Central Banks
US reform could slash $150bn payments bill, says Fed’s Pianalto
Cleveland Fed president Sandra Pianalto explains the Fed’s vision of how the US payments system will operate in a decade; says UK offers valuable lesson on speed
Third-quarter figures show Spain still grappling with economic woes
Bank of Spain economic bulletin for the third quarter shows continued weakening of growth and range of other economic indicators; raises possibility government will not meet deficit target this year
Tanzanian banks braced for credit reference launch
Bank of Tanzania expects all the country’s banks to be fully compliant with a new credit reference system by December 1; anticipates quicker lending decisions and a fall in default rates
BoE shakes up management structure ahead of new role
Bank of England creates chief operating officer position to ease burden of new financial stability responsibilities on governors; finance director to retire in June next year
RBA seeks more transparency in securitisation market
Reserve Bank of Australia assistant governor says new information requirements in the securitisation market will enable financial institutions and investors to better assess risk
Technology is both a blessing and a curse, says RBI director
Reserve Bank of India executive director discusses the costs that have arisen from technological advances in the financial sector as well as highlighting the potential for social gains
SNB paper examines Swiss franc unsecured money market
SNB research considers banks' ability to access central bank money; finds it is a neglected area of policy
Remittance flows transmit global shocks, says IMF paper
Study by IMF says remittance flows act as a transmission channel of global shocks to emerging and developing countries; policy adjustment required
Bank of Lithuania launches liquidity coverage ratio
Liquidity coverage ratio applied to credit unions in Lithuania well in advance of Basel III deadline; similar rules for banks already in place
Central bankers highlight merits of fixed exchange rate regimes
Bosnian and Barbadian governors discuss the importance of a fixed exchange rate for small and open economies
Finland's Liikanen grilled by UK law-makers on banking separation
The governor of the Bank of Finland gives evidence to UK's Parliamentary Commission on Banking Standards; faces a barrage of questions on the precise nature of separation
ECB’s Constâncio downplays impact of single supervisory mechanism
Vítor Constâncio says banking supervision will not be significantly altered when ECB starts new supervisory role; attempts to allay fears over internal conflicts and role of national supervisors
Industry unmoved by death of minor-currency Libor
The Wheatley Review calls for an end to Libor quoting in five currencies, but the number of trades affected is small, say market participants
Bank of Israel names new head of macroeconomic and policy research
Bank of Israel appoints Adi Brender to replace Michel Strawczynski as head of the macroeconomics and policy division in its research department
Poland minutes show further monetary policy division
Polish Monetary Policy Council split on decision to hold interest rate at 4.75%; third successive meeting where interest rate cuts are proposed but rejected
ECB working paper examines causality in crises
A study published by the ECB investigates where causality lies between banking, debt and currency crises; also compares the duration of each
Reducing capital inflows has hidden cost, says Chilean governor
Rodrigo Vergara says emerging markets must beware the costs of using unorthodox monetary policy to mitigate spillover capital inflows from advanced economies
CEE countries in a good position, says Mexican deputy
Manuel Sánchez says Central and Eastern European countries outside the eurozone are in a good situation as they can move towards integration slowly without taking on immediate risks
ECB paper claims credit rating agencies traded grades for custom
ECB study finds credit rating agencies provided more favourable ratings in return for continued custom; quality allegedly compromised by conflict of interest
Fijian police get anti-money laundering training
Fiji’s financial intelligence unit and police force to run an intensive workshop on investigating complex fraud cases
BoE’s Haldane outlines transparent future for the central bank
Executive director for financial stability says Bank of England has undergone a transformation of communications and transparency; outlines ‘radical’ shift in central bank’s operations