Resolution
ECB supports giving ESM independence
Reformed ESM should be used to provide “backstop” for bank resolution, ECB says
Bank of Uganda governor hits back at mismanagement claims
Central bank and government ombudsman are locked in conflict over a staff reshuffle
Book notes: A diary of the euro crisis in Cyprus
Panicos Demetriades’ book tells the inside story of the Cypriot crisis and how battles over central bank independence led ultimately to his resignation
Basel Committee highlights best practice for early intervention
Supervisors have become more forward looking and adopted new tools since 2008 in a bid to catch trouble early
Communications on financial stability should be strengthened
The IMF’s Olga Stankova outlines how central banks and other official agencies can better communicate their financial stability work
ECB orders Latvia to close bank accused of money laundering
Latvian finance minister says 12 further banks in country may be at risk from money laundering
Authorities need to deal with ‘limitations’ of global standards
The BIS’s Fernando Restoy says global standards do not cover all possible risks, and national supervisors need to fill in the gaps
People: Tunisian governor resigns; EFSF appoints chairman
Governor Ayari quits after Tunisian prime minister initiated the process to replace him; EFSF picks new chairman; European Commission proposes new chief for Systemic Risk Board
RBI launches tougher rules on non-performing loans
Overhaul of framework for dealing with stressed assets is latest step in central bank’s push to clean up financial sector
Auditors find ‘flaws’ in ECB’s crisis management framework
ECB must improve co-ordination with SRB and national supervisors – report
Colombian paper says resolution co-operation is needed in the region
Authors examine how resolution plans have evolved and conclude more work can be done with regard to local systemically important financial institutions and cross-border activities
Some banks’ living wills have ‘shortcomings’ – US agencies
The latest assessment finds previous “deficiencies” have been corrected, but four banks show less serious “shortcomings”
Russian central bank becomes sole shareholder in failed bank
Central bank injects approximately $7.7 billion into Otkritie
Loss absorbency is a challenge to implement – BoE’s Gracie
Delays in other jurisdictions are making it hard to roll out final rules for total loss-absorbing capacity, says executive director
FSB praises ‘good progress’ on S Korean resolution framework
Peer review finds additional work to be done on filling gaps and strengthening supervision
European Commission proposes creating a European Monetary Fund
The new EU institution would replace the European Stability Mechanism in 2019
People: Fiji appoints deputy; Commission proposes new SRB chair term
Esala Masitabua will become deputy governor in Fiji on January 1, 2018; European Commission proposes extending Elke König’s mandate as chair of the SRB; and more
FSB consults on bail-ins and funding during resolution
Consultations seek to unpick the operational complexities of implementing resolution regimes
Bank of Spain inspector denounces supervision interference
Supervisors consider essential the creation of a body to safeguard their independence
Bank of Portugal sells majority share in ‘good bank’
EC permits recapitalisation deal with US investor after lengthy attempts at sale
US Treasury hands CCP resolution powers to FDIC
Mnuchin regulatory review explicitly refers to FDIC as receiver under a Title II resolution
ECB calls on Commission to rethink CCP resolution and recovery plans
Proposals need to shift focus from stand-alone recovery, ECB says
EBA and US agencies agree framework for cross-border resolution
Document lays out principles for information sharing and future crisis management agreements
Portuguese governor clashes with government
Treasury intends to transfer banking resolution competencies out of the central bank