Central Banks
Wealth main determinant of bank service distribution: SNB paper
Swiss National Bank study says amount of bank account holders is directly correlated to wealth
RBA’s Lowe on policy implications of Australia’s higher terms of trade
Reserve Bank of Australia assistant governor Philip Lowe warns against changing the structure of the economy to reflect rise in terms of trade
Liikanen gets nod for second term at Bank of Finland
Finnish President Tarja Halonen reappoints Bank of Finland governor Erkki Liikanen for second term; Liikanen seen as still in race for European Central Bank presidency
ECB should beef up research department, look outside the EU, external review says
Independent review of the European Central Bank’s directorate general of research says central bank should expand department to meet heightened post-crisis demand
AIG makes $15.7 billion offer for Maiden Lane II
New York Fed receives formal offer for bailout vehicle containing AIG’s residential mortgage-backed securities portfolio; insurer in bid to reduce debt to Washington
Canada to launch first polymer note this year
Bank of Canada set to issue new C$100 polymer banknote in November 2011; says entire series will be unveiled in the spring
Markets wobble as Spanish downgrade, eurozone fears bite
Moody’s one notch Spanish downgrade exacerbates investor jitters a day before European Council meets to discuss EFSF, ESM, bailout renegotiations
Clarity, access to information key to financial market infrastructure oversight, say regulators
Consultation report from CPSS and Iosco says central banks, market regulators need clear, specific information to determine which financial market infrastructures need regulation
Quake forces New Zealand to cut
Reserve Bank of New Zealand reduces benchmark interest rate by 50 basis points to 2.5% following February’s earthquake in Christchurch
Libya’s Bengdara pleads for softer sanctions on central bank: report
Central Bank of Libya governor Farhat Bengdara tells Wall Street Journal he is lobbying for some leniency on central bank sanctions; says cannot return to Tripoli
Ex-Fed economist appointed to Ireland’s Central Bank Commission
Former Federal Reserve economist and special adviser to Ireland’s outgoing finance minister Alan Ahearne appointed to Central Bank of Ireland’s commission
Australia’s Stevens calls for collective effort to rebalancing global economy
Reserve Bank of Australia governor Glenn Stevens says advanced economies must utilise excess supply to help boost domestic demand in Asia
Time for central bankers to reconsider the output gap
Policymakers in advanced economies must place more weight on imported inflation, while those in emerging markets must monitor domestic price pressures more closely, Stephen Lewis argues.
CPSS-Iosco proposes risk standards for CCPs
Central counterparties should be ready for failure of one or two largest customers, regulators suggest
European parliament embraces Tobin tax
Lawmakers throw their weight behind Tobin tax on financial transactions; say global difference of opinion should not stop Europe implementing levy
IMF’s Lipsky on rebalancing SDR currency basket
IMF first deputy managing director John Lipsky says discussions on inclusion of renminbi in special drawing rights part of G-20 agenda
Monetary policy shocks transmit through countercyclical markups: Bank of Canada paper
Bank of Canada study shows countercyclical markups help explain effects of monetary policy shocks in Canada
Libya’s Bengdara in Istanbul: report
Central Bank of Libya governor Farhat Bengdara reportedly confirms relocation to Istanbul as unrest continues; more central bank targeted sanctions possible
Buba’s Weber to return to academia
Bundesbank president Axel Weber to teach at University of Chicago in June following departure from central bank
NY Fed’s Krieger: liquidity backstop for shadow banks vital
New York Federal Reserve executive vice-president Sandra Krieger stresses importance of backstop measures to reduce systemic risk arising from shadow banking activities
Nobel Prizewinner not right for Fed: key Republican senator
Senate Banking Committee ranking member Richard Shelby sets out reasons underpinning party’s repeated rejection of Nobel Prizewinner Peter Diamond for Fed board seat