Bank of England (BoE)
EBA unveils 2016 stress test methodology
European Banking Authority presents the methodology for 2016 stress tests; no single capital adequacy level, but results will inform regulators’ assessments under SREP
BoE officials grilled on weakening sterling
Members of the MPC ask whether the depreciation of the currency will cause the Bank of England to hike; Treasury Committee raises questions over EU referendum
BoE’s Furse sees benefits to UK as a global finance hub
External FPC member sees plenty of reasons why policy-makers in the UK should seek to make the economy attractive to global financial firms; says robust institutions are important
BoE and Vickers clash on capital rules
Both central bank and ring-fencing committee chair claim to have recommended higher capital requirements than the other – but a look at the proposals suggests the differences are slim
Financial variables improve output gap estimates, BoE paper finds
Adding financial variables to estimates of the output gap can allow policy-makers to spot trouble on the horizon more easily, authors say
BoE sketches proposals for sharia-compliant facilities
Options for deposit facilities include wakalah or commodity murabahah, with the possibility of liquidity insurance to follow
Certified central bankers: BoE launches new qualification
BoE says 80 students to begin postgraduate study in October; retiring Paul Fisher to help design and teach latter stages of qualification
Lender of last resort function must be flexible to cope with crises, BoE’s Hauser says
Central banks should prepare in advance to open up lender of last resort frameworks to new counterparties and instruments, Bank of England executive director says
BoE’s Cunliffe wants more detailed timetable for European reforms
Bank of England deputy governor welcomes ambition and honesty of five president report, published in June; hopes to see more detail on dates in future
People: Mozambique deputy moves to airline; Mervyn King joins Aston Villa FC board
Bank of Mozambique deputy moved from central bank to national airline; former BoE governor joins premier league team board of directors; and more
BoE’s Cunliffe: UK may be close to debt sustainability limit
Deputy governor says analysis of recent UK credit cycle suggests rises in debt may leave the economy vulnerable; Cunliffe would consider action if debt-to-GDP ratio rises
Carney says rate hold was ‘easy decision’ after 9-0 vote
‘Super’ Thursday becomes ‘subdued’ Thursday as BoE revises growth, inflation and unemployment forecasts down; policy on hold
Bailey to move to FCA by July regardless of EU vote
BoE deputy governor gives deadline for move to the FCA, where he will become chief executive; questioned on the risks surrounding the UK referendum
BoE paper suggests action when markets unsure about macro-prudential policy
BoE economists say policy-makers should be more active in times of uncertainty in the private sector, suggesting it need not make them "more cautious"
Former BoE officials warn low rates are feeding imbalances
Marian Bell and John Gieve say the Bank of England should start hiking rates soon, as signs of supply-side problems, unsustainable debt, rising house prices and inflation grow more serious
BoE reveals final element of ring-fencing framework
Systemic risk buffer will apply to ring-fenced assets, with the aim of preventing banks amplifying stress; BoE also hopes it will give smaller banks a competitive boost
BoE’s Woods says Solvency II not a revolution
Executive director at the Bank of England examines historical changes in insurance regulation, concluding the introduction of Solvency II is in line with existing philosophy
Bank of England prepares to overhaul ageing RTGS system
Central bank will spend year outlining plans for replacement to high-value payments system, keeping an open mind at present as to what features it should have
BoE’s Bailey sets sights on balance sheet clarity
Clear disclosure of creditor hierarchies will be ‘critical’ moving forward, says Andrew Bailey; clarity in bank balance sheets is a ‘good thing’
BoE’s Forbes weighs up varying policy paths in US and UK
Bank of England MPC member Kristin Forbes sees ‘striking’ similarities between the countries’ labour markets, but this does not necessarily mean the same policy is appropriate
Andrew Bailey agrees to lead FCA
PRA chief executive accepts top job at UK’s other financial regulator after being asked to take the role, but may not make the move for some months
Carney says supervisors must improve understanding of electronic trading
BoE officials say work is progressing on understanding the risks and impact on ‘system dynamics’ caused by rise of electronic trading, but emphasise it is not all bad
Policy interactions may drive global banking contraction, BoE economists find
The combination of unconventional monetary policy and regulation may cause ‘substantial’ spillovers as banks cut cross-border lending, economists including Kristin Forbes find
BoE’s Weale sees shorter working week adding to inflation
Various measures suggest UK workers will gradually cut back on the number of hours they work over the next few years, adding to unit labour costs, external MPC member says