News/Regulation
BoE faces £1bn BCCI lawsuit
Following a ruling on Thursday 22 March, Deloitte and Touche, liquidators of the Bank for Credit and Commerce Interantional, have been given leave to sue the Bank of England for its alleged failures as supervisor of BCCI
BoJ must compensate vicitm of sexual harrassment
A Japanese court has fined the BoJ $55K for failing to protect a female staff member from sexul harassement by a former manager at the bank.
Russian bankers to participate in symposium
A delegation of Russian bankers and economists will participate in a three day symposium in India beginning on Mar 22, 2001.
China c.bank chief urges banks to curb bad loans
China's central bank chief Dai Xianglong urged state-owned banks to reduce bad loans and repeated a ban on loans being funnelled to stock speculation, the official Financial News said on Mar 21, 2001.
BOJ's Yamaguchi to visit Washington to attend FSF
BOJ deputy governor Yutaka Yamaguchi will visit Washington from Mar 22, 2001 to attend a meeting of the Financial Stability Forum, the central bank said in a statement on Mar 21, 2001.
Philippines engages PWC to create PNB rehab plan
The Phillipines government has hired PriceWaterhouse Coopers to draw up a plan to rehabilitate partly state-owned Philippine National Bank in preparation for the sale of an 83% stake in the loss-making bank, Central Bank Governor Rafael Buenaventura said…
Thorpe leaves UK's Financial Services Authority
Phillip Thorpe is stepping down as managing director of the UK's Financial Services Authority and will be taking on a new role as president of the Futures Industry Institute based in Washington, DC.
Indian Reserve Bank demands risk data
The RBI, responding to fears over the effects of market volatility on cooperative banks, has demanded information about their stock market exposures.
Indonesian cbank ponders Standard Chartered fine
NEWS - Bank Indonesia has agreed to look again at fines levied for breaches of forex dealing regulations after Standard Chartered complained the penalites were excessive in response to "operational errors" which had been quickly corrected.
Central Bank of Russia rebuts accusation
NEWS - The Russian central bank has denied any involvement in the erroneous transfer of 2m dollars by the American Bank of New York to the Nizhegorodets bank, according to a recent Interfax news report.
Turkey's banking watchdog seized control of bank
Turkey's banking watchdog seized control of a mid-sized private bank early on Mar 15, 2001 in a sign the government is determined to clean up a crisis-ridden banking sector that threatens the entire economy.
BOJ Hayami says structural reform indispensable
Bank of Japan Governor Masaru Hayami said on Mar 15, 2001 that structural reform in the Japanese economic system and industry is needed to make monetary policy fully effective.
Argentine cbank chief testifies, quotes Kafka
Argentina's embattled central bank president Pedro Pou testified before a congressional commission on Mar 14 to defend himself from allegations he turned a blind eye to money laundering.
ECB plans statement on banking supervision - paper
The European Central Bank plans to issue an official warning to governments not to curb the role of central banks in banking supervision, a German newspaper reported on Mar 14, 2001.
Argentine cbank head asks judge to suspend probe
Argentina's Central Bank President Pedro Pou asked a federal judge on Mar 12, 2001 to stop a congressional commission investigating charges he turned a blind eye to money laundering from voicing its conclusion.
Financial supervisory body under Bank of Estonia
After a hard fought battle, the Estonian parliament has decided by a majority of votes to place the integrated financial supervisory body under the Bank of Estonia.
China probes bank loans in stock markets - paper
China's central bank has launched a probe into domestic banks which might have lent money for stock speculation, state media said on Mar 12, 2001.
Philippines to improve transparency of cbank
The Philippine government will take measures to further improve transparency and accountability of monetary authorities, according to a news release from the presidential palace on Mar 10, 2001.
China seeks HK expert to join central bank
China's Premier Zhu Rongji is seeking a Hong Kong banker to become a deputy governor of the country's central bank, a move which analysts say shows Beijing is serious about beefing up its regulatory control of the banking sector.
Central banks key to financial stability-BOI, BOF
The internationalisation of institutions and financial activities has heightened the importance of national central banks in ensuring financial stability, the governors of the Bank of Italy and Bank of France said in separate speeches on Mar 9.
BOI Desario-Mergers not the only way to efficiency
The Bank of Italy director general Vincenzo Desario said Mar 8, 2001 that bank mergers were not the only way to achieve efficiency and competitiveness in the banking system.
China shareholding banks must reform further-PBOC
Shareholding commercial banks must be encouraged to further improve their corporate management structure and financial services to develop in a sound, steady way, said the governor of the People's Bank of China.
CBC gov favours listing of Taiwan firms in China
Perng Fai-nan, governor of Taiwan's central bank, said on Mar 7, 2201 that he personally endorses Taiwanese manufacturers that have set up companies in mainland China to get listed on the mainland's stock markets for fundraising purposes.
EU committee on Lamfalussy report want 'call back'
The EU's Committee on Economic and Monetary Affairs Committee on Mar 6, 2001 adopted a motion for a resolution on the Lamfalussy report on securities regulation, which will be submitted to a vote in plenary session in Strasbourg on Mar 14.