Banks
Fed eases rules on foreign banks, US branches
US - Almost four years after it was first proposed, the Federal Reserve on Wednesday approved easing rules on activities of branches of U.S. banks abroad and for U.S.-based branches of foreign financial institutions.
Singapore MAS to review bank ATM rule in 2-3 years
SINGAPORE - The Monetary Authority of Singapore said Wednesday it will review the restriction on foreign banks' access to local banks' automated teller machine network in two to three years.
Speech by Tony Latter of the HKMA
SPEECH - Opening Remarks by Mr Tony Latter, Deputy Chief Executive, Hong Kong Monetary Authority, at the Signing Ceremony for the Appointment of the Dao Heng Bank Group, HSBC and Hang Seng Bank as Placing Banks for the Retail Bonds of the HKMC, 22…
RBI plan reserve to cushion investment value moves
INDIA - The Reserve Bank of India is toying with the idea of directing banks to create a special reserve as a cushion for any adverse movements in the value of their investment portfolios that may be triggered off by interest rate volatility.
Thai central bank head: IMF satisfied with rates
THAILAND - The governor of the Bank of Thailand, Pridiyathorn Devakula, said Monday 15 October that the management team of the International Monetary Fund was satisfied with the level of the bank's policy signalling interest rate.
EU candidates told not to focus only on inflation
UK - Central banks in countries seeking to join the European Union should ensure that their battle against inflation doesn't harm economic growth, a senior official at the European Central Bank said.
Deadline passes for banks to meet new rules
BRAZIL - Last Friday 12 October saw the passage of the deadline for banks to meet the decision of the National Monetary Council (CMN), taken at its last meeting, demanding that the institutions have more equity to meet operations with foreign exchange…
Meyer: Basel rules take time, need bank support
US - New rules on risk management and bank capital standards will take longer to set up than either banks or regulators want but they are too complicated to rush, Federal Reserve Governor Laurence Meyer said in a speech on Monday 15 October.
Banks tighten monitoring use of capital in Taiwan
TAIWAN - Many banks in Taiwan will further tighten monitoring the movements of funds lent to enterprises to prevent borrowers from wiring the money they get from the banks abroad and then left their debts in Taiwan.
Noyer: E european c banks should aim for growth
POLAND - Central banks in countries seeking to join the European Union should ensure that their battle against inflation doesn't harm economic growth, a senior official at the European Central Bank said in a speech on Monday 15 October.
Fed best at policy communication? Not necessarily
UK - If you thought the U.S. Federal Reserve was the paradigm of central bank transparency while the European Central Bank struggled to communicate policy, think again. This comes from a recent report entitled "How Do Central Banks Talk?" published by…
BSP says role in AMC creation limited
PHILIPPINES - The Bangko Sentral ng Pilipinas (BSP), the Philippine's central bank, yesterday, Monday 8 October, said its plans for creating an independent special purpose vehicle to handle banks' bad assets are limited to providing technical advice and…
Central banks autonomy under global pressure
INDIA - Even though central banks may gain independence from their respective Governments, they may tend to be circumscribed by the compulsions of the international financial community, according to Dr Y.V. Reddy, Deputy Governor, Reserve Bank of India.
Customer due diligence for banks
RESEARCH - Basel Committee Publications No. 85, October 2001, customer due diligence for banks.
Banks need no RBI nod for online debit cards
INDIA - Banks will not be required to seek the approval from the Reserve Bank of India (RBI) for introducing online debit cards, where straight-through-processing is done.
Japan moves to step up bank client checks
JAPAN - Japanese financial authorities are set to propose legislation that will force banks to strengthen background checks on customers in the wake of the 11 September terrorist attacks on the US.
Federal Reserve - Press Release
PRESS RELEASE - The Federal Reserve Board on Friday announced the appointment of chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2002.
Philippine central bank orders banks to prepare
PHILIPPINES - The central bank has required banks to submit a contingency plan within 30 days to contain possible risks arising from the terrorist attacks in the US last month, central bank deputy governor Alberto Reyes said.
India banks non-compliant with RBI for net banking
INDIA - None of the banks in the country which offer internet banking facilities today has an IT security policy as stipulated by the Reserve Bank of India.
RBNZ reminder re economic sanctions
NEWS RELEASE - The Reserve Bank has written to banks and financial institutions reminding them of their obligations in regard to United Nations sanctions that apply in New Zealand.
Nigeria's central bank raises rates
NIGERIA - The Central Bank of Nigeria has raised the interest rate at which it lends to commercial banks by 2%, bucking the trend of globally coordinated rate cuts in the wake of the attacks on the US.
History of central bank intervention
UK - Following is a chronology of intervention in foreign exchange markets by central banks from major industrial nations on the dollar, the yen, the German mark and the euro.
HKMA says no evidence of Bin Laden deposits in bks
HONG KONG - Hong Kong's quasi-central bank said Wednesday 19 September it has no evidence that Osama bin Laden, the prime suspect in last week's U.S. terrorist attacks, and his associates are keeping cash in the city's banks.
Report - Central banks did not act together
US - Unlike the co-ordinated monetary policy moves that were the hallmark of international economic co-operation of the 1980s, the spate of interest rate cuts that rippled around the world on Monday and Tuesday was not a pre-arranged exercise by G7…