Bank of England (BoE)
Guy Debelle to lead BIS’s work on global forex code
New working group under the auspices of the BIS’s Markets Committee aims to create a global code of conduct for the foreign exchange market, with RBA assistant governor as chair
BoE’s Gracie praises TLAC and MREL standards
Executive director says loss-absorbing capacity provided by the two standards will help regulators co-operate across borders and ensure core functions can continue to operate
UK’s Chaps and Crest to close later from ‘summer 2016’
Bank of England says the settlement day for the UK’s high-value payment system and securities settlement system will be extended by an hour and forty minutes from summer 2016
BoE MPC moving towards rate hike, minutes hint
MPC voted unanimously for a rate hold, but ‘a number of members’ believe risks to inflation are becoming ‘skewed to the upside’; appreciation of sterling and global shocks could still delay hike
UK government launches plan to improve BoE governance
Bank of England Bill proposes changes to committee structure, adjustments to the Court, establishing new roles and axing old ones, and audits to assess value for money
Carney sees BoE inching towards rate hike
BoE governor says debate over rate hike will ‘come into sharper relief’ around turn of the year, but reiterates upward path will be shallow and any hike is data-dependent
BoE’s Miles cautions against use of policy rate for financial stability ends
Use of monetary policy to tackle financial stability goals is less efficient than setting higher capital requirements, outgoing MPC member says
UK’s Treasury Committee raises concerns over FPC accountability
MPs question whether Financial Policy Committee discussions are adequately represented by meeting records; wide-ranging discussion takes in liquidity issues, 'too big to fail' and stress testing
BoE officials say UK may be starting to throw off productivity woes
There are signs the UK may be emerging from the ‘long, dark tunnel’ of weak productivity, officials tell the Treasury Committee; government’s minimum wage plans may be a positive factor
Reform of Sterling Monetary Framework is ‘ongoing’, says BoE’s Salmon
Executive director for markets highlights potential for sharia-compliant facilities to be included in framework, among host of possible future developments
Ex-BoE deputy to review UK statistics in effort to improve productivity measure
Charles Bean will lead an independent review on the ‘quality, delivery and governance’ of economic statistics produced in the UK, as government grapples with productivity puzzle
BoE launches year-long artist collaboration
Martin John Callanan to work with BoE for a year to produce works reflecting central banking, in what Mark Carney hopes will be a creative way of communicating
BoE FPC wary of buy-to-let risks
Financial policy committee asks bank staff to identify channels through which the market threatens stability; UK government caps tax relief on buy-to-let property
BoE’s Weale outlines idea of one man, one hundred votes
Giving each MPC member 100 votes to cast would allow them to indicate much more nuanced positions and could make for better policy, Martin Weale says
BoE turns attention to contagion from emerging markets
UK banks’ exposure to emerging markets is a cause for concern and will be integrated into 2015 stress test scenario, BoE says in financial stability report
Bank of England launches redesigned financial stability report
Central bank aims to convey a clearer picture of the risks facing the UK economy with a shorter, clearer and less repetitious financial stability report
Haldane blames ‘dread risk’ for ultra-low rates
Exaggerated fear of catastrophic but rare events may be a factor behind stubbornly low interest rates, Bank of England chief economist says
Carney says regulations may have gone too far
It is time to ‘take stock’ of financial regulations to ensure they are not imposing unintended consequences, Bank of England governor says
BoE’s Cunliffe sees more efficient UK firms in coming years
Deputy governor justifies MPC forecast that productivity growth will finally pick up in 2016 and 2017, pointing to the potential for efficiency gains within firms as the economy grows
BoE launches ‘Bank Underground’ research blog
Blog provides platform for researchers to voice more controversial ideas; comes alongside rebranded staff working papers, written with ‘hands off’ approach from senior managers
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
Bank of England's Rule says reigniting securitisation market will take time
Executive director cautions against rushing to restart securitisation market, as a return to pre-crisis ‘fragile’ market would be counterproductive
ECB’s Mersch dismisses concerns over T2S launch at weekend
ECB executive board member admits a few bugs remain in Target2 Securities system, but argues they are not major and will not interrupt this weekend’s migration
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