Central Banking award winners 2015 press release
Press release: Central Banking Awards winners 2015
For immediate release, 1000 GMT 12 January 2015
Central Banking names the winners of its 2nd annual industry Awards that recognise excellence in the central banking community.
Raghuram Rajan, Reserve Bank of New Zealand Jacques de Larosière, South African Reserve Bank, Czech National Bank, Bank of Canada, BlackRock, State Street, Standard Chartered, Claudio Borio, Norges Bank Investment Management, Eurex Clearing, Polaris, Innovia Security and SkySparc will receive their individual awards for their contribution to the industry at a ceremony in London on 12 March 2015.
Commenting on receiving the Central Banking Governor of the Year Award, Reserve Bank of India Governor, Raghuram G. Rajan said:
"I am honoured to be named Governor of the Year by Central Banking. This is a recognition of the part the Reserve Bank of India and its staff have been playing in bringing macroeconomic stability to the Indian economy, in creating more competition and new growth opportunities in the banking and financial markets, as well as in expanding financial inclusion.
Of course, no central bank works alone. The important role played by the government in maintaining fiscal discipline, in initiating growth-friendly structural reforms and in launching ambitious new financial sector programs such as rolling out bank accounts for all, has been critical to any success the economy has had, and is likely to have.
Moreover, all our collective efforts should be seen as work in progress - inflation has to be fully tamed, growth has to be brought back to potential and the banking system cleaned of distressed assets, even while we build the platform for the financial sector to support strong and sustainable growth. But I am convinced we are moving in the right direction and believe developments will affirm this."
Commenting on receiving the Central Banking of the Year Award, Reserve Bank of New Zealand Governor, Graeme Wheeler said:
"I wish sincerely to thank Central Banking. It is an honour for the Reserve Bank to receive this award and humbling to receive such recognition among peers.
2015 is expected to be another highly challenging year for central bankers. We are likely to see more quantitative easing than at any time since 2011, with associated exchange rate pressures. Markets will closely watch how central banks respond to falling oil prices, developments in the Eurozone, Russia and Greece, and the implications flowing from policy signals by the Federal Open Market Committee."
South African Reserve Bank Governor, Lesetja Kganyago, said his central bank was "honoured", Bank of Canada Governor Stephen S Poloz added his was "delighted" and Czech National Bank Governor Miroslav Singer stated his was "very happy" to be recognised in the Central Banking Awards. (Full reactions from Central Bank Governors and Top-Level Executives of Award Winners are detailed below under the section "Central Banking Awards Winners 2015").
A special presentation will be made at the ceremony to Jacques de Larosière, former Managing Director of the International Monetary Fund, Governor of the Banque de France and President of the European Bank for Reconstruction and Development, the recipient of the Central Banking Lifetime Achievement Award.
Commenting on receiving this Award Mr de Larosière said:
"I am most honoured, delighted and grateful to have been chosen as the winner of Central Banking's Lifetime Achievement Award. The fact that it is the Central Banking Journal that has made that decision is for me invaluable. I am indeed a faithful reader of the Journal and I've had many occasions to appreciate the quality of the articles that it has published."
Drawing on 25 years of independent and informed reporting, analysis and comment, the Central Banking Awards were judged by a panel made up of the Central Banking Editorial Team and Editorial Advisory Board, comprising former senior central bank governors from around the world. The awards have been given for:
• Governor of the Year
• Central Bank of the Year
• Lifetime Achievement
• Reserve Manager of the Year
• Transparency
• Website of the Year
• Asset Manager of the Year
• Global Custodian of the Year
• Foreign Exchange Dealer of the Year
• Economics in Central Banking
• Sovereign Investor of the Year
• Banknote and Currency Services Provider of the Year
• Payments and Market Infrastructure Provider of the Year
• Technology Provider of the Year
• Consultancy and Advisory Services Provider of the Year
Articles supporting the awards are published today on CentralBanking.com (see below for Winners, Citations and Comments) and will be published in the February edition of the Central Banking Journal.
Central Banking Awards Winners 2015
(Award, Winner, Citation, Comments)
Central Banking Governor of the Year for 2015
Winner: Raghuram Rajan, Governor, Reserve Bank of India
"Raghuram Rajan's disciplined and focussed approach leading the Reserve Bank of India during his first year as Governor was remarkably impressive. Although there is still much to do, his decisive policy actions based on robust analysis and deep understanding of the underlying causes has contributed significantly to changing perceptions about the strength of the Indian economy. Rajan's forthright observations about some of the less welcome developments in the global economic, financial and monetary system also represent an important voice for change. His insights combined with his strong leadership skills makes Rajan an inspirational figure in the central banking community."
Comment:
Governor of the Year Award, Reserve Bank of India Governor, Raghuram G. Rajan said:
"I am honoured to be named Governor of the Year by Central Banking. This is a recognition of the part the Reserve Bank of India and its staff have been playing in bringing macroeconomic stability to the Indian economy, in creating more competition and new growth opportunities in the banking and financial markets, as well as in expanding financial inclusion. Of course, no central bank works alone. The important role played by the government in maintaining fiscal discipline, in initiating growth-friendly structural reforms and in launching ambitious new financial sector programs such as rolling out bank accounts for all, has been critical to any success the economy has had, and is likely to have. Moreover, all our collective efforts should be seen as work in progress - inflation has to be fully tamed, growth has to be brought back to potential and the banking system cleaned of distressed assets, even while we build the platform for the financial sector to support strong and sustainable growth. But I am convinced we are moving in the right direction and believe developments will affirm this."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"Raghuram Rajan has enjoyed a trail-blazing first year as Governor of the Reserve Bank of India. His deep understanding of the root causes of economic problems combined with an impressive leadership style inspires confidence and has helped to transform perceptions about the vulnerabilities of the Indian economy."
Central Banking Central Bank of the Year for 2015
Winner: Reserve Bank of New Zealand
"Central banks pursuing inflation targets have faced something of an existential crisis since the advent of the global financial crisis. But the Reserve Bank of New Zealand (RBNZ) - the pioneer of inflation targeting back in 1989 - remains a role model for central banks around the world. The RBNZ has successfully deployed macro-prudential policies in combination with being the first advanced economy central bank to raise interest rates in the current cycle to address inflationary pressures."
Comment:
Graeme Wheeler, Governor, Reserve Bank of New Zealand:
"I wish sincerely to thank Central Banking. It is an honour for the Reserve Bank to receive this award and humbling to receive such recognition among peers. 2015 is expected to be another highly challenging year for central bankers. We are likely to see more quantitative easing than at any time since 2011, with associated exchange rate pressures. Markets will closely watch how central banks respond to falling oil prices, developments in the Eurozone, Russia and Greece, and the implications flowing from policy signals by the Federal Open Market Committee."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"A joined-up approach to monetary and macro-prudential policy, excellence in communication and governance, updated risk management, improved supervision, and upgrades to security made the Reserve Bank of New Zealand the standout central bank in the past year."
Central Banking Lifetime Achievement Award for 2015
Winner: Jacques de Larosière
"A champion of international monetary stability, Jacques de Larosière was behind many economic successes during the latter part of the 20th century. He helped save the international monetary system from the collapse of Bretton Woods, and was a key driving force behind Economic and Monetary Union in Europe. From 1978-87, de Larosière was managing director of the IMF, a period described by Paul Volcker, former chairman of the Federal Reserve "the heyday of the IMF".
Comment:
Jacques de Larosière, former Managing Director of the International Monetary Fund, Governor of the Banque de France and President of the European Bank for Reconstruction and Development:
"I am most honoured, delighted and grateful to have been chosen as the winner of Central Banking's Lifetime Achievement Award. The fact that it is the Central Banking Journal that has made that decision is for me invaluable. I am indeed a faithful reader of the Journal and I've had many occasions to appreciate the quality of the articles that it has published."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"De Larosière's pioneering work and lifelong struggle for monetary order has secured his reputation as the great French international public servant, central banker and scholar of his generation."
Central Banking Reserve Manager of the Year for 2015
Winner: South African Reserve Bank
"The South African Reserve Bank is adapting its policies to reflect the fundamental change in perceptions of risk and return under which reserve managers operate in a post-crisis world. Previously US, UK and European government debt accounted for 95% of its reserves assets. But the overhaul of the central bank's tranching methodology has paved the way for investments in, among others, Chinese, Korean and Australian debt as well."
Comment:
Lesetja Kganyago, Governor, South African Reserve Bank:
"The South African Reserve Bank is honoured to be named the Central Banking Reserve Manager of the Year. This Award recognises the work done by staff at the Bank that ensures its operations are at the forefront of reserves management practices. Such recognition is particularly meaningful in the light of the growth in South Africa's gross foreign exchange reserves from 2004 to 2010 that necessitated significant changes to how the Bank manages its reserves. Looking ahead, reserves management will face new challenges. The growth in reserves has brought about new challenges in dealing with the costs associated with the accumulation of assets that yield less than domestic interest rates. Returns in some of the major reserve currencies are likely to remain low, or even negative, for the foreseeable future. However, there is also the high likelihood of diverging policy paths in major reserve currencies where high policy rates may bring about capital losses. In addition, the shrinking pool of high-quality assets comes into direct conflict with the core objective of capital preservation. Reserves management will therefore remain a key focus area for many central banks."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"The resolve to adapt in an innovative way - without compromising long-standing values - has enabled the South African Reserve Bank to become a benchmark for other central banks seeking a modern capability in reserves management."
Central Banking Transparency Award for 2015
Winner: Czech National Bank
"After speeding up its communications procedures, expanding into social media and creating an online blog for senior policy-makers, the Czech National Bank has taken transparency to a new level."
Comment:
Miroslav Singer, Governor, Czech National Bank:
"Transparency is both a necessary condition for central bank independence and a tool for making the conduct of central bank policies smoother, faster and more efficient. I am very happy that the efforts of our staff and our board have been recognised by the professional community. This award underlines that we are capable of improving our standards in the field of communication."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"By embracing new communication tools, the CNB is at the cutting edge of online communications. It is one of the few central banks to have truly cracked social media, using its Facebook page to publicise events and its Twitter page to boost financial literacy in the country."
Central Banking Website of the Year for 2015
Winner: Bank of Canada
"After revamping its website in 2014, the Bank of Canada's online presence now boasts responsive design features and a navigational structure that allow the general public, market participants and journalists alike to find the information they need. Moreover, it has offered a template for websites developed for the European Central Bank's Single Supervisory Mechanism and the Financial Stability Board."
Comment:
Stephen S Poloz Governor, Bank of Canada:
"We're absolutely delighted with this award, which recognises the work of our web team. They've created a website that engages the Bank of Canada's audiences with relevant information they can easily access regardless of the devices and platforms they use. This is what people expect of their central bank."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"The Bank of Canada's upgraded online presence can now be considered the ‘gold standard' in the central banking community."
Central Banking Asset Manager of the Year for 2015
Winner: BlackRock
"BlackRock manages more than $260 billion in assets for central banks, sovereign wealth funds and other official institutions, including indexed equity, real estate debt, global inflation-linked bonds, green bonds and private equity. Its capabilities go well beyond simple mandates with its official institutions group designing and helping to implement model reserve portfolios for clients that result in a change of their asset allocation, risk management and investment approaches."
Comments:
Terrence Keeley, Global Head of the Official Institutions Group, BlackRock:
"BlackRock's unique, analytic framework for optimal reserve management is relevant and operational for every country. It has enabled us to add value to reserve management activities in small, medium and large central banks the globe over. The strengthening dollar will pose many challenges and opportunities for central banks in 2015 and beyond. We look forward to working with our clients to help them manage their unique circumstances."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"BlackRock has once again proved itself as a reliable and adroit companion to central banks wanting to safeguard reserves and sovereign wealth funds seeking outperformance of their benchmark during a volatile year for the global economy. BlackRock's cohesive framework, combined with unrivalled geographic, asset class and investment-style capabilities, enabled it to remain the pre-eminent asset manager for official institutions."
Central Banking Global Custodian of the Year for 2015
Winner: State Street
"State Street cemented its position as one of the top-flight global custodians for central banks and other official institutions during the past year. It has also expanded and refined its offerings to help clients deal with an increasingly challenging environment, driven by new regulation, more complex investment products and the difficulties of navigating volatile markets."
Comment:
Wai-Kwong Seck, Executive Vice-President and Head of State Street Global Services and Global Markets in Asia Pacific:
"We are honoured to be named Global Custodian of the Year and to be recognised for delivering service excellence to our clients. We have built long-term strategic partnerships with many official institutions from around the world and are committed to continue to do so, working with them to provide a strong platform for their future growth. We will continue to deepen our investments in technology and enhance our capabilities to deliver cutting-edge solutions customised to meet their future challenges."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"Servicing a diverse set of clients on multiple continents, State Street's capabilities were amply demonstrated by its win of the National Pension Service equities custody mandate in South Korea."
Central Banking Foreign Exchange Dealer of the Year for 2015 - inaugural award
Winner: Standard Chartered Bank
"Changing perceptions about the relative risk and return profile of G-3 versus emerging market currencies has caused central banks and sovereign asset managers to seek out new investments in emerging markets. Standard Chartered has played a pivotal role in assisting central banks and sovereign funds to diversify their holdings into emerging market currencies."
Comments:
Sean Wallace, Group Head, Corporate and Institutional Clients, Standard Chartered Bank:
"We are delighted and truly honored to receive this inaugural award. Our Public Sector business is large and growing and aligns with our 'Here For Good' commitment. We continue to channel a great deal of our efforts and resources to serve the Public Sector clients as important investors into our footprint markets and in a trusted advisor capacity in the 70 countries we have presence in."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"Double-A rated Standard Chartered - despite its lack of a US primary dealer licence - has emerged as a pre-eminent partner for central banks when it comes to forex dealing, particularly in emerging currencies."
Central Banking Economics in Central Banking Award for 2015 - inaugural award
Winner: Claudio Borio
"The award goes to the author of the paper, The international monetary and financial system: its Achilles heel and what to do about it, that seeks to tackle the imbalances that continue to plague the international monetary and financial system. In contrast to much recent debate that has centred around the current account, the paper focuses on the capital account, emphasising the crucial importance of separating net from gross financial flows. It also gives clear and realistic recommendations for how to fix the imbalances"
Comment:
Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements (BIS):
"I am deeply honoured to be the first recipient of this award. I take it as a tangible sign that the work my colleagues and I have been doing over the years at the BIS can be of value to the central banking community."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"Claudio Borio has secured this award for his work applying the concept of ‘excess financial elasticity' to the international monetary and financial system. Borio has written a practical paper that focusses on central banking in a globalised environment. It has important implications for the construct of the international monetary system."
Central Banking Sovereign Investor of the Year 2015 - inaugural award
Winner: Norges Bank Investment Management
"Norges Bank Investment Management (manager of Norway's Government Pension Fund Global) continued its programme of diversification while posting strong returns that made every Norwegian citizen a ‘paper millionaire'. It also remains a pioneer for ethical investing and continues to be the leader in transparency."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"The manager of the world's largest sovereign wealth fund offers ever greater levels of transparency coupled with enviable returns, with its strategy to diversify into real estate paying dividends"
Central Banking Banknote and Currency Services Provider of the Year for 2015 - inaugural award
Winner: Innovia Security
"Innovia Security stood out from the competition for its collaborative approach with central bank partners. The provider of polymer banknotes also secured a major contract with the Bank of England, will supply new banknotes in New Zealand and saw the final Bank of Canada Frontier note unveiled in outer space in 2014."
Comment:
Bernhard Imbach, Managing Director of Innovia Security:
"This service provider award encourages us on our journey to deliver high quality Guardian product supported by service that fully addresses the needs of our customers. We are always looking to lift our customer service levels as part of a continuous improvement process. Ultimately, Innovia Security must establish a trusted working relationship with every customer and this award indicates we are on the right path."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"A consistent collaborative approach in a wide range of countries, including Canada and the UK, has enabled the polymer pioneer to stay ahead of its peers in the area of banknote services provision."
Central Banking Payments and Market Infrastructure Provider of the Year for 2015
Winner: Eurex Clearing
"Eurex Clearing is one of the driving forces helping the over-the-counter derivatives industry to meet important new G-20 regulatory requirements, while also improving cross-margining services for clients and bolstering its risk management capabilities."
Comment:
Thomas Book, CEO Eurex Clearing:
"Eurex Clearing is honoured by this award. It is a recognition of our mission to provide market-leading risk management and client-protection services. Our role as a CCP is to reduce systemic risk in financial markets and to protect our clients from counterparty risks in an efficient way. This award encourages us to continue on our path of innovation in the central counterparty space under a new regulatory environment."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"Eurex Clearing was already a potent force for clearing repos, securities lending and cash markets. But it is now well poised to capture a large portion of OTC derivatives activity as well, complying with new regulation and introducing new products into a changing market."
Central Banking Technology Provider of the Year for 2015
Winner: Polaris
"Polaris has won contracts with a number of central banks - perhaps most prominently, with the Reserve Bank of India. Its work with central banks is built around a system dubbed the ‘Quantum Core Banking Solution' (QCBS), which delivers a modular, flexible platform that can integrate with many other payment systems, and has achieved impressive results."
Comment:
Arun Jain, Chairman, Polaris:
"Central banks play an important role in removing the frictions in the financial system and acting as a change agent. We are privileged to partner with central banks around the world as they become more proactive in meeting the challenges in the global economy."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"Polaris's flexible platform can be tailored to a remarkable range of operations, including helping central banks such as the Reserve Bank of India to upgrade and automate core banking systems."
Central Banking Consultancy and Advisory Services Provider of the Year for 2015 - inaugural award
Winner: SkySparc
Swedish firm SkySparc has helped to test and upgrade treasury management systems at major European central banks, proving instrumental in helping tackle growing volumes of securities transactions and cashflows - a major issue for many central banks in Europe currently.
Thomas Bergqvist, Director, SkySparc:
"We have built lasting relationships with our central banking clients based on understanding and meeting their unique and specialised needs. Our expertise and tailored advisory services - including quality assurance and system review - focus on helping central banks to minimise risks and continuously enhance the performance of their core systems. We are looking forward to helping our clients meet new challenges in 2015."
Christopher Jeffery, Chairman of Central Banking Awards Committee and Editor of Central Banking:
"Central banks praised SkySparc's ‘methodological' approach and ability to focus quickly on key issues, making for an efficient process."Notes to Editors
1. For full details of the Winners and Awards please see the attached table "Central Banking Awards Winners 2015" with links to the citing articles as well as comments by Awards Winners and Central Banking Awards Committee Chairman and Central Banking Editor, Christopher Jeffery.
2. Media copies of the citing articles are also available, please contact Christopher Jeffery (@CB_Editor) on chris.jeffery@incisivemedia.com or + 44 (0) 20 7316 9509.
3. CentralBanking.com delivers daily analysis and comment on central banking.
4. Since its foundation in 1990, Central Banking Journal has been the only regular, independent publication for and about central banks. The journal is read by subscribers in 130 countries, and in over 120 of the world's central banks.
5. Central Banking Publications, a part of Incisive Media, is dedicated to the reporting and analysis of central banks and international financial institutions. www.centralbanking.com.
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