Central Banking
FSA outlines plans for Libor reform
Regulator will directly oversee calculation of benchmark rate; could also compel banks to submit Libor fixings
Bundesbank at odds with new IMF position on capital controls
Board member says capital controls should be last resort, if used at all; follows updated IMF guidance that capital controls can have ‘substantial benefits’ when used properly
Hungarian governor slams government’s economic policies
András Simor says economic recovery in Hungary will require fiscal discipline, higher bank lending and price stability – and the government is failing at all three
Dallas goes mobile with financial education
The Federal Reserve Bank of Dallas launches a mobile app designed to help people manage their money
PMA annual report shows economic mismatch between Gaza and West Bank
Palestine Monetary Authority says growth in Gaza Strip ran four times faster than in the West Bank in 2011, but economic gap between regions persists
Canadian research finds net liquidity boost from central clearing
Bank of Canada working paper finds small liquidity increase from use of centrally cleared derivatives
Romanian governor dedicates Polish award to his forerunners
National Bank of Romania’s Mugur Isărescu receives Order of Merit from Poland for his contribution to the countries’ co-operation; reflects on Romania’s war-time assistance
Noyer trumpets Eurosystem response to crisis
Banque de France governor Christian Noyer believes the monetary policy adopted in the Eurosystem is a source of ‘immediate confidence and stability’
HKMA will honour Basel III deadline, says executive director
Karen Kemp says Hong Kong’s banks will not be put at a competitive disadvantage by implementing new capital standards before US and EU
Bank of England must promote RMB trading, warns Chinese official
A swap line between the central banks of the UK and China would be a key step towards the growth of offshore renminbi, a former official of the People's Bank of China said yesterday
Danish governor laments lack of euro progress
Nils Bernstein says Europe will ‘muddle through’ the crisis, but is concerned that government’s grand promises are yet to deliver a practical solution
Oman GDP grows by 22.7% for second year in row
Annual report says domestic demand and higher crude oil prices catalysed growth
ECB lowers growth and inflation forecasts
ECB and BoE hold benchmark interest rates; Mario Draghi warns economic weakness will continue into next year, while inflation is likely to fall below its 2% target
UK’s Wheatley outlines behavioural foundations of FCA approach
CEO-designate of UK’s Financial Conduct Authority says regulator’s new approach will centre on behavioural economics rather than treating consumers as fully rational
Malaysia’s Zeti urges greater harmonisation of Islamic finance
Zeti Akhtar Aziz says there is much common ground in different jurisdictions’ sharia interpretations, but a lack of understanding is holding back the growth of Islamic finance
Belgian research examines factors behind exchange rate pass-through
National Bank of Belgium working paper studies why some exporters pass on fluctuations in exchange rates through price adjustments while others do not
Korea boosts gold holdings by 20%
Central bank purchases $780 million of gold; total stock of 85 tonnes worth $3.76 billion
Fed appoints new chairmen to half of district reserve banks
Federal Reserve Board of Governors names six new chairmen and five deputies to district banks’ board of directors
Kosovan annual report notes inflation jump
Inflation and economic growth rate both increase in 2011; bank lending to households rises by 17.7%
IMF research seeks to harness shadow banking
Staff discussion note outlines the shadow banking system’s useful functions and systemic risks; contemplates appropriate policy response
Ingves defends position on rate-setting
Sveriges Riksbank governor insists in the absence of other instruments monetary policy should deal with potential risks of household indebtedness
BoJ’s Nishimura sees potential for $180 billion funding for lending
Under Bank of Japan’s ‘stimulating bank lending facility’, banks could receive up to 15 trillion yen ($180 billion) in low-cost funding, says deputy governor
RBA revamps clearing and settlement to meet FMI standards
Reserve Bank of Australia releases final rules for clearing and settlement to bring them up to date with new FMI standards
Irish central bank to hold first meetings outside Dublin
Central bank of Ireland to hold series of events in Galway, including first ever formal meeting of the governing board outside Dublin; further events planned for the future