Banks
Fed governor explains dissenting vote on Volcker Rule implementation
Sarah Raskin justifies her vote against Volcker Rule implementation; argues rule’s provisions unlikely to have significant impact on liquidity
Indonesia enters China interbank bond market
Bank Indonesia and People's Bank of China reach agreement allowing Indonesian central bank access to China's interbank bond market; part of Chinese strategy towards internationalisation of the yuan
BoE reports mixed credit conditions
Bank of England’s quarterly ‘Trends in Lending’ shows lending to UK businesses contracted but consumer credit flows rose over the second quarter of 2012
Central Bank of Kenya chief promotes monetary union
Njuguna Ndung’u calls on Kenya Institute of Bankers to design training to meet the needs of a ‘dynamic regionally integrated financial sector’ ahead of monetary union in East Africa
Spanish governor admits central bank’s failings
Luis Linde addresses past errors made by the Bank of Spain with regard to supervision of the financial system; says hindsight would mean a different approach to counter-cyclical provisioning
Eurozone crisis at 'critical' stage, says IMF
International Monetary Fund stresses need for completion of monetary union and sets out three vital common elements to create banking union; ECB’s Asmussen echoes thoughts on vital need for union
Bank of Israel unveils proposals to increase banking competition
Interim report sets out numerous measures to increase competition in Israel’s banking sector; says banking suffers from high concentration and low efficiency
Geithner emails to King bring BBA into focus over Libor
Communications between the then president of the NY Fed and the governor of the BoE show 2008 concerns over Libor system; British Bankers' Association was asked to look at recommendations for change
Italian governor reviews uncertain outlook as Moody’s downgrades
Bank of Italy governor Ignazio Visco says banks have made progress in strengthening finances but warns of numerous downside risks; Moody’s downgrades Italy’s government bond rating
RBA deputy governor warns of regulatory side-effects
Reserve Bank of Australia’s Philip Lowe reviews impact of new financial regulation; says although new rules likely to increase stability, regulators must be aware of possible negative consequences
Spain’s Frob shakes up management ahead of bailouts
Fund for Orderly Bank Restructuring (Frob) selects new general manager from Spanish government among other senior appointments; first €30 billion of bailout funds to be handled by the Frob
IMF paper studies reduced financial interconnectedness
Working paper examines impact of deleveraging by financial institutions through declines in collateral use; identifies issue that may cause unintended consequences
Agius confirms BoE governor’s intervention in Barclays
Chairman of Barclays recounts meeting with Mervyn King during which he was told Bob Diamond had lost the confidence of the regulator; following day the bank’s chief tendered his resignation
Draghi says closer union will achieve stability in Europe
Mario Draghi says quality of reforms and implementation ‘absolutely essential’; sets out vision of future union based on financial, fiscal, economic and political integration
IMF paper models sovereign and bank feedback loops
Working paper develops model of interdependence of bank and fiscal solvency; finds relationship can lead to a ‘self-fulfilling crisis’
Bank of Thailand governor warns of ‘known unknowns’
Governor of Bank of Thailand, Prasarn Trairatvorakul, weighs impact of global economic and regulatory developments on Asia; says changes represent a ‘paradigm shift’
Bulgarian governor praises success of macro-prudential policy
Ivan Iskrov describes Bulgarian experience of macro-prudential policy; says Bulgarian National Bank was ahead of curve in regulating financial system
IMF paper assesses drivers of banking equity returns
Working paper studies factors behind movements in bank equity prices; finds that despite general 'dismal' performance, equities of better capitalised and less leveraged banks perform best
Bank of Canada reports payment system developments
Report reviews Bank of Canada’s activities in promoting clearing and settlement systems; says operations support 'stability and efficiency' of financial system
Mexican deputy governor weighs challenges facing economy
Bank of Mexico’s Manuel Sánchez examines effect of capital inflows and eurozone problems on Mexican economy; says growth expected to continue at a moderate rate
Bank of Mauritius to investigate fair banking practices
Bank of Mauritius promises to investigate terms and conditions of contracts consumers sign, including fees, commission and charges levied by banks; following rise in complaints
Diamond clarifies note on conversation with BoE deputy
Former chief executive of Barclays explains note written after conversation with Paul Tucker; gives evidence on same day Tucker makes public request for hearing with Treasury Select Committee
Second wave of CSDs sign T2S framework agreement
A total of 15 central securities depositories sign T2S framework agreement in second wave; system set to go live in June 2015
Noyer sets out eurozone financial union necessities
Governor of the Banque de France identifies three main powers needed to ensure eurozone financial union; “massive firepower” needed by bank emergency fund