Central Banks
Bank of Korea governor on adaptation to global environment
Choongsoo Kim delivers speech arguing that central bank must adapt to global economic environment; highlights importance of growing policy interdependence
RBA ends 'excessive' card surcharges
Australian central bank publishes final reforms for surcharging standards for payments by credit and debit card in the country; allows “reasonable” charges to continue
Irish deputy assesses Solvency II implementation in Bermuda
Matthew Elderfield examines application of Solvency II regulations to Bermudan insurance market; says Bermuda is making “extremely good progress” towards compliance
Central Bank of Chile paper examines transmission of shocks
Working paper studies reaction of investors and fund managers to shocks; finds behaviour amplifies crises and transmits shocks
Sarb governor discusses response to economic risks
Gill Marcus examines economic risks facing South African economy; says employment target should not be included in bank’s mandate
Japanese prime minister nominates new rate-setters
Two new board members put forward by Yoshihiko Noda; nominations need approval by both houses of the Japanese parliament
Bank of Uganda awaits confirmation of four board members
The terms of four out of six members of the Bank of Uganda’s Board expired in June; no word yet on replacements
Zeti stresses importance of training in improving bank governance
Governor of Bank Negara Malaysia says training for directors of financial institutions is an effective method of promoting financial stability; praises FIDE programme’s role in achieving this
Bank of Italy’s Tarantola set to run state media company
Bank of Italy’s Anna Maria Tarantola nominated to head state media company RAI; no move yet to replace her on central bank’s governing board
Bank of Spain deputy governor resigns
Francisco Javier Aríztegui resigns as Bank of Spain deputy governor; Fernando Restoy Lozano named as replacement
Posen calls on BoE to go beyond gilt purchases
External MPC member urges purchase of assets other than government bonds; suggests creation of a Fannie Mae-type entity in the UK
Maltese governor involved in ‘minor incident’ in Libya
Governor of the Central Bank of Malta pays visit to Central Bank of Libya; involved in a “minor incident” while travelling from the airport into Tripoli
PBoC hires banker as deputy governor
Top executive leaves Agricultural Bank of China to become deputy governor at the People’s Bank of China; brings total number of deputy governors to four
IMF paper compares Islamic and conventional finance
Working paper examines returns on Islamic and conventional finance; finds differences in returns are not statistically significant
BoJ paper explains central bank’s money market operations
Paper examines Bank of Japan money market operations in fiscal 2011; says bank’s provision of funds maintained market confidence throughout year
RBA governor positive about Australian economy
Glenn Stevens optimistic about Australian economy; warns however against attempts to “engineer a return to the boom”
Central Bank of Colombia paper models transparency incentives
Working paper evaluates central bank incentives to misrepresent private information; finds central banks cannot credibly commit to truth-telling
Bundesbank raises 2012 growth prediction
German central bank records marginally more positive growth expectation for the economy this year; still harbours significant concerns on key issues such as unemployment
PBoC cuts rates and moves to address ‘informal lending’
People’s Bank of China surprises many observers with 25bp cut in benchmark rates; moves to ease banking restrictions on lending in China
FSB proposes future legal entity identifier system
Financial Stability Board releases report on implementing a global legal entity identifier system for the financial sector; wants system to be independently functional by March 2013
Riksbank reveals details of new currency series release
Release dates for updated banknotes and coins revealed by Riksbank; first new banknotes will enter circulation in October 2015