Bank of England (BoE)
Carney wants ‘clear principles’ to safeguard non-euro members
Bank of England study of EU membership finds union has broadly contributed to ‘dynamism’ in the UK economy, but imposition of regulation from afar may not suit UK needs
Bank of England expands swap line with China
The BoE and PBoC strike a deal to increase the swap line to RMB350bn and extend it by three years; seen to support London as an offshore centre
BoE unveils new systematic stress tests
Stress tests designed to move counter-cyclically with the financial cycle and inform decisions on capital buffers; BoE looking to improve modelling techniques to keep pace
Carney treads carefully amid potential threats to BoE independence
Governor expresses concern over the National Audit Office's role in the new Bank of England Bill, but dismisses fears he is harming free debate by chairing too many committees
BoE needs to avoid getting ‘behind the curve’, says McCafferty
The monetary policy committee member warns against leaving the rate hike "too late", making it harder to raise it gradually to minimise disruption to households and businesses
BoE’s Bailey defends dropping reverse burden of proof
PRA chief says decision to backtrack on key element of senior managers regime makes the rules more robust; rejects suggestion he has been ‘cowed by the lawyers’
PRA plans to subject ‘other systemic institutions’ to tougher scrutiny
Institutions designated as O-Siis would face tighter scrutiny and be expected to produce resolution plans, with the potential for further measures in the future
Outlook for emerging markets not as ‘gloomy’ as people think, BoE’s Forbes says
Bank of England MPC member Kristin Forbes warns pessimism may be ‘overshadowing important differences across countries’ and strengths in some economies
Central banks starting to unlock potential in big data
Some central banks are making tentative inroads into the study of big data, and many more want to, a study by the BIS’s Irving Fisher Committee finds
BoE unveils final plans for ring-fencing banks
Consultation sets out how bank holding companies should structure themselves to comply with legislation on ring-fencing, but a decision on extra capital buffers is yet to come
BoE’s new MPC member grilled on financial assets
Treasury Committee questions Gertjan Vlieghe on real or perceived conflict of interest; Ian McCafferty justifies view on rate hike in reappointment hearing
BoE’s Sharp wants FPC powers over buy-to-let market
UK Treasury will consult on the prospect of handing the FPC powers of direction over buy-to-let lending; external FPC member in favour
BoE paper explores money and credit at sectoral level
Working paper models sectors separately before ‘knitting’ them together; authors use framework to examine financial shock and use of quantitative easing to tackle it
BoE turns attention to risk-free rate as markets push out expectation of hike
MPC mulling the question of whether lower rate expectations will provide enough stimulus to overcome growing risks from emerging markets; rates stay on hold
BoE paper explores link between mortgage debt and consumption
Tighter credit conditions and concern over debt repayments may have led to a 2% drop in aggregate private consumption following the crisis, working paper says
BoE may impose extra liquidity charges, says regulator
BoE will impose Basel III add-ons if banks’ risks are not fully captured by LCR, says prudential policy head
BoE committee sees benefits of moving CCB in small steps
The Bank of England's Financial Policy Committee leaves the CCB at 0% but notes the system is ‘moving into a normal phase of the credit cycle’ and sees potential advantages in using smaller increments when the time comes
Carney sees ‘clear interest’ in preparing for transition to lower-carbon economy
While central bankers will not determine response to climate change, they should ensure markets adjust efficiently, according to Carney, which means boosting transparency
BoE paper extracts inflation expectations from market rates
Market rates are an imperfect measure of expected future inflation, say economists, who break them down into constituent parts, stripping out risk premia and the ‘wedge’ between RPI and CPI
Macro-prudential institutions were designed too hastily, Tucker warns
Group of economists including former BoE deputy warn macro-prudential policies are too poorly understood and were too hastily assembled to be effective, outlining possible enhancements
Charlie Bean expects natural rate to change course
Former BoE deputy believes evidence points to a gradual rise in the natural rate of interest; suggests government is better placed than central bank to solve zero lower bound problem
BoE’s FPC says no immediate action required on buy-to-let
Bank of England financial policy committee is ‘alert’ to impact of buy-to-let loans on the housing market and overall financial volatility but finds no ‘immediate’ case for action
UK banks won't face FRTB capital hike – BoE official
Policy expert says most trading risks already captured under Pillar 2 framework
Micro-data matters for unemployment, says BoE’s Broadbent
Deputy governor becomes latest economist to stress importance of micro data for macro policy, warning overreliance on ‘simple aggregates’ may lead central bankers astray