Times on Friday4 June.
Belgian national bank sees GDP growth at 2.3 pct
Presenting the June forecasts, Belgian national bank governor Guy Quaden warned that a further rise in oil prices could hamper economic recovery in Europe.
World Bank wants further Russian economic reforms
World Bank chief James Wolfensohn is urging Russia to continue with economic reforms to promote investment. He also warned that how Russia deals with a tax affair involving the Yukos oil company could have major repercussions.
Supervision of banks paying off reports CBRC
The China Banking Regulatory Commission (CBRC) said Thursday its recent efforts to strengthen the supervision of banks and contain their lending risks have shown good results, according to Friday's China Daily.
RBI's Udeshi on the role of central bankers
In a speech on the 'Role of Central Bankers in Emerging Economy like India' given on 19 March, Kishori Udeshi of the RBI said the life of a central banker is one of anonymity, staid and boring. It is only in moments when the going is tough that central…
Sveriges Riksbank, Financial Stability Report
Sweden's central bank, the Sveriges Riksbank, published its first Financial Stability Report for 2004 on 2 June. Although household debt is increasing at a rapid rate, it is not considered to entail any serious risks for Swedish banks, according to the…
Norges Bank Financial Stability Report No.1, 2004
The central bank of Norway, Norges Bank, has published its twice yearly Financial Stability Report 1/2004. "The short-term outlook for financial stability is regarded as satisfactory and has improved somewhat compared with the situation six months ago,"…
ECB press conference, with Q & A session
The European Central Bank held eurozone interest rates unchanged for a 12th month on Thursday 3 June. At the post-meeting press conference Jean-Claude Trichet said the economic recovery has strengthened over recent months, but noted we have also…
Caruana on Basel II - a new approach
In a speech on 'Basel II - a New Approach to Banking Supervision' given on 1 June, Jaime Caruana of the Bank of Spain said Basel II is an important step in embracing a new, incentives-based approach to supervision. In the speech Caruana discusses how it…
Fed's Bies on Bank Secrecy Act enforcement
In testimony on 'Bank Secrecy Act enforcement' given on 3 June, Susan Schmidt Bies of the Federal Reserve said the Federal Reserve has expanded its anti-money laundering program "dramatically" in the last 10 years and urged U.S. banks to take steps to…
BOJ's Haru cautious on possible rise in JGB yields
Bank of Japan Policy Board member Hidehiko Haru said on Thursday 3 June that it was expected that interest rates on Japanese government bonds to rise in line with an economic recovery but that an excessive jump may be harmful.
Fukui says Japan's prices to continue decline
Toshihiko Fukui said on Thursday 3 June that rises in wholesales prices were being largely absorbed by higher productivity, and that consumer prices would remain negative for some time.
Greenspan says past no guide to future on rates
According to a letter released on Wednesday 2 June, Fed Chairman Alan Greenspan told a US lawmaker that looking at the past is no guide to predicting how quickly and aggressively the Federal Reserve will raise interest rates.
IMF's Krueger: Financial crises need fast response
Countries can suffer financial crises rapidly, requiring an immediate response, the acting head of the International Monetary Fund Anne Krueger said on Wednesday 2 June in San Diego.
Reserve Bank of Fiji - Annual Report 2003
The Reserve Bank of Fiji has published its Annual Report for the year ended 2003. Governor Savenaca Narube said he believed the Bank took another significant step towards achieving its vision of "Leading Fiji to Economic Success" in 2003. Inflation…
National Bank of Belgium - Annual Report 2003
The National Bank of Belgium has published its Annual Report for the year ended 2003. Guy Quaden said in the Foreword to the report the relatively disappointing performance by many European countries in terms of growth and rising unemployment highlight…
RBA's Stevens on economic conditions and prospects
In a speech on 'Economic conditions and prospects: June 2004' given on 2 June, Glenn Stevens of the Reserve Bank of Australia said Australia's economy was still growing comfortably but at a slower rate than the unsustainable pace of late 2003.
Richmond Fed's Economic Quarterly, Spring 2004
The Federal Reserve Bank of Richmond has published its Economic Quarterly for Spring 2004. The latest edition contains four articles including "Which price index should a central bank employ?" Many central banks give a high degree of prominence to the…
Chicago Fed National Activity Index, April 2004
The Chicago Fed National Activity Index April 2004 increased sharply in April, to +0.64, from an upward-revised +0.23 in March. Each of the four broad categories of indicators that comprise the index made positive contributions in April, with production-…
CBK to get increased regulatory powers
Under proposed changes, the Central Bank of Kenya will have additional powers to monitor and regulate the banking industry. The ministry of finance will transfer banking licensing, regulation and disciplinary authority to the CBK, the East African…
S. African treasury and cb to co-ordinate policies
The South African treasury and the Reserve Bank have signed a memorandum of understanding to ensure there was no conflict between their different approaches to fiscal and monetary policies, Lesetja Kganyago, the new director-general of the treasury said…
EU Finance ministers urge OPEC action on oil price
French Finance Minister Nicolas Sarkozy says that eurozone finance ministers have agreed to coordinate any response to surging oil prices and want talks with oil producers to lead to an increase in output.
Report says Basel II will cost banks 20-30bn euros
Applying capital requirements under a new accord drafted by the Basel committee should cost European banks 20-30 billion euros between 2002 and 2006, a study prepared for the European Commission has estimated.