Lender of last resort
Elizabeth McCaul on supervision, new macro-dynamics and investing in suptech
Former ECB Supervisory Board member speaks about the Covid-19 and Credit Suisse shocks, regulation debates, the rise of non-banks and what makes tech projects succeed
Should the Fed mandate collateral pre-positioning at the discount window?
Supervisor wants lenders to be ready to access central bank facilities, but formalising pre-positioning has some drawbacks
Central banks need to step up their crisis management plans
Patrick Honohan argues that robust preparation can better protect reputations in the event of a crisis
Book notes: The bankers’ new clothes, second edition, by Anat Admati and Martin Hellwig
A disjointed book where ‘I told you so’ new chapters add little to the excellent original analysis
BoE to open non-bank emergency facility in Q4
Central bank working “at pace” to deliver facility, as it publishes provisional design
Long-term repo set for bigger role in BoE operations
Executive director Victoria Saporta outlines “major change in operating practice”
Removing discount window stigma is difficult – NY Fed
Authors recommend creating a new facility and mandating regular usage
Vietnam’s central bank lends $24 billion to troubled bank
State Bank of Vietnam offering liquidity lifeline to lender mired in financial scandal, Reuters reports
‘No frowning’ on banks for discount window borrowing – Fed official
More banks have completed paperwork to access Fed lending facility than a year ago
BoE official reveals details of non-bank backstop design
Bank intends to activate mechanism in crises only, despite firms’ call for standing liquidity facility
Former NY Fed chief calls for overhaul of discount window
Dudley’s proposed changes include prepositioning collateral, cutting costs of secondary credit facility
Ghana’s Ernest Addison on the chain of events that led to a loss of $5 billion
The Bank of Ghana governor speaks with Christopher Jeffery about what necessitated monetary financing, the boundaries of ‘independence’ and the results of offline tests of the e-cedi
BoE begins work on non-bank emergency backstop
Central bank planning to roll out facility to insurers and pension funds as first step
Financial regulators: one, two, maybe a few?
As Jamaica moves to introduce the ‘twin peaks’ approach to financial oversight, Ben Margulies assesses some of the pros and cons
A ‘unified ledger’ and the future of money
Blueprint set out by the BIS staff raises plenty of questions about the 'singleness of money'
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production
Senad Softić on governance, currency boards and EU convergence challenges
Central Bank of Bosnia and Herzegovina governor speaks about improving governance in a political vacuum, managing a currency board amid rip-sawing euro rates, resolving Gazprom’s local units, modernising payments and meeting EU convergence criteria
IMF considering Liechtenstein application
European microstate could become 191st member of fund
BIS’s Restoy warns of limits to deposit insurance reform
Better use of supervision could solve many issues without deposit insurance reform, official says
Central bank negative equity: a risk governance perspective
Janet Cosier explains how risk planning, recapitalisation and transparency are key as central banks incur financial losses
Central banks need non-bank liquidity ‘toolbox’, says IMF
Fund says central banks should act as lender of last resort to systemically important non-banks