Central Banks
Bank of Thailand appoints new deputy; ex governor hired by military regime
Central bank board appoints one new deputy and changes the portfolio of another; ex governor Pridiyathorn Devakula named economic adviser to military junta, again
Central Bank of Kenya backs up talk with currency intervention
Senior trader at I&M Bank explains how forex interventions have kept the exchange rate on an even keel; central bank issues statement to reinforce control of situation
Rajan sets out ‘idealistic' vision for international monetary policy co-ordination
RBI governor would in an 'ideal world' establish an impartial arbiter of unconventional monetary policy; Lagarde says global welfare benefits should be quantified
Ingves: Swedes should be forced to amortise mortgages
Riksbank governor slams Swedish 'culture' whereby 40% of households ‘do not amortise at all'; average debt-to-income ratio for mortgaged households is 313%
Riksbank sees improvement in interbank rate framework
A detailed examination of the 'Stockholm interbank offered rate' framework was launched in 2011 after several shortcomings were revealed
ECB concerned by growing search for yield
European Central Bank review warns the financial system has become more vulnerable to an ‘abrupt reversal of risk premiums’ in the wake of a growing search for yield
Carstens leads Sintra scepticism over macro-pru policies
Bank of Mexico governor Agustin Carstens says macro-prudential instruments were of ‘limited use’ in his country, while Lagarde points to other issues across the globe
Mark Carney criticises 'radical belief' in capitalism
BoE governor says 'lost sense of moderation' has eroded social capital, but that central bank's financial reform efforts is a start towards more inclusive capitalism
IMF says Irish government should bolster central bank independence
International Monetary Fund report encourages the government to cede power over the central bank; authorities ‘disappointed’ by findings
Brazil fails to realise Latam financial stability grouping
South American regional initiative to co-operate on financial stability appears to have gone nowhere since it was announced by Brazil in March this year
Targeting financial stability would compromise central bank independence, Lagarde says
IMF managing director Christine Lagarde says adding a financial stability objective to central bank mandates would be incompatible with their continued independence
Paul Krugman calls for higher inflation targets at ECB Forum
US academic ruffles feathers at conference in Portugal by arguing that higher inflation targets are more desirable now than they were a decade ago; Ottmar Issing disagrees
Menon: Monetary policy can't fill ‘all the cracks'
MAS managing director says monetary policy cannot ensure financial stability alone, as vulnerabilities tend to concentrate in specific sectors
ECB plans to charge banks $355 million supervisory fee
The European Central Bank will charge eurozone banks an annual fee for supervising them; early figures suggest the 130 or so significant banks will foot 85% of the bill
Policy-makers wary of ‘hurdles’ to ABS revitalisation
Central bankers and academics agree SMEs need greater access to credit, but dispute whether or not reviving the ABS market in Europe is the right course of action
Draghi flags up eurozone credit constraints
The ECB could help boost lending to SMEs through LTROs if credit supply fails to keep pace with credit demand, Mario Draghi tells Portugal conference
ECB launches new central banking forum
The European Central Bank will open its first forum on central banking in Portugal on Sunday, where 150 central bankers, government officials and academics will debate current policy issues
Jamaica governor expects IMF money in June
Brian Wynter says country is performing well under EFF programme; notes 'continued favourable outlook' for inflation but 'elevated' expectations mean stance remains 'conservative'
SSM results could come out early if severe weaknesses are found
Sabine Lautenschläger said today the results of the ECB's assessment of eurozone banks' health could be released early in the case of ‘severe weaknesses'
Danish faster payments system sees limited uptake
Danish central bank annual report on payments systems finds disappointing uptake of an offer to settle customer payments faster; says CPSS/Iosco compliance should be ensured
Fed board remains depleted despite Fischer confirmation
When Jeremy Stein steps down on May 28, the board will comprise three official governors, as Lael Brainard and Jerome Powell await confirmation and further nominees have yet to be made
CentralBanking.com will return on Tuesday, 27 May
Due to public holidays in the UK, CentralBanking.com will not publish a news alert on Monday. Normal service will resume on Tuesday, May 27
Open economy helps Chile brush aside Fed taper, says CBC's Vial
Sound macro-economic principles, an independent central bank and fiscal discipline rules help Chile to ride effects of Fed taper; China slowdown is a bigger risk