Official Record
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
BoE report details ‘innovative’ liquidity insurance tool
Indexed long-term repos were introduced as part of liquidity facility upgrades after the global financial crisis, and are designed to automatically adjust to stress
Eurozone recovery set to broaden, says ECB bulletin
Report presents growing body of good news for most eurozone economies as wages and consumption rise, inflation bottoms out and investment begins to return
Irish banks have returned to profitability but still need repairs, report finds
Central Bank of Ireland’s macro-financial review notes improvements in the banking sector, but high levels of non-performing loans are holding them back
BoE staff costs rose 6% in 2015, annual report shows
Growing number of senior staff added to central bank’s wage bill for the year; Mark Carney turned down pay rises but still received package worth nearly $1.4 million
RBA minutes note mixed signals for policy
Slight slowdown globally and nervousness over Greece and US rates offset by ‘solid’ lending growth, stronger employment and improved sentiment
Canadian central bank lays out three ‘key’ vulnerabilities in financial system
Bank of Canada warns vulnerability associated with household indebtedness is ‘edging higher’ and points to imbalances in the housing market and investor risk-taking in financial markets
Philadelphia Fed survey sees brighter outlook for economy
Survey of US forecasters shows outlook of higher growth and lower unemployment than previously thought by the end of 2015; inflation expected to return to target next year
Cash payments still declining, Norges Bank report finds
Norwegians are making more and smaller payments using cards while cash use continues its downward trend, payments report shows
Danish payments report details challenging shift to real time
Completed in November 2014, ‘Straksclearing’ allows real-time settlement of retail payments, but has run into a few issues; National Bank of Denmark also in process of overhauling RTGS system
Riksbank calls for ‘urgent' clarification of FSA’s powers
Financial stability report says FSA needs clearer powers to cope with rising risks in the financial system; wants major banks to strengthen capital and liquidity positions
Outlook brightens for eurozone SME financing, ECB reports
Report shows access to financing improved over the most recent period surveyed, but the very smallest firms are still struggling and outcomes are diverse across countries
ECB article calls for ‘consistent’ macro-prudential policies
Article in latest financial stability review says policies should be applied consistently across the eurozone to avoid spillovers
Central Bank of Iceland prepares for ‘substantial’ interest rate increases
Minutes show MPC grappling with uncertainty around pay increases but board members agree interest rates will soon have to move upwards sharply; one member dissented from rate hold
Bank of Botswana laments productivity ‘constraint’
Central bank recommends range of policies to address low productivity in Botswana, including educational reform, financial inclusion and more efficient public service provision
National Bank of Slovakia hails significant new responsibilities in 2014
Annual report highlights broad changes to its key activities, as the central bank took on new staff to cope with expanded supervisory role
Minutes show RBA could still ease further
Board members feel the decision to drop guidance that further easing ‘may be appropriate’ does not limit the ‘scope’ for them to cut rates further
Iceland prepares to hike rates despite low inflation
Expectations of ‘very large’ pay increases combined with flat productivity and strong demand growth prompt MPC to signal a coming hike, despite inflation at 0% when house prices are stripped out
Riksbank minutes reveal instability fears
Board members were unanimously in favour of further easing but ‘several’ voiced concerns about financial stability risks resulting from the expansionary policy
Plosser lays out four principles of sound central banking
Former president publishes a reflective essay in Philadelphia Fed’s annual report for 2014; advocates clear objectives, systematic rules, open communication and stable independence
Romania slashes inflation forecast with VAT cut on horizon
Latest forecast has inflation falling to 0.2% at the end of the year, before rising to 1.9% a year later; Central bank cut key rate by 25bp earlier this week
‘Climate of greater optimism’ prevails in Spain
Financial stability report identifies many signs the economy has turned a corner and financial markets are beginning to recover, although credit to the private sector continues to fall
Legal assistance cost Bank of Portugal €2 million in 2014
Bank of Portugal reveals €2 million cost of legal assistance with its intervention in BES, an act it describes as ‘an unprecedented effort to safeguard financial stability’
Longer-term inflation expectations pick up in eurozone
In its latest economic bulletin the European Central Bank shows how some measures of expectations, including the five-year inflation-linked swap rate five years ahead, are recovering