Governance
IMF paper suggests solutions to collective action problems
Working paper says difficulties in achieving cooperation when tackling global risks are surmountable; suggests taking ‘incremental steps’ and ‘realigning incentives’
Bank of Mauritius governor hails ‘rejuvenated’ staff
Rundheersing Bheenick says new hires and the creation of ‘director of technology’ position help the central bank keep abreast of rapid technological progress in the banking sector
Sarb launches investigation into forex traders
Central bank joins growing list of regulators concerned by potential for misconduct among foreign exchange market practitioners
Bailey accuses EBA of comms blunder
BoE deputy says EBA ‘incorrectly transmitted’ the news that its vote on an opinion regarding bonus caps had been unanimous - as he voted against it
People: Mexican deputy gets second term; Paraguay names new director
Mexican president reappoints Legaspi as deputy governor of Bank of Mexico; Central Bank of Paraguay promotes legal unit manager to director; and more
Failure to improve culture will be punished, say Dudley and Tarullo
Fed officials say banks that fail to improve culture will face regulatory sanctions, including the possibility of being ‘dramatically downsized and simplified’
ECB taking minutes leak ‘very seriously’
Quotes from governing council discussions between May 2012 and January 2013 appear in press; reveal Jens Weidmann’s concerns over ELA provided to Cypriot bank
BoE’s Bailey slams European bonus caps
Deputy governor expresses ‘dismay’ at debate that misses what he sees as key points in designing appropriate incentives; points to flaws in Basel capital standards
Riksbank gets new general council
Sweden's parliament names a new general council - the body is composed of MPs and tasked with overseeing the governance of the central bank
Central Bank of Brazil staff stage fifth walkout this year
‘Technical workers’ are seeking to defend their roles, which they feel are increasingly being handed to over-qualified ‘analysts’; Central bank says strike is not affecting its core activities
Basel Committee toughens bank governance principles
Principles aim to instil stronger risk governance in banks, after FSB peer review identified room for improvement; focus on responsibility of boards and ‘three lines of defence’
National Bank of Angola separates financial regulation from supervision
Central bank is restructuring its operating model, making a ‘clear separation between the exercise of developing standards and the role of monitoring [their] implementation’
People: William English switches Fed roles; Argentina central bank adds new senior staff
William English will step down as director of the Fed board’s division of monetary affairs, but will remain as adviser; Central Bank of Argentina gets new director and general manager
People: RBI names three new executive directors; Former vice-governor returns to Bank of Portugal
Reserve Bank of India promotes three new executive directors and reshuffles portfolios; João Costa Pinto rejoins Bank of Portugal; Rafi Melnick departs Bank of Israel
Kganyago picked to succeed Marcus as Sarb governor
Deputy governor Lesetja Kganyago says he ‘will not disappoint’ as next Sarb governor; Gill Marcus says the appointment ‘reflects the depth of talent and skill’ in the central bank
People: Swedish first deputy joins Danish FSA board; Bank of Russia names national payments head
Kerstin af Jochnick is handed a two-year term on the Danish FSA board; Bank of Russia appoints Alla Bakina to lead national payments department; Iosco chair re-appointed
Central bank independence key focus of Brazilian elections
With the central bank’s autonomy a hot topic in the build-up to this weekend’s presidential elections, specialists are divided on the benefits of greater independence
Argentina’s central bank governor quits after Presidential criticism
Juan Carlos Fábrega resigns after Argentina’s president accuses the central bank of giving ‘confidential information’ to banks
BoE's Fisher underlines need for co-ordination between top committees
PRA deputy head says choices of one committee ‘will affect the choices of the others' and a common understanding of the economy is vital
FSB urges central banks to ‘take note’ of Iosco FX benchmark principles
Final report on FX rate benchmarks encourages central banks to heed Iosco recommendations; suggests changes to benchmark methodology to improve incentives
Argentina central bank staff strike over pay
More than 80% of employees are on strike, according to a workers' union; central bank says the demonstration has not affected their activities
Focus on risk culture is ‘remaking’ the banking system
Patricia Jackson highlights ‘big shift’ in banking as firms implement more rigorous risk frameworks; BoE’s Andrew Bailey sets out the PRA’s approach
US senator calls for hearings into NY Fed supervision
Elizabeth Warren says ‘disturbing issues' raised by former employee's secret recordings of colleagues; New York Fed ‘categorically rejects allegations'