Risk
ECB steps up work on climate change
Central bank launches climate change centre and invests in new BIS green bond fund
MAS enhances cyber risk guidelines as risks grow
Authority warns “spate” of cyber attacks have targeted suppliers of IT services
BoE reassures foreign banks on post-Brexit booking models
EU banks that lost passporting rights after Brexit are unlikely to have to establish UK subsidiaries
Bank of Italy paper looks at economic impact of disasters
More frequent disasters make economic effects larger and non-linear, researcher finds
Riksbank to increase risk buffer
Swedish central bank concerned about future effects of asset purchases on balance sheet
RBNZ suffers data breach in third-party system
Governor says breach is “contained” and investigations are ongoing
MAS completes first phase of AI ethics initiative
‘Veritas’ aims to tackle bias in AI-driven financial services
ECB outlines changes to forecasting during Covid
High-frequency data, GDP-at-risk, changes to use of PMI and stringency index all useful, authors say
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
2020: The year in review
The past 12 months have been marked by crisis-fighting and losses, but also innovation
Rebuilding policy buffers is key challenge of coming decade – Borio
BIS economist says central banks are not out of options but the trade-offs are increasingly difficult
Is the integrity of Afghanistan’s central bank under threat?
Acting governor fires key staff and is accused of undoing reforms, while World Bank appears ready to suspend funds; administration and other donors show few signs of learning from Kabul Bank scandal
Economists earn more than number-crunchers at central banks
On average, statisticians take home 88% of what economists earn
A ‘love-hate’ relationship with ESG screens
ESG screens seen as a first step in adopting sustainable investment practices, so why do so few central banks use them?
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
New Isda ‘fallbacks’ critical to making Libor transition a ‘non-event’
New protocol and supplement offer a transition away from Libor rates in 2021, despite CFTC saying 2,400 companies still exposed and Fed extending some US libor contracts until mid-2023
Monetary unions in the making in Africa
EAC, Ecowas and SADC can adopt practical steps learned from EMU to prepare for their own currency unions
BoE says banks can cope with Brexit and pandemic
But central bank warns EU actions are risking some disruption as transition period ends
SNB’s Maechler: innovation hub in race to catch up with fast-paced markets
Swiss hub is laying foundations for a fast market-monitoring platform
BIS paper explores reasons for large gold reserves
Researcher says large holdings can be justified, but only for some purposes
ECB sets new climate risk requirements for banks
Survey of eurozone banks shows most do not disclose basic climate-related data, ECB says
ECB highlights new channel reinforcing sovereign-bank nexus
State guarantees indirectly increase banks’ exposure to sovereign risks through corporates
US banks cede to SOFR lending as credit hopes fade
Critics of risk-free rate say dynamic spread will be too late for transition
FSB warns of ‘breadth and magnitude’ of climate risks
Report warns climate risk could be more challenging to address than other economic risks