Accountability
BBC claims ‘secret recording’ implicates BoE in Libor scandal
Phone conversation transcript suggests government and Bank of England put pressure on Barclays to lower its Libor submission
PRA and FCA to investigate Barclays’ chief executive
Jes Staley comes under fire for undermining whistleblowing regime after he sought to identify a whistleblower; board to impose “very significant” cut to bonus
Carney: no double standards on conduct at BoE
Governor says central bank held itself to even higher standards than it expects of regulated firms in dealing with Charlotte Hogg’s disclosure mistake
Hogg admits to breaching BoE’s code of conduct
New deputy governor says she failed to declare her brother’s role with Barclays; BoE Court officials say it is a “very serious breach” but not a “hanging offence”
Hogg stresses readiness to resist groupthink at BoE
New joint deputy and COO says she is willing to stand up to Mark Carney after committee chair flags risk of “over-mighty governorship”
MAS forms council to toughen corporate governance code
Ageing code of corporate governance needs to be updated to reflect best practice, authority says; chairman notes pressure on companies to become more transparent
IMF warns Bank of Mongolia against fiscal financing
Latest round of funding contingent on central bank making changes, mission chief says; support provided to help government deal with bond default, but fiscal changes must be made
Central bank of the year: Bank of England
The BoE has undergone a major restructuring that has reshaped its organisational framework, research and public interaction – leaving it well positioned to meet the challenges ahead after a tough year
Barbados’s Worrell told to resign or be fired
Governor’s “dictatorial” management style is impacting morale, says board member; court blocks dismissal until February 22
Fresh investigations into Sri Lankan bond scandal launched
Central bank and Sri Lankan president both investigating possible malpractice around bond sales to the central bank pension fund
Lagarde guilty of negligence, court rules
IMF chief found guilty of negligence but is not punished; verdict may call into question her future at the fund
Fed toughens rules on officials moving to private sector
Tighter rules prevent a larger number of senior supervisors from taking jobs at the institutions they have recently been overseeing
Carney faces grilling from parliament in wake of tenure decision
Regardless of Brexit timetable, BoE governor will leave on June 30, 2019; he warns firms could trigger plans to leave London in late 2017 if Brexit deal proves unsatisfactory
Kenya’s Imperial Bank saga continues with fresh court ruling
Sniping ensues as high court rules on Imperial Bank; central bank says it has acted within the law, while shareholders challenge its interpretation of the ruling
Central Bank of Curaçao and Sint Maarten files anti-corruption raid complaint
Central bank questions legal basis for raid and seizure of documents; investigation into alleged tax avoidance by governor Emsley Tromp continues
‘Hard’ law not enough to reform banking culture, says BoE’s Shafik
Market participants must do their bit to reform behaviour and culture in the financial services industry with ‘soft’ law playing a broader role, says BoE deputy
Sri Lanka sets up enforcement unit after insolvency failures
Central Bank of Sri Lanka sets up new enforcement branch after unsuccessful attempt to restructure four failing financial institutions; legal action to be taken against Entrust Securities
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
Former Bank of Thailand governor cleared of Asian financial crisis charges
Governor cleared of wrongdoing related to central bank’s defence of baht in 1997, as Supreme Court brings 15-year court case to a close
Skingsley calls for balance, as government prepares to rethink Riksbank Act
Central bank mandates need to be a balance of specificity and flexibility, while too broad a mandate could threaten independence, deputy says; government to consider six areas of Riksbank’s work
George and Lacker push back against calls for Fed governance reform
Presidents say mixed public-private funding and governance helps protect the independence of the regional Feds, though others warn private banks are having too much say in policy
Malaysia’s Ibrahim proposes audit enhancements
Bank Negara Malaysia governor says audit faces new challenges and should cover broader risks, while expanding its scope to include “strategic auditing”
Central banks must better manage tensions over their autonomy
Kingsley Moghalu says emerging market central banks need to strike a difficult balance between autonomy and legitimacy – but the government must play a role as well
Sarb fines five banks for weaknesses in ‘control measures’
Investec Bank fined largest amount at 20 million rand; local branch of Standard Chartered faces 10 million rand penalty a month after another branch was reprimanded by MAS