Central Banks
German debt office poised to collateralise swaps
Pending 2014 budget would allow Finanzagentur to post up to €8 billion in collateral
IMF voices concern over ‘weakening of central bank independence' in Bolivia
Any changes stemming from new constitution should ‘conserve supremacy of central bank law', says IMF; analyst says independence has not led to price stability
Former BoE staffer sets out vision for Bank's reorganisation
Richard Barwell, now a senior economist at RBS, calls for a reshuffle at the Bank of England which would see the MPC gain a majority of external members, and a redefined chief economist position
ECB monetary policy is feeding through to real economy, says Mersch
Executive board member also underscores importance of cleaning up banks' balance sheets and 'encouraging alternative funding sources', as low interest rates 'cannot raise growth on a structural basis'
ECB ‘strongly supports’ new payments directive
The European Central Bank gives its backing to a new payments directive that aims to create a more integrated European market for electronic payments
Riksbank unveils organisational shake-up
Three new units streamlining asset management and payment operations will come into being on March 1; also announces transfer of Skr3.3 billion to Treasury
ECB names five SSM deputies
The European Central Bank appoints five deputy directors-general to its single supervisory mechanism with another two to follow; the Bank of Spain contributes a second senior supervisor
Visco calls for ‘rapid’ SRM agreement
Bank of Italy governor Ignazio Visco urges the European Parliament and Council for the EU to find a common ground on the SRM; argues for single resolution fund to be fast-tracked
Asia uses macro-prudential policies to greater effect, IMF paper finds
Macro-prudential policy has curbed credit growth and bank leverage in several Asian countries over the past decade; loan-to-value ratio caps and housing tax measures among most effective instruments
Hungary chided by ECB over threat to suspend governor
Hungarian law states that if the governor or deputy governors fail to declare personal wealth, they could be relieved of their posts; ECB points out this is insufficient grounds under European statute
US foreign investment flows 'significantly' impacted by surprising monetary policy
Both gross and net foreign investment income flows in US and Canada impacted, SNB paper finds; suggests foreign balance sheet channels plays 'increasingly important role' for monetary transmission
European Court of Justice to rule on OMTs after German court ‘fudge'
German constitutional court finds ‘reasons to assume OMTs exceed the ECB's mandate', but asks Europe's top court in Luxembourg to take the final decision
Oil revenue fraud in Nigeria has forced ‘tight monetary conditions' says Sanusi memo
Document purportedly submitted to Senate committee by central bank governor claims oil money embezzlement has made management of exchange rates and price stability ‘extremely difficult'
ECB unveils ‘co-operation framework’ for SSM
European Central Bank outlines how it will co-operate with national authorities in the forthcoming single supervisor mechanism; proposals open to public consultation
Capital vulnerability at US banks began four years prior to crisis, NY Fed paper finds
CLASS model projections show capital vulnerability in the US banking sector started as far back as 2004, before it peaked during the financial crisis at the end of 2008
Fed's Plosser wants to end asset purchases by summer
Philadelphia Fed president and FOMC member who voted for the Fed's ‘measured' $10bn taper in January reiterates earlier calls to scale back QE at ‘faster pace'
ECB paper employs survey data to improve yield curve forecasts
Researchers find that survey expectations can be used to help model ‘dynamic behaviour’ of interest rate term structure
Political impasse threatens SRM progress
European parliamentarians express frustration with the slow negotiations over the single resolution mechanism; Martin Schulz urges finance ministers to pick up the pace
Albania governor calls for Balkan payments system in annual conference speech
The Bank of Albania's 10th annual international conference celebrated the 20th anniversary of the central bank and the 100th anniversary of its declaration of independence
ECB holds rates despite continued disinflation
European Central Bank holds refinance rate at 0.25% and shuns additional policy instruments despite inflation falling to 0.7%; attention turns to updated and expanded staff forecasts in March
Regulatory reliance to blame for faulty credit ratings, paper claims
The growing importance of credit ratings to financial regulators and prudential regulation explains more of the distortion in ratings than the question of who pays for the rating
Bank of Ghana hikes rates and tightens forex controls in bid to defend currency
Central bank raises interest rates by 200bp to 18% at emergency meeting; follows yesterday's decree that all domestic transactions must be denominated in local cedi
US Congress committee highlights Volcker rule anomalies
Fed's Tarullo among regulators grilled by US Congress over apparently arbitrary exemptions to the Volcker rule