Benchmarking
Financial stability powers are sufficient, say most central banks
Two African central banks say they urgently need more powers over financial sector
Pandemic is top stability concern for benchmark respondents
House prices, cyber crime and crypto assets are also major worries for central banks
Many benchmark respondents concerned over AML/CFT risks
Participants based in Americas especially concerned over rise in money-laundering risks
Stark differences between financial stability department resources
Powers may be more important than staff numbers and budget to carry out function
More macro-pru tools needed, say some central banks
Some benchmark respondents say they lack legal framework for macro-prudential powers
Emerging market central banks regulate more sectors
A higher proportion are the sole banking, non-bank and micro-finance sector regulators
Emerging nations favour different macro-prudential tools
Respondents from richer countries use counter-cyclical buffers more than emerging market peers
Many central banks are sole macro-pru agency
Two-thirds of respondents say central bank alone can impose macro-prudential restrictions
Wide range of financial stability arrangements among central banks
Boards are prime financial stability decision-making body at many participants
Banks resolved in almost half of jurisdictions surveyed
Jurisdictions with more bank resolutions had higher NPL levels, benchmark exercise finds
Stress tests key for financial stability – Benchmarks participants
Most Benchmarks participants conduct stress tests more than once a year, but methods vary
Cyber security exercises useful, say benchmark participants
Over half of participants simulate cyber attacks – a quarter do so more than once a year
Monetary Policy Benchmarks 2021 report – executive summary
Insights into the staff that work on monetary policy, decision-making, tools, transparency and market operations
Cyber attacks rising, most benchmark institutions say
Financial sector hacking attacks rose in past two years
NPLs down in nearly 70% of jurisdictions, despite Covid-19
Lower income nations hit harder than most during past five years; Asia, Africa and Americas NPLs on different trajectory to Europe
Most central banks cannot bring criminal charges against banks
But 87.5% of institutions report they can refer these charges to other public institutions
Monetary Policy Benchmarks 2021 report – seeking a strong anchor
Insights into the organisation and resourcing of monetary policy, decision-making, tools, transparency and market operations
Do central banks have enough resources to meet tech challenge?
Accelerating technological evolution, difficulties accessing and retaining technical staff, and limited resources will present growing challenges for central banks in the future
Central banks set monetary policy around eight times a year
African central banks reported setting monetary policy less frequently than peers
Strategies for change: central banks’ quest for diversity
Dedicated diversity strategies remain uncommon among central banks, despite growing recognition of the need for better minority representation
Press conferences tend to be held for every monetary policy decision
The events can be a valuable tool for policy transparency and clarity
In-depth reports less frequent than monetary policy meetings
Over 80% of central banks set monetary policy without always publishing in-depth reports
Central banks divided on publishing policy meeting minutes
Central banks in advanced economies more likely to publish minutes
Policy-maker votes largely kept secret
Most central banks do not reveal how individual monetary policy-makers vote