Central Banks
IMF: Pan-African banks pose oversight challenges
Report highlights need to reconcile regional and national interests in currency unions in the continent to ensure effective regulation and supervision
Wheeler: RBNZ will ‘talk more’ about housing
The Reserve Bank of New Zealand will focus on the market in coming months, Wheeler says, with house price inflation ‘increasing again’ in Auckland
Impact study postponed for Basel rate-risk project
An impact study for a Basel Committee proposal on the standardised regulation of banking book interest rate risk has been pushed back. Regulators blame the delay on banks' IT constraints
Bank of Estonia selling manor estate for €2m
Maardu Manor, which dates back to the fourteenth century, has been placed on the market after being deemed an unsuitable property for the central bank to own
PBoC takes action against tighter liquidity
Cut in reserve requirements seen as effort to ease liquidity due to lunar new year and capital outflows, but may do little more than offset a growing shortage
Curbs on rehypothecation may boost welfare, St Louis Fed paper finds
Researchers find rehypothecation boosts welfare, particularly as inflation rises, but it generally goes too far, implying there are benefits to regulatory intervention
BoJ’s Iwata says QQE is a break with history
Deputy governor says latest asset purchases programme a sign of dramatic ‘regime change’ and consumers will have to respond – it is just a question of when
Prasarn dismisses threat of deflation as headline rate goes negative
Thai governor pens letter to finance minister after headline inflation falls to -0.4% in January; IMF sees ‘scope for further easing' as two MPC members dissent on rate hold
BoE’s Kohn and Taylor foresee FPC divisions
Financial policy committee is likely to rely more heavily on voting in future, Donald Kohn and Martin Taylor tell MPs; Andrew Tyrie attacks accountability and calls for review
New York Fed unveils new way to calculate funds rate
Central bank plans to base the rate on a new dataset that captures a broader range of market activity; move likely to happen in about a year’s time
FSB: Bank of Russia's financial stability mandate unclear
Peer review calls for 'adequate' legal basis to impose macro-prudential measures; warns mandate of separate advisory body 'seems to duplicate' that of central bank
FOMC members too bullish on growth, researchers at San Francisco Fed say
‘Persistent overoptimism' about future growth since financial crisis may be due to overestimation of monetary policy efficacy following a balance-sheet recession, authors find
Stevens gloomy on growth as RBA cuts
RBA governor warns Australian economy is showing greater signs of weakness than previously thought, in a statement announcing a cut in the interest rate to record low
Rajan says RBI is seeking ways to encourage foreign investment
RBI tightens rules for foreign investors but Rajan says central bank is looking into ways of encouraging desirable FDI flows; rates remain on hold
Constâncio: ECB ‘encouraged’ by reaction to QE
ECB vice-president points to rise in price of equities and bonds and drop in the exchange rate, but warns against reading too much into financial and real variables
IMF calls for reform at Madagascar central bank
Staff report says central bank needs greater independence and stronger oversight mechanisms; new audit committee on the way and government agrees to recapitalise institution
Rosengren says cyber criminality could turn people to ‘less efficient' payment options
Boston Fed president says central banks ‘essential' to discussion on cyber security at Basel Committee conference in Cape Town
Central Bank of Nigeria sets up steering committee on financial inclusion
Committee comprising central bank governor and finance minister is tasked with coordinating national strategy; will meet three times per year and approve annual reports
Fed’s Tarullo casts doubt on counter-cyclical tools
Daniel Tarullo questions ability of macro-prudential tools to temper booms and busts, and calls for a new ‘prudential market regulation’ to tackle shadow banking risks
Researchers find evidence of ‘European unemployment cycle’
Working paper published by The Netherlands Bank separates the different origins of unemployment in Europe, finding the continent- and country-level factors most influential
Denmark suspends bond sales to stem FX inflows
The move, intended to lower longer-term yields and thereby discourage upwards pressure on the krone, ‘effectively works as QE' says analyst
Basel Committee: Microfinance firms may far exceed supervisory capacity
Some banking supervisors may be struggling to cope with the vast number of small firms they are expected to oversee, finds a survey of the interaction between financial inclusion and regulation