Financial Stability
Austria’s Ittner calls on domestic banks to raise capital buffers
National Bank of Austria executive director Andreas Ittner says country’s largest banks will need to raise their Tier I capital ratio to meet foreign competition
Singapore challenges Hong Kong over global yuan hub status
Singapore agrees to open Chinese bank to clear yuan trades; Hong Kong’s plans to become centre for offshore yuan trade at risk
RBI’s Subbarao: IMF capital control proposals lack flexibility
Reserve Bank of India governor Duvvuri Subbarao says IMF proposals on capital controls leaves little room for policymakers to exercise discretion
Algeria’s Laksaci warns against advanced economy risks
Bank of Algeria governor Mohammed Laksaci says sluggish growth in advanced economies is creating uncertainty over global recovery
Lehman crisis could have been averted with Dodd-Frank: FDIC
Federal Deposit Insurance Corporation report says orderly resolution powers in Dodd-Frank Act could have allowed for orderly wind-down of failed investment bank Lehman Brothers
Officials gather in DC for IMF/World Bank spring meet
IMF/World Bank spring meetings address global economy and financial stability, governance progress and Japanese disaster
Ireland’s central bank failed to alert regulators to mounting crisis: banking report
Ireland’s Commission of Investigation into banking crisis says Central Bank of Ireland missed opportunities to alert regulators to impending risks in banking sector
Ethiopia’s Atnafu calls IMF to sharpen focus on LICs
National Bank of Ethiopia governor Teklewold Atnafu calls for Fund to scale up resources in lower-income countries
Portfolio correlation bias poses systemic threat: IMF paper
Fund paper finds evidence of systemic threat associated with correlation bias in allocation of investment funds
Malaysia’s Jaganathan highlights importance of supervision on insurance firms
Bank Negara Malaysia assistant governor Donald Jaganathan says insurance firms are not insulated from uncertainties of financial system
Brazil slams IMF proposal on capital controls
Brazil’s finance minister Guido Mantega rejects IMF proposals for establishment of framework on capital controls; attacks Fund’s laissez-faire policy on capital movements
G-20 agrees guidelines to identify imbalances
G-20 representatives move forward with plans to establish guidelines to measure economic imbalances
PboC’s Yi warns advanced economies about risks to recovery
People's Bank of China deputy governor Yi Gang says advanced countries should not lose focus on growing vulnerabilities in financial sector
IMF’s Strauss-Kahn fears mounting social crisis
IMF managing director Dominique Strauss-Kahn says high unemployment and inequality risk developing into social crisis
FSB reviews OTC reform
Financial Stability Board progress report says implementation of OTC derivative reform varies across countries
Greek budget cuts raise default concerns
Markets prepare for the worst as Athens unveils new tougher austerity measures; IMF managing director Dominique Strauss-Kahn says cuts are necessary
Russia launches Olympic coins
Bank of Russia launches Sochi 2014 coin series to “promote Olympic values in Russia and abroad”
ECB’s González-Páramo urges risk framework overhaul
European Central Bank executive board member José Manuel González-Páramo calls for widespread change to risk control frameworks
Banks caught in ‘maelstrom of interlinked pressures’: IMF
IMF’s Global Financial Stability Report slams progress made by banking system reforms; calls for higher quality and quantity capital in Europe
Bank’s Fisher optimistic on winding down crisis facilities
Bank of England executive director of markets Paul Fisher says recent progress in markets reinforced decision to end special liquidity scheme next year
Albania’s Fullani emphasises importance of stress tests
Bank of Albania governor Ardian Fullani calls for more attention to stress tests as part of central banks’ macroprudential policy
FDIC projects return to black
Federal Deposit Insurance Corporation expects its deposit insurance fund to return to positive figures this year after 13 quarters of negative funds
Finland’s Hakkarainen spots growth divergence in Europe
Bank of Finland deputy governor Pentti Hakkarainen warns of growth imbalances forming within Europe
‘Disquieting developments’ in ETFs warrants attention: FSB
Financial Stability Board warns of potential issues arising from recent trends in exchange-traded funds (ETFs)