Governance
Possible Fed appointments on the horizon
Treasury department official Randall Quarles and former Fed staffer Marvin Goodfriend believed to be on the shortlist; no date yet for appointment announcement
Rwanda approves draft reform of central bank law
Independent members will join MPC and ‘board of censors’ will be abolished
Book notes: Fed Up, by Danielle diMartino Booth
A “fascinating but annoying” account by a US Federal Reserve insider who openly criticises the culture of the US central bank and policy decisions made by the institution leading up to and following the financial crisis
More regulation ‘may not fix problematic conduct’, says Sarb’s Mminele
Deputy governor appeals to the entire financial market to challenge and realign current culture; “fundamental shift” needed in order to rebuild “trust deficit”
People: Menon given fourth term; Irish chief economist retires
Singaporean governor awarded fourth consecutive term; Ireland’s chief economist retires, while the registrar of credit unions heads to the IMF; India appoints a new executive director; and more
EBA calls for reform of its funding and governance
Funding shortfalls are “unreasonable”, Enria says; some governance arrangements are “overly cumbersome”
Bank of England threatened with strike action over pay
Union members to be balloted on strike after being awarded a “derisory” 1% pay rise; UK inflation currently running at 2.7% and forecast to rise further
Irish central bank gets new supervisory structure
Supervisory functions will be split into two “pillars"; Lane says increased mandate and greater European commitment means new structure is necessary
Deutsche Bank fined further $41 million by Fed
US central bank finds fault with banking giant’s AML function, months after UK regulators imposed similar fines; Deutsche has two months to submit reform plans
People: Maltese deputy resigns; India and Macedonia seek new deputies
Alfred Mifsud resigns from Central Bank of Malta following civil dispute with former partner; India and Macedonia advertise for senior officials; and more
Former Greek central bank governor injured by bomb
Papademos attack follows letter bombs sent to Schaeuble and IMF
Lebanese government reappoints Salameh as governor
Governor will face considerable pressures from political factions and the refugee crisis
Long-standing Uzbek central bank chairman dies
Fayzulla Mullazhanov led the central bank since its formation following the collapse of the Soviet Union
ECB criticises Slovenian draft law on bank’s crisis actions
Disclosure of information would contravene European law, and the use of experts should be changed, the ECB says
People: Romanian deputy nominated; Belgium’s Dewatripont leaves central bank
Romania to soon have new deputy governor, pending parliamentary approval; National Bank of Belgium’s deputy Dewatripont leaves central bank; India creates CFO role; and more
Bank Negara Malaysia to ramp up misconduct supervision, says Ibrahim
Shocking survey results shows 15% of respondents would act ‘unethically’ when not being monitored; new guidance principles and transparency framework to help, BNM governor says
Sint Maarten finance minister issues ultimatum to central bank board
Gibson issues ultimatum to board regarding replacement of suspended central bank president Emsley Tromp; board members told to act in the best interest of the bank or be fired
Gambian governor and deputies dismissed, local media reports
Governor was appointed by recently deposed president
Tromp claims prosecutors are acting ‘negligently’; rejects tax fraud claims
Suspended governor accuses prosecutor’s office of being “driven by forces other than establishing the truth”; Tromp rejects allegation of tax fraud and claims he has acted within the law
Riksbank urges government to amend profit allocation plans
General Council welcomes clarity in proposal but says it must have the power to request recapitalisation
Increasing female participation in workforce will help US growth – Yellen
Fed chair examines barriers women still face when entering the workforce; increasing participation rate could help increase US output by 5%
People: US assembles bank regulation team; Mrva reappointed
US administration begins assembling banking regulation team with OCC appointment; Slovakian board member appointed for fourth term; and more