Balance sheet
FSB criticises industry for lack of progress on risk disclosure
Financial Stability Board says more action needed on liquidity, counterparty, structured credit disclosure practices
Ireland’s Honohan pledges to avoid fire sales
Central Bank of Ireland governor Patrick Honohan says country can no longer afford fire-sale losses on non-core bank assets
FX flexibility can act as buffer to hot money: IMF’s Shinohara
IMF deputy managing director Naoyuki Shinohara encourages emerging markets to adopt more flexible exchange rates to help curb flow hot money
Fed’s Yellen: managing market expectations key to QE
Federal Reserve vice-chair Janet Yellen stresses importance of market expectations to success of asset purchase programme
Household attitudes are changing: RBA’s Lowe
Reserve Bank of Australia assistant governor Philip Lowe says restraint in household consumption may be a long-term trend
Basel surveys literature on links between finance and real economy
Basel Committee on Banking Supervision’s Research Task Force identifies three transmission channels between financial sector and real economy
ECB - Monthly Bulletin (December)
European Central Bank’s December 2010 bulletin shows recovery of Central and Eastern Europe has been hampered by macroeconomic imbalances
Zimbabwe to axe 74% of staff: reports
Reserve Bank of Zimbabwe governor Gideon Gono says central bank will axe 1,600 jobs as part of measure to downsize institution, according to leading media
BoE: seniority claims good indicator of default
Bank of England study shows claims by senior debt holders a good measure of future default risk
ECB's emergency liquidity measures eased credit crunch, says CEPR
Centre for Economic Policy Research study shows European Central Bank's response to financial crisis helped ease liquidity strains in wholesale markets
RBNZ’s Bollard: external shocks and internal rebalancing will prolong recovery
Reserve Bank of New Zealand governor Alan Bollard says Western countries have to contend with both external shocks and internal rebalancing
White emphasises use of Austrian school in policymaking
Bank for International Settlements former economic adviser William White says use of Austrian school assumptions about the financial system could help prevent further crises
Gjedrem on the Norges Bank’s history
Norges Bank governor Svein Gjedrem discusses transition of Norges Bank from government advisor to fully fledged central bank
BoE survey shows heightened risk aversion in lending
Bank of England’s Agents’ summary of business conditions shows impaired balance sheets caused lenders to remain risk-averse
IMF’s Viñals envisages financial system of the future
IMF director of monetary and capital markets José Viñals lays out vision of future financial system; says financial stability will need to be integrated in monetary policy decisions although price stability should remain central banks’ primary mandate
RBI looks at crisis impact on central banks’ balance sheets
Reserve Bank of India study shows financial crisis led to dramatic change in composition of central bank balance sheets
NY Fed’s Dudley backs Basel III
New York Federal Reserve president William Dudley says Basel III will capture risk better than pre-crisis standards
RBNZ reports NZ$111m loss
Reserve Bank of New Zealand makes loss after appreciation in New Zealand dollar, slashes dividend payment to government
BIS: interbank markets are hierarchical
Bank for International Settlements study finds evidence of tiered interbank market in Germany
NY Fed’s Sack on FOMC’s policy shift
New York Federal Reserve executive vice president Brian Sack said further measures represent meaningful shift in balance sheet path
FDIC seeks to raise standards of securitised assets
Federal Deposit Insurance Corporation approves final rule requiring banks to hold 5% of securitised assets on their balance sheet
Fed looks to take Bloomberg battle to Supreme Court
Federal Reserve asks appeals court for stay on ruling that will force it to reveal emergency lending details; central bank considering appeal to country’s highest court as last resort
Bear bailout vehicle turns first paper profit
Federal Reserve balance sheet data shows Bear Stearns’ assets held in Maiden Lane vehicle made a paper profit for first time since its inception
ECB: Crisis amplified monetary policy channels
European Central Bank study on credit channels finds the financial crisis amplified the impact of monetary policy on the economy