Central Banks
Senior UK bankers face bonus clawback for up to 10 years
Final PRA/FCA proposals on remuneration set the clawback period at seven years with a potential three more for senior managers; Andrew Tyrie questions whether the rules are enough
New York Fed launches economy ‘snapshot’
New research publication uses charts and succinct summaries to capture the latest economic developments; first edition features insight from consumer survey
Sarb adopts recruitment and career development plan
Annual report reveals new ‘workforce plan’ at South African Reserve Bank aimed at identifying the skill-sets it will need over the next five years and how to acquire them
Former central bank chief to head up Zimbabwe SWF
Kombo Moyana, governor between 1983 and 1993, will chair board governing the country’s new sovereign wealth fund
NBER paper seeks better model of trend inflation
James Stock and Mark Watson use disaggregated data on sectoral inflation with time-varying weights, finding this can produce a more accurate model of inflation’s long-term trend
IMF paper says ‘one size does not fit all’ with macro-prudential frameworks
Working paper examines use of macro-prudential policy in Hong Kong, the Netherlands, New Zealand, Singapore and Sweden
National Bank of Denmark warns fierce competition may damage lending standards
Financial stability report urges banks to build buffers and not cut corners despite the highly competitive, low interest rate environment
ECB welcomes ‘smooth’ T2S launch
Culmination of seven-year process sees first four CSDs migrate to the new platform and settle the first transactions, despite fears over remaining bugs
Eurogroup president looking for Greece deal ‘in next couple of days’
Jeroen Dijsselbloem says new Greek proposals are a ‘positive step in the process’ of the bailout review in a short press conference; government heads next to meet in Brussels
Coats: Greece’s banking sector options
Warren Coats assesses the soundness of Greece’s banks and the future challenges for the banking system as a debt crisis looms; proposes an innovative solution to budget deficit
Kyrgyz central bank partners with World Bank to deliver payments upgrade
The Kyrgyz Republic has seen rapid growth in card payments in recent years, which the central bank fears could create instability if the oversight and operation of payment systems is not improved
European presidents publish road map to closer union
Mario Draghi among senior officials to contribute to report calling for greater economic convergence, financial integration and ultimately more shared decision-making on fiscal policy
IMF's Viñals says central banks must be 'market-makers of last resort'
Monetary policy and regulation have amplified illiquidity, says IMF's Viñals
People: Njoroge approved as new Kenyan governor; Tajikistan appoints new deputies
Kenyan parliament approves Patrick Njoroge for central bank governorship; president of Tajikistan appoints new central bank board; Sanusi Lamido Sanusi joins Black Rhino; and more
Bank of Thailand cuts forecasts for growth and inflation
Monetary policy report says risks are ‘skewed to the downside’ as central bank lowers its forecasts; MPC was divided over further easing at April meeting
ECB paper tests systemic risk using ‘VAR for VaR’ model
Researchers use quantile regression in attempt to better account for outliers, which they say could have applications for stress testing
BoE launches ‘Bank Underground’ research blog
Blog provides platform for researchers to voice more controversial ideas; comes alongside rebranded staff working papers, written with ‘hands off’ approach from senior managers
German inequality would fall with US-style home ownership, Bundesbank study shows
Discussion paper fits US home ownership structure to German economy, finding large changes in the distribution and median level of wealth
Bank of Japan to shake up meeting framework
BoJ board plans to cut number of yearly meetings as part of major overhaul of deliberations aimed at making monetary policy more transparent
Bank Indonesia appoints deputy following rates hold
Head of financial surveillance Erwin Riyanto replaces Halim Alamsyah on board of governors as central bank warns of renewed capital flight
Yellen argues Fed is among most transparent central banks
Fed chair Janet Yellen questions why additional legislation on transparency is necessary; new bill would force Fed to report in greater detail and more frequently to US Congress