Central Banks
RBI official highlights stumbling blocks to ‘less-cash society’
G Padmanabhan says the development of prepaid transactions in India is ‘not very heartening’ despite non-banks being admitted into the market
HKMA deputy dismisses yuan competition fears
Competition in the offshore renminbi market offers opportunities that can be exploited to increase Hong Kong’s share of the market, says Eddie Yue
FDIC explores driving factors in community banking
Acting FDIC chairman Martin Gruenberg says the organisation will explore the factors behind community banking success and place a focus on services to small businesses
Asian central banks have ‘positive’ record with dual mandates, says former BoT deputy
Bandid Nijathaworn says combined monetary and macro-prudential policy mandates have worked well in Asia; Asean+3 credit guarantee set to boost region’s corporate bond market
Banque de France plans to reduce regional presence
French central bank outlines development goals for 2020; set to decrease the number of regional sites, will lose up to 2,000 staff
IMF mission calls for ‘urgent’ action on Serbian economy
Fact-finding mission calls on government to restore fiscal credibility and support growth; says steps need to be taken to strengthen National Bank of Serbia’s autonomy
Concerns raised over impact of Fed’s QE3
Federal Reserve to purchase $40 billion of mortgage-backed securities each month until US economy improves; doubts arise over effectiveness of the policy despite positive market response
BoE begins search to replace King
Job advert for the role of governor of the Bank of England is published; CentralBanking.com poll reveals expectation for the next chief to come from another central bank
Bangladeshi governor calls on banks to prevent fraudulent lending
Atiur Rahman criticises lapses in corporate governance that have permitted fraudulent lending; says banks must take responsibility for the issue
IMF paper dissects shadow banking bailouts
IMF study examines how bailouts were used in the shadow banking system during the crisis; suggests the risk of future bailouts remains
Colombian governor warns of low-rate risks
José Darío Uribe says low interest rates pose medium-term risks to emerging markets; advises that unsustainable credit growth should be hedged
SNB maintains minimum exchange rate
The Swiss National Bank announces an unchanged minimum exchange rate; Swiss franc has not depreciated as expected
Spain’s Frob gets extra funding ahead of further bailouts
Spanish Treasury increases endowment to the Fund for Orderly Bank Restructuring; BFA-Bankia confirms receipt of initial tranche of bailout funding
French circus to perform as part of ECB cultural days
ECB reveals programme for cultural days 2012; spotlight for annual event falls on France and will for the first time feature a circus production
Ingves delivers regulation implementation ‘reality check’
Chairman of Basel Committee on Banking Supervision stresses importance of ensuring implementation of new regulations; sets out areas of focus for international reforms
Bank of Estonia appoints deputy governor to supervisory role
Madis Müller becomes a member of the supervisory board of the Financial Supervision Authority; takes over in October
IMF paper warns fiscal policy is not sufficient to counter capital surges
Working paper finds countercyclical fiscal policy would not have been able to fully counter large capital inflows into many countries in emerging Europe before the financial crisis
ECB’s Asmussen highlights increasing roles of central banks
Jörg Asmussen says central banks have assumed new crisis management responsibility; sets out vision of ECB’s future roles when crisis ends
BoE quarterly bulletin presents latest research
Quarterly bulletin gives overview of economic developments and contains papers on stress-tests, factors behind low sovereign bond yields and uncertainty in inflation forecasts among other topics
Bank of Spain paper develops model of market volatility
Researchers produce measure of volatility able to cope with ‘vast’ panels of data; find model performs better than others that use shorter time horizons
Thai governor says Basel III needs improvement
Governor of the Bank of Thailand says Basel III is too tough on trade finance and simple derivatives transactions; discusses challenges facing the eurozone