Central Banks
Yellen flags ‘contagious bank run’ risk
US Treasury secretary pledges small banks will gain 100% deposit insurance if needed
Most governments can change mandates without consulting central banks
Most jurisdictions’ central bank laws either limit or forbid monetary financing
ECB hails launch of new wholesale settlement system
Eurosystem’s new RTGS system and liquidity management tool went live on March 20
BIS paper lays out ‘two-regime’ model of inflation
Framework could help central banks recognise and respond to bouts of higher inflation
FedNow set to launch in July
Onboarding to instant payment system begins in April, followed by production validation
RBA says interest rate pause is on the cards for next month
Central bank says monetary policy is in “restrictive territory”
Central banks differ over board term limits
Nearly half of responding central banks impose no term limits on board members
How Finma milked Credit Suisse’s CoCos to close UBS deal
An unusual clause in Swiss AT1 bonds allowed them to be written off, but could others ever follow suit?
ECB questions Credit Suisse bond bail-in
Swiss government, SNB and Finma organise rescue of troubled lender that pays out to equity-holders
EME governors more likely to leave role early
Emerging market economy countries also less likely to limit number of terms governors can serve
Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
Apac central banks reassure amid Credit Suisse woes
Central banks in Australia, Singapore and Hong Kong say banking systems remain stable
US banks tap $11.8 billion from new Fed facility
Fed set up Bank Term Funding Program in wake of Silicon Valley Bank’s collapse
Lebanese judge questions governor
Salameh interviewed in presence of European officials after initially refusing to be questioned
Pandemic purchases averted ‘destabilising loop’, BIS finds
Central banks tended to use different tactics in advanced and emerging economies, report says
PBoC to cut reserve requirement ratio
Top officials have previously called for use of the policy tool to boost economy
China to set up new party-led financial supervisors
New committees to be established by end of 2023 as part of wider supervisory change
What are the systemic lessons of SVB?
Philip Turner says the collapse of SVB reveals deeper issues than many have realised
Denmark adjusts rates after ECB increase
Central bank warns inflationary pressures will remain high and calls for fiscal caution
Fed’s Bowman warns of need for crypto standards
Board of governors member says banks’ use of third-party service providers also increases risk
ECB continues tightening despite financial risks
Lagarde says there are no trade-offs between financial stability and inflation