Central Banks
SNB to close Geneva office as cash distribution services are outsourced
Swiss National Bank says Geneva office will close next year as cash distribution services to be carried out by private firms; fifteen staff affected by closure
Nobel Laureate Yunus dismissed from microlender by central bank
Bangladesh’s central bank removes Nobel Peace prize winner and founder of Grameen Bank Muhammad Yunus from helm of microlender
Efficient markets’ failure hamstrung central banks: CentralBanking.com panel
Reliance on efficient markets hypothesis to develop policy frameworks must be reversed, LSE’s Brandon Davies and Fathom director Danny Gabay argue
National Bank of Hungary – Lending survey (Q4 2010)
National Bank of Hungary’s fourth quarter of 2010 lending survey shows unexpected tightening of credit conditions in Hungary
Fed’s Yellen: managing market expectations key to QE
Federal Reserve vice-chair Janet Yellen stresses importance of market expectations to success of asset purchase programme
Bank’s Sentance lists reasons for rate hike
Bank of England external Monetary Policy Committee member Andrew Sentance stresses importance of gradual rise in interest rates
Loan-to-value ratios effective macroprudential tool: HKMA paper
Hong Kong Monetary Authority study finds evidence in support of loan-to-value ratios as a macroprudential tool
King warns of delay in switch to new regulatory regime
Bank of England governor Mervyn King says correct implementation of regulatory reforms takes precedence over achieving deadlines
Draft Irish law sketches resolution fund, living wills
Draft legislation from Irish government sets out rules on resolution fund that all banks must pay into, living wills; law includes strict penalties for failure
Bank won’t hike rates as gesture to market: King
Bank of England governor Mervyn King says use of interest rate to signal Bank’s intention to curb inflation would be self-defeating
Commentators split on Bank justification for high inflation
CentralBanking.com web panellists divided on whether Bank of England is acting within remit in accommodating persistently above target price pressures
Bailout renegotiation looms following Irish election
Ireland’s new prime minister-elect expected to press for renegotiation of EU-IMF bailout deal; scheduled to meet European Commission head José Manuel Barroso on Friday
Kenya’s Ndung’u reappointed for second term
Kenyan President Mwai Kibaki appoints Central Bank of Kenya governer Njuguna Ndung’u for second four-year term
Iosco draws systemic risk roadmap for securities regulators
International Organisation of Securities Commissions sets out ways in which securities authorities can help control systemic risk
BoE forecasts at odds with public view: BIS paper
Bank for International Settlements study finds substantial disagreement among UK consumers and Bank of England over inflation forecasts
Hanoi to ban trade of gold bars
State Bank of Vietnam says government will issue ruling barring the trade of gold bars; move will follow 2008 ban on gold imports
Italy’s Draghi on new Sifi guidelines
Bank of Italy governor Mario Draghi says prudential guidelines for systemically important financial institutions set to be complete in mid-2011
Asset purchases only in emergencies: Bank’s Bean
Bank of England deputy governor Charles Bean says central bank should rely on short-term interest rates as main policy instrument and asset purchases only in emergencies
Richmond Fed’s Lacker on stress test disclosure
Richmond Federal Reserve president Jeff Lacker says appropriate level of stress test disclosure poses serious challenge
China attends first Seacen meetings
People's Bank of China governor Zhou Xiaochuan joins in 31st meeting of regional central bank heads in Sri Lanka
Trichet on common fallacies of competitiveness
European Central Bank president Jean-Claude Trichet describes common misconceptions on attributes of a competitive economy
St Louis Fed paper denies direct Fed link to 1930s recession
St Louis Federal Reserve study says Fed’s doubling of reserve requirements was not cause of contraction in 1930s
Mortgage lending falls: HKMA survey
Hong Kong Monetary Authority January 2011 residential mortgage survey reports decline in lending