Bank of England (BoE)
BoE paper tests optimal policy when workers lose skills
Working paper asks how optimal monetary policy is affected by ‘human capital depreciation’; finds strict inflation targeting can be improved upon
BoE researchers flag potential flaws in CCP default funds
Paper asks whether ‘cover two’ standard for central counterparties is tough enough to prevent ‘disaster’; some distributions of risk give cause for concern
Bank of England spells out resolution plans
Central bank details its approach to resolving a failed financial institution, including the use of bail-in, restructuring and international cooperation with other regulators
Broadbent: Neutral real rates will stay low for ‘some time’
Bank of England deputy governor Ben Broadbent expects neutral real rates of interest to rise ‘eventually’, but expects them to remain low ‘for some time yet’
Bailey accuses EBA of comms blunder
BoE deputy says EBA ‘incorrectly transmitted’ the news that its vote on an opinion regarding bonus caps had been unanimous - as he voted against it
BoE minutes hint at dovish shift
Committee still split 7-2 in favour of holding rates, but language takes a more dovish tone with housing market and external environment providing cause for concern
Carney launches review into RTGS failure
Independent review will look into ‘technical issue’ that knocked RTGS system out of operation yesterday, and consider the central bank’s response
Bank of England resumes settlement after 'technical issue’
UK’s high-value payment system was ‘paused’ for several hours today, but is now back up and running; central bank extends opening hours to deal with backlog
BoE’s Bailey slams European bonus caps
Deputy governor expresses ‘dismay’ at debate that misses what he sees as key points in designing appropriate incentives; points to flaws in Basel capital standards
BoE’s Haldane sees UK economy ‘writhing in both agony and ecstasy’
Chief economist sees reasons to be both optimistic and pessimistic about the UK economy, but says on balance rates are likely to have to stay lower for longer than expected
BoE’s Weale posits method of overcoming uncertainty
MPC member says studying rates of change can help overcome uncertainty about spare capacity and the natural rate of interest when setting policy
Top UK and US officials join forces to enhance resolution
Officials including Mark Carney and Janet Yellen meet in Washington to improve transatlantic cooperation in the event of a global banking collapse
Central banks respond to ECB and BoE paper on ABS
Sveriges Riksbank and Reserve Bank of Australia raise concerns over proposals in discussion paper, while Central Bank of Hungary adopts a more positive tone
Carney: G-20 summit will be ‘watershed’ in TBTF efforts
BoE governor looks ahead to G-20 meeting next month at IMF seminar on finance and ethics; describes Libor riggers as ‘totally detached’ from the consequences of their actions
BoE lifts lid on Scottish independence contingency plan
Plan warned of ‘potential instability’ from use of pound north of the border; central bank prepared emergency liquidity and clear communication strategy in run up to vote
BoE unveils draft rules for ring-fencing UK banks
Prudential regulator issues consultation on rules relating to legal structure, governance and maintaining core operations; Andrew Tyrie welcomes structural recommendations
Bank of England asks for new tools to curb mortgage lending
Financial Policy Committee recommends it be equipped with controls on loan-to-value and debt-to-income ratios; Mark Carney says Help to Buy scheme does not pose ‘material risks’
Stronger pound has pushed down UK inflation rate, says BoE's Forbes
MPC member says 14.5% appreciation between March 2013 and July 2014 will have powerful effects on the UK economy over the coming quarters
BoE's Fisher underlines need for co-ordination between top committees
PRA deputy head says choices of one committee ‘will affect the choices of the others' and a common understanding of the economy is vital
Carney spells out ‘right ideas’ for insurance regulation
Bank of England governor sets out three forthcoming strands of reform to the way insurers will be regulated, to avoid systemic crises in the style of AIG
BoE's Bailey calls for ‘much more systematic approach' to financial sanctions
Bank of England's senior prudential regulator recognises need for clear understanding of when and to whom sanctions apply; calls for greater international co-operation
BoE paper: ‘No evidence' QE operated via bank-lending channel in UK
If quantitative easing gives rise to short-lived deposits in a given bank, the traditional bank-lending channel is diminished, BoE paper finds
People: BoE legal adviser to retire in April 2015; Banque de France appoints new deputy director
BoE loses chief legal adviser next year; Banque de France promotes its director of risk operations; Czech National Bank names new deputy director; and more
Robert Pringle’s Viewpoint: A qualified case for Scottish independence
If the Scots vote for independence they will run many risks including a perilous path to create a Scottish currency; but they have the human resources to make a go of it