Central Banks
India jerks in policy reins to choke off ballooning inflation
Reserve Bank of India levies bigger-than-forecast 50 basis point rate hike as data show inflation has spilled over from food to all areas; higher fuel prices, weather patterns key going forward
Quantitative easing doesn’t work: Woodford
National Bureau of Economic Research paper co-authored by Michael Woodford says quantitative easing has little impact, but credit easing does occasionally when targeting specific assets
Cross-border collateral may alleviate dollar funding strains: Emeap
Executives’ Meeting of East Asia Pacific Central Banks says crisis revealed shortcomings in regional money markets; swaps deals, cross-border collateral could alleviate some problems
Argentina lets non-banks into debt sale
Argentine central bank throws open note auction to companies, allowing them to circumvent secondary markets; move linked to rapid expansion of money supply
Natural gas discovery sparks debate in Lebanon over SWF
Potential discovery of natural gas off the shore of northern Israeli coast sparks debate among Lebanese government officials over whether to create a new sovereign wealth fund
Portuguese debt office agrees to post collateral to its dealers
Agency becomes one of first developed-market sovereigns to succumb to dealer pressure as costs of one-way collateral postings grow
Basel III features win governors' seal of approval
Group of Governors and Heads of Supervision, which oversees Basel Committee, okays parts of forthcoming Basel III proposals; calibration and phase-in arrangements to be finalised in September
Ireland’s Honohan talks about new capital adequacy requirements
Central Bank of Ireland governor Patrick Honohan sets out plans for tougher capital requirements on Ireland’s banks
Canada’s Carney explains rate hike
Bank of Canada governor Mark Carney says decision to hike rates was due to unexpected improvement in private demand
BoE: Asset Purchase Facility Quarterly Report (2010 Q2)
Bank of England’s latest Asset Purchase Facility Quarterly Report shows fear over eurozone debt crisis led to rise in corporate debt purchases
Central Bank of Kuwait – Quarterly Statistics Bulletin (Oct – Dec 2009)
Kuwaiti central bank’s Quarterly Statistics Bulletin shows lending improvements in the fourth quarter of last year, focused predominately on oil and gas sector
Westminster spells out Bank’s importance in new regulatory structure
Bank-led committee will instruct prudential regulator and consumer body on policy; Treasury asks industry players for input on broadening new body’s objectives
EU stress tests detail exposure to Piigs debt
Stress tests show which banks are heavily exposed to riskiest sovereigns
UK lawmakers launch inquiry into regulatory revamp
Influential Treasury Select Committee says it will launch investigation of government plans for new regulatory structure
ECB insists stress tests are credible
ECB denies claims stress test scenarios were not severe enough
Goodhart: Anglo-Saxon model of banking is flawed
Bank of England former MPC member Charles Goodhart says Asian model of banking is better suited to staving off crises
ECB: Crisis amplified monetary policy channels
European Central Bank study on credit channels finds the financial crisis amplified the impact of monetary policy on the economy
Albania’s Fullani sees green shoots in lending
Bank of Albania governor Ardian Fullani says banks still need to be more proactive
BIS: Top-down approach to countercyclical capital buffers preferred
Bank for International Settlements paper on capital buffers says a bottom-up approach is more favourable to a top-down as bank specific factors neglect variable differences in capital structures of firms
Kosovo’s governor arrested
Kosovo central bank governor Hashim Rexhep arrested on alleged corruption charges, central bank to be investigated
Maiden Lane chief to head NY Fed banking supervision from 2011
New York Fed’s Sarah Dahlgren to replace William Rutledge as head of supervision; Rutledge to retire in December
Former HKMA head Yam set to join UBS board
Swiss investment bank UBS nominates HKMA former chief executive Joseph Yam as candidate to its board of directors.