Financial Stability
Ukrainian central bank bars PwC from further audits
NBU says firm verified “misrepresented information”, but PwC denies charge
Tensions rise as EU payments deadline nears
Europe’s revised payment services directive is meant to boost innovation, competition and security, but many are concerned it has serious flaws
Guinea Bissau still struggling with NPLs, says latest IMF assessment
Country still reeling from failed bailout that saw two banks default; fund stresses the need for prudential regulatory compliance and praises three-pronged approach
France should broaden macro-prudential oversight – FSB report
Country should widen its outlook to include asset managers and other risky areas, a peer review finds; report recommends action to boost communication and disclosure
FCA threatens further action against firms “misleading” customers
UK regulator says some banks are still incorrectly using currency transfer services, despite warnings last year; customers are “not fully aware” of being misled until registration has taken place
Debate over Kenya’s growth potential continues – Njoroge
Private sector sees macroeconomic stability and infrastructure funding aiding growth in the long term, while banks are concerned about elections and a decrease in credit growth
Fed fines BNP Paribas over forex manipulation
French bank is to pay $246 million to settle an investigation of misconduct
BoE opens RTGS to non-bank payment service providers
Non-banks gain direct access to settlement accounts at the Bank of England for the first time, though they will not be able to participate in monetary operations
IMF official says Mexico’s outlook seems bright
First deputy director Lipton says sound macroeconomic management has put the country in a strong position, despite a sharp rise in inflation and uncertainty surrounding trade relations
Austrian banks should invest for the future – OeNB
Commercial banks are boosting profits by cutting risk provisioning, says central bank
China's president hands PBoC stronger role in tackling financial risks
China will set up a financial stability and development committee to co-ordinate financial supervision, and the central bank will play a stronger role in financial regulation, Xi Jinping said at a national financial work conference.
Regulations have net benefit despite cost to dealers – BoE paper
Working paper finds leverage requirements have raised costs for dealers in normal times, with the impact larger than earlier studies imply
IFRS 9 will improve stability – ESRB
New measures could reduce the procyclicality of asset impairments in downturns
Malaysian central bank strengthens onshore hedging
Bank Negara complements NDF restrictions with more open onshore market
IMF continues building up Somali central bank
Planned currency reform should give the central bank the ability to implement monetary policy
Uganda central bank sues Crane Bank director for over $100m
Bank of Uganda investigation finds troubled Crane Bank owned wholly by one person; third party to file action against the central bank for negligence in handling Crane saga
RBNZ’s Bascand says banks now less reliant on offshore funding
New Zealand banks are attempting to reduce risk and respond to regulatory changes by tightening lending standards and “aggressively” competing for deposits, says RBNZ deputy
RBNZ considers cutting contingent instruments from capital regime
Central bank casts sceptical eye over debt instruments with in-built conversion triggers, following recent problems in Europe
EBA study quantifies impact of IFRS 9
Report finds smaller banks are likely to see a heavier capital impact from new accounting rules; Basel Committee paper says a mix of forward- and backward-looking rules may work best
BSP’s Espenilla: Philippine banking system is ‘very robust’
Central bank to use data-gathering portal to improve services and increase communication with the general public