Central Banking
Asia’s longest-serving governor to step down
Perng Fai-nan says he will retire as governor of Taiwan’s central bank when his fourth term ends in 2018 following two decades of strong currency and financial stability management
What else can central banks do?
Geneva Report’s plea for central banks to use more negative rates, additional QE and helicopter drops appears misguided
Bank of Italy issues latest economic bulletin
Non-performing loan ratios improving at five largest banking groups, central bank argues
Foreign investment ‘restored’ exchange rates after policy shocks – paper
Data from Colombian central bank shows foreign exchange intervention have “short-lived effects” on prices; over the medium term, foreign capital flows push exchange rate back to original level
People: Finland appoints two central bank board members; Atlanta Fed promotes senior managers
Former European Commissioner Rehn joins Finnish board; Atlanta Fed makes four promotions; Switzerland changes regional delegate
Fed might stimulate labour market with ‘high pressure’ economy
Fed president floats idea of dealing with weak labour markets by “high-pressure” economy; Boston Fed’s Rosengren points to key ‘puzzles’ in data on US economy
Asia resolution rules risk conflict with G-Sib home regulators
Branches fear local regulators could ask banks for confidential home market information
Bank of Russia records decrease in fraudulent transactions
Central bank says decrease in cyber crime is a result of new centre for Cyber-Attack Monitoring and Response in the Financial Centre; official says Bank of Russia supports initiative for harsher punishment of cyber crime
Neutral policy stance needed for ‘extended’ period – MAS
Singapore’s central bank says inflation is trending in the right direction, but notes economic growth is unlikely to pick up over the next year
Ghana drafts first electronic payment regulation
New regulation will apply to banks and other financial institutions wanting to provide electronic money services; draft to be passed to parliament after a period of consultation
BoE officials admit need for clearer communication
Mark Carney joined by deputies and COO at bank’s latest open forum, fielding questions from the general public; concerns surrounding funding for small enterprises and the bank’s rhetoric addressed
Irish central bank issues first fine under ‘related parties’ code
Case is first brought under code governing deals with “related and connected parties”
Bank of Spain paper explores links between fiscal consolidation and private deleveraging
Larger and faster fiscal consolidations have greater impact on output, authors argue
Kansas Fed’s George: 2017 will be ‘significant’ year for US payments
Esther George says major milestones in faster payment project will be passed next year – although some of the hardest work will follow afterwards
BoE corporate bond purchases off to rapid start
Barely more than two weeks into the 18-month programme, the BoE has already filled more than 10% of its quota; gilt purchases continuing at steady rate
Evolution of exchange rate main risk to inflation – Mexican deputy
Electoral uncertainty playing on the minds of policy-makers at Bank of Mexico, says Guzmán Calafell; higher pass-through to prices now more of a risk thanks to peso depreciation
EBA sets out 2017 work programme
Authority will undertake “re-prioritisation exercise” after European Commission does not meet full staff request
Sarb establishes anonymous whistleblowing hotline
New external hotline provides facility for the public to report misconduct to the central bank
ECB’s Mersch: central banks have failed to correctly assess growth potential
Central banks were “over-reliant on pro-cyclical forecasts” before the financial crisis, ECB board member says; repeats call for fiscal stimulus and structural reform
No timelines for easing monetary policy – Brazilian governor
Goldfajn comments on monetary policy arrangement in Brazil at the first IMF annual meeting appearance; decisions will be data-dependent, he says
Australia’s real-time payment system to go live in 2017 – Lowe
Test payments already being settled on new real-time payments platform, says RBA governor; fast settlement service set to undergo industry testing this month
Leaked document sparks action from Sri Lankan central bank
Report leaked on controversial bond trader Perpetual Treasuries causes stir; internal control mechanisms will be strengthened while investigation takes place
Basel Committee outlines plans for ‘fundamental change’ of IFRS 9
Task force to consider impact of expected credit loss approach on regulatory capital, while consultation lays out interim plans
Ukrainian governor attacks politicians over allegations of criminal complicity
Gontareva describes accusations against her as “nonsense”; says politicians are holding up passage of law designed to confiscate assets held by criminals