Financial Stability
FSB-Iosco tweaks systemic shadow bank definition after criticism
Initial proposals for identifying systemic ‘non-bank non-insurers’ ran into criticism last year, with asset managers complaining rules put too much emphasis on size
Court rules against ECB in CCP case
European court finds ECB does not have authority to regulate securities clearing systems in the EU, upholding a UK plea against rules forcing CCPs to be located in the eurozone
Sarb deputy governor fears for oil-exporting countries
The positive and negative shocks of falling oil prices are ‘asymmetric’ and the impact on oil-exporting countries could ‘elevate’ global financial stability concerns, warns Groepe
Yellen sees ‘room for improvement’ on risk management
Fed chair says banks have strengthened their risk management, internal controls and governance, but more can be done and supervisors will be ‘watching closely’
Largest banks clear Basel hurdle for first time
Latest monitoring report finds large internationally active banks all now meet minimum capital requirements; EBA sees capital falling under full implementation of European requirements
ECB revisits virtual currencies in new report
Research concludes virtual currencies do not pose ‘material risk’ to central bank operations in eurozone, but could if they become more widely used or entwined with the real economy
Uganda governor troubled by effect of low oil prices on public finances
Uganda must have a ‘far-sighted long-term fiscal policy’ that recognises the threat falling oil prices pose to the health of public finances, argues central bank governor
Carney targets 'strategic’ approach to market intelligence
BoE governor Mark Carney sheds light on some of the recent changes to the way the central bank gathers market intelligence in Treasury Select Committee hearing
EU court to rule on UK challenge to ECB's clearing policy
Verdict due on March 4 in first of three UK complaints about eurozone clearing oversight; ECB policy calls for some firms clearing euro-denominated products to be incorporated in the eurozone
Angolan central bank rejects public designs for new coins
Applicants failed to meet the requirements of the competition launched for the design of two new coins. The National Bank of Angola will now develop the motifs of the 50 and 100 kwanzas
RBI director calls for ‘strong law’ against cyber crime
A strong law help increase the confidence of the average person on the street in using technology in financial transactions, argues RBI executive director
First CPMI-Iosco peer review finds gaps in trade repository principles
Peer review of Principles for Financial Market Infrastructures in Europe, Japan and the US finds jurisdictions have made good progress with CCPs, but gaps remain among trade repositories
RBI official says India corporates need to increase forex hedging
Potential US rate rise puts rupee depreciation back on the table; executive director at RBI raises concern over corporate balance sheets
Riksbank research gives alternative finance a cautious welcome
Greater diversity of funding sources stands to bring major benefits to the real sector, but financial stability could be at risk if new products are not well understood
HKMA tightens housing rules as ‘buoyancy’ returns
Norman Chan points to ‘notable increases in prices and transaction volume’ as he unveils changes to the HKMA’s macro-prudential policies
Hryvnia back from brink despite central bank U-turn
Central bank manages to stem Ukrainian currency’s free-fall despite adding to market chaos with volte-face on foreign exchange controls; two failed banks enter liquidation
Greek governor calls for reform and coherent growth plan
Yannis Stournaras urges government to honour Greece’s commitments and reach a prompt agreement with its European partners, then focus on creating sustainable growth
IMF research looks to jumpstart market for Italian NPLs
Nadège Jassaud and Kenneth Kang discuss their strategy for fostering a market for non-performing loans with Central Banking, stressing the need for ‘decisive action’
Draghi defends Greek waiver decision in heated parliament session
ECB president defends bond-waiver decision and dismisses ‘popular mistakes’ over the disbursement of profits, having to raise his voice over heckling from MEPs
Climate change on BoE research agenda
Bank of England says research could examine how central banking can ‘play a role’ in addressing systemic environmental risks; conference panellists consider issue
BoE panellists: Central banks need better understanding of policy interactions
Policy-makers are already having to cope in practice with a ‘tripartite’ mandate while research struggles to catch up, raising the possibility of dangerous blind spots
Yellen defends relationship with White House
Fed chair tells congressional committee she did not discuss monetary policy with Treasury secretary or executive branch of government, when quizzed on ‘near-weekly’ meetings