Banks
IMF research examines ‘borrower effects’ during crisis
Working paper constructs index to assess the contribution of risky borrower portfolios in tightened overall credit conditions during a financial crisis
EBA-Esma report slams Euribor administrator
Study uncovers ‘weaknesses and insufficiencies’ in benchmark rate-setting process and says prompt action must be taken to address shortcomings
MAS sets out FMI supervisory framework
Monograph gives details of Monetary Authority’s approach to regulating financial market infrastructures in line with CPSS-Iosco principles
Mauritian deputy governor outlines tighter corporate governance plans
Yandraduth Googoolye sets out recent efforts by the Bank of Mauritius to tackle corporate governance failures that emerged during the financial crisis
RBI seeks to draw retail investors into government securities
Deputy governor Harun Khan says tailoring government securities to retail investors will help cushion volatility created by institutional and international investors
Pakistan’s Anwar presents plan for financial system growth
Governor of the State Bank of Pakistan gives 10-point plan for growth in the financial system to boost the economy and improve the ‘potency’ of monetary policy
Bank of Spain executives hit back at negligence claims
Executive commission rebuts claims made in a leaked internal report that the central bank’s supervisory department tended to ‘look the other way’ when there were signs of criminal activity
Bank of Korea warns of forthcoming credit tightening
Bank lending survey finds a recent trend of credit easing is likely to be reversed in the first quarter of 2013; credit risk expected to run at ‘high levels’
Netherlands Bank report urges restructuring of mortgage finance
First meeting of the Netherlands Bank’s Financial Stability Committee endorses action to address risks surrounding high mortgage indebtedness
Minneapolis Fed research challenges banks’ reliance on short-term debt
Policy paper calls short-term funding as a foundation for efficient payments an ‘artefact of a bygone era’, and suggests reforms to banks’ funding models
Belgian bank survey reports gloomier outlook
National Bank of Belgium survey finds improved financial market conditions are not feeding into the real economy, as respondents again revise down 2013 growth forecasts
PMA gains new authority over payments systems
Decree law gives Palestine Monetary Authority green light to promote ‘modern e-banking services’; Jihad Alwazir says new systems will increase efficiency while reducing risks
IMF fears Ireland could still lose access to markets
Eighth review of extended fund facility says Ireland’s newly regained market access is ‘fragile’ and could be lost if European commitments to ESM funding and OMTs are not followed through
Fed’s Stein highlights transatlantic risks
Jeremy Stein discusses situations that may lead to a spike in dollar funding costs for European banks operating in the US; says renewed swap lines and new regulation will help
BBA delays phase-out of some Libor rates after complaints
Less-used rates will be produced until May 2013
HKMA’s Yue on consumer education and protection
Market players, regulator and consumers all have roles to play to ensure that trust remains in financial services, says Hong Kong deputy chief executive
Banque de France paper tests policy interactions
Researchers examine optimal configurations of monetary and macro-prudential policy under different conditions; find monetary policy cannot affect financial stability in some cases
Ghana annual report details payments upgrades
Bank of Ghana notes projects implemented in 2011 to improve financial market infrastructure
Book notes: The Great Recession: Market Failure or Policy Failure?
This is a hugely important book that should be read by all central bankers, bank supervisors, politicians and newspaper editors
Sri Lankan governor issues 21-point plan for bankers
Ajith Nivard Cabraal gives guidance on how banking operations should be monitored and upgraded throughout 2013
Paper finds flimsy productivity base for banks in Spain
A Bank of Spain working paper says two-thirds of pre-crisis banking productivity growth was attributable to the expansion of mortgage lending, a reliance on short-term finance and leverage
Central Bank of Ireland to toughen penalties for financial crime
Irish central bank looks to harden sanctions for financial crime, including doubling maximum fines and the possibility of criminal prosecution for top managers
BoE and FDIC co-operate on bail-in plans
US deposit insurer and UK central bank release plans for resolution of global systemically important banks, focusing on a ‘top-down’ approach to maintain viability long enough for restructuring
BoJ paper finds noisy reference rate can create volatility
Working paper studies effect of reference rates on stabilising or destabilising interbank markets; finds noise in rates reported by large banks can feed volatility and impair monetary policy