Articles by Central Banking staff
Governments often play role in appointing boards
Boards often mix government members, central bank officials and non-execs
Formal strategy committees remain relatively rare
Boards of directors are widely used but specialist oversight committees are less common
Central bank mandates differ between advanced and emerging economies
Governance Benchmark 2021 data shows emerging economy central banks more likely to have financial stability mandate
Central banks take different routes to financial stability
Some give ultimate authority to governors but others use committees
Governor salaries 12 times higher than GNI per capita
Salaries ranged between $33,101 and $723,551
RBI pays out second-largest dividend
Indian central bank orders $13.6 billion payment to government
Bank of Canada voices concern over house prices
Financial regulator imposes minimum rate on new uninsured mortgages
Few central banks have diversity or sustainability policies
Eight in 10 have a whistleblower policy
Governors can serve 25+ years at 40% of central banks
Governors in high and upper-middle central banks have longest possible tenures
Governors at four in five central banks left before their term ended
Countries with highest governor turnover were experiencing political instability
Most central banks accountable to legislature
Chains of accountability vary and there does not appear to be one ‘gold standard’
Four in 10 central banks have legal right to be consulted on mandate changes
Most have legal restrictions on their ability to use monetary financing to fund the government
NY Fed updates Treasuries purchasing programme
New York Fed changes maturity ranges and sector weights of bond purchases
Fintech & IT Benchmarks 2021 – presentation
Central Banking’s fintech and IT subject matter specialist Rachael King speaks with Christopher Jeffery about fintech and IT staffing and salaries, research and investment, system resilience, CBDCs and the wider fintech ecosystem
Fintech & IT Benchmarks 2021 report – executive summary
Shedding light on fintech initiatives, staffing, salaries, cyber security and more
Most central banks spend less than 20% of their IT budget on security
Average spend was 16% of IT budget
Central banks take less than 50 minutes to fix critical outages
Time tolerances for critical system downtime range from one to 32 hours
Average IT salaries are highest in Europe
Pay varies by income of institutions’ host economies
Payment innovation is top fintech research priority for central banks
CBDC ranked second as central banks explore wider implications of fintech for payments
High income economy central banks’ technology costs vary widely
Some central banks in advanced economies have kept costs as low as those in poorer nations
Large economy central banks more likely to employ CTO
Slight majority of central banks employ CTO, but differences are clearer when sorted by GDP
Most central banks do not have dedicated fintech departments
Fintech operations tend to be spread across departments
Central banks hired more fintech staff in 2020
Significant proportion of central banks are yet to establish dedicated fintech teams
Most central banks hold annual cyber security training sessions
One-third of central banks hold training every 0–6 months