News/Financial Stability
Trichet to eurozone governments: take the lead on debt crisis
European Central Bank president Jean-Claude Trichet says debt crisis is within governments’ remit, hinting at support for extension of European Financial Stability Facility
Brazil raises reserve ratio to ease impact of capital inflows
Central Bank of Brazil lifts reserve requirement ratio in bid to stem inflationary pressures resulting from capital inflows
ECB bucks market expectation with silence on further bond purchases
European Central Bank extends liquidity operations but does not commit to more bond purchases; move comes against market anticipation, dividing analysts
Fed audit sheds light on scale of deterioration in AIG vehicles
Federal Reserve publishes data illustrating the fall in asset value and quality in Maiden Lane II and III vehicles; Fed’s-eye view on crisis events revealed
Securency chairman set for London move
RBA assistant governor Bob Rankin to become chief representative in Europe; Rankin to remain Securency chairman until polymer manufacturer sold
Portuguese banks’ reliance on ECB 'unsustainable', says central bank
Bank of Portugal Financial Stability Report says domestic lenders’ reliance on eurosystem funding has spiralled; sovereign’s declining prospects a key factor
Norwegian banks will meet Basel III ahead of schedule: Gjedrem
Norges Bank governor Svein Gjedrem says Basel III capital requirements will be implemented ahead of Basel Committee deadlines in Norway
Anglo restructuring deal to be sealed in January: Ireland’s Honohan
Central Bank of Ireland governor Patrick Honohan says Anglo restructuring proposal will be approved by end-January; Irish banks face capital, liquidity assessments
Periphery CDSs break records as sovereign fears continue
Portugal might be next peripheral to seek help, economist warns, as its CDS hits record high.
Markets, analysts unconvinced by Irish bailout
Officials welcome deal but euro, continental bourses drop in response to €85 billion rescue package for Ireland
Europe reveals new stability mechanism
Eurozone finance ministers outline European Stability Mechanism designed to offer financial assistance to troubled single currency states
Qatar launches m-payment scheme
Qatar Central Bank licenses two telecoms providers to offer mobile payment services; move makes it first in region to operate scheme
Estonia nabs firms over euro leak
Bank of Estonia fines two companies for mishandling euro coins ahead of the currency’s launch in 2011; strong link to coin sale in neighbouring Latvia
Basel Committee sets out principles for deposit insurance
Basel Committee on Banking Supervision outlines principles on the scope, operation and legal dimensions of deposit insurance systems
Philippine banks migrate to new remittance payments system
Central Bank of the Philippines says all twelve participating banks are using new electronic payments system for remittances
Video: Japan FSA's Chikahisa Sumi talks about regulation's post-Basel III focus
The G-20 does not plan to sit still after its historic endorsement of Basel III. New targets include too-big-to-fail institutions, the shadow-banking system and commodity derivatives, according to Sumi.
De La Rue set to name new chief executive
Former Chloride president Tim Cobbold is “preferred candidate”; news comes after company says paper scandal has had “significant” impact on revenues
RBA plans to sell scandal-hit Securency
Reserve Bank of Australia plans joint sale of polymer subsidiary following alleged bribery scandal
Ireland’s Honohan calls for greater disclosure of residential mortgages
Central Bank of Ireland governor Patrick Honohan says greater disclosure on residential mortgages loans will help drive confidence in markets
ECB could offer governance concession on T2S
European Central Bank could modify governance arrangements of its settlement platform in a bid to entice sterling to join
Ireland’s regulator moots new capital facility for banks
Central Bank of Ireland head of financial regulation Matthew Elderfield says creation of standby contingent capital facility for banks from European Union and IMF bailout money will help ease markets
BoE’s Haldane offers a case for macroprudential policy
Andrew Haldane says credit cycles arise from collective action failures, justifying systemwide measures; argues against leaning against the wind
Irish bailout fails to restore faith in PIIGS debt
CDS spreads on peripheral eurozone debt widen despite €90 billion in aid
HKMA, PBoC react to QE2
Hong Kong Monetary Authority and People’s Bank of China counter Fed’s quantitative easing programme with regulatory and monetary policy measures