Bank of England (BoE)
Bundestag approves Germany’s Financial Stability Act
German lawmakers approve new macro-prudential powers for financial supervisors, with the Deutsche Bundesbank gaining a key monitoring role
RBNZ’s new governor rejects QE and capital controls
Reserve Bank of New Zealand’s Graeme Wheeler sees no need to introduce a ‘desperate’ measure such as quantitative easing in the country; rules out use of capital controls to limit kiwi dollar appreciation
Structure of banks must change as they grow, says BoE’s Haldane
The Bank of England’s Andrew Haldane discusses ways to address the ‘too-big-to-fail problem’; considers impact on banks’ economies of scale
FSB resolution paper due in ‘next few weeks’, says BoE’s Tucker
Lack of national legislation on resolution mechanisms has made the drafting of international standards for resolution regimes tricky. But an FSB consultative paper will be issued in the coming weeks
Basel Committee official rebuts criticism over regulatory complexity
Basel Committee secretary-general defends Basel III from critics who argue it is unnecessarily complicated; says additional detail needed to meet the increasing complexity of financial markets
BoE’s King highlights limitations of monetary policy
Bank of England governor says new asset purchase programme is still feasible, but indicates the use of monetary policy to bolster the economy is getting much harder
BoE shakes up management structure ahead of new role
Bank of England creates chief operating officer position to ease burden of new financial stability responsibilities on governors; finance director to retire in June next year
BoE’s Haldane outlines transparent future for the central bank
Executive director for financial stability says Bank of England has undergone a transformation of communications and transparency; outlines ‘radical’ shift in central bank’s operations
Further QE discussed in BoE minutes
UK central bank’s Monetary Policy Committee minutes show further quantitative easing debated even though members voted unanimously to keep asset purchasing at current level
Euroclear’s Wicks named as new BBA chairman
Esma and PRA heads endorse appointment of European Securities Regulation ‘wise man’ Nigel Wicks as chairman of the British Bankers’ Association
BoE’s Tucker says FCA may have to intervene to correct accounting failures
Paul Tucker says difference in market and banks’ asset valuations may require intervention by the Financial Conduct Authority; praises bail-ins as method of imposing discipline
BoE behind UK move to cut bank capital requirements
Bank of England’s interim Financial Policy Committee ordered a temporary easing of Pillar II bank capital buffers for British banks last month
UK’s Wheatley outlines steps toward new regulator
Chief executive-designate of the UK’s new Financial Conduct Authority outlines regulatory vision; new body to be created in 2013 as one half of ‘twin peaks’ approach
Robert Pringle’s Viewpoint: Fixing banks and regulation
Central bank balance sheets are ballooning due to the failure of banking systems and new rules are unlikely to address the issue. Only a full legal separation of banking activities will do.
Riksbank deputy questions the role of inflation targeting
Per Jansson, deputy governor of the Sveriges Riksbank, suggests a move away from fine-tuning monetary policy around inflation but says a shift to a higher target does not seem advisable
Tyrie to scrutinise draft of UK’s Banking Reform bill
The UK’s Banking Reform Bill published today will undergo parliamentary scrutiny; Andrew Tyrie concerned important details are being left to secondary legislation
UK needs ‘innovative’ policy levers beyond price stability, says FSA’s Turner
Adair Turner blasts past regulatory failings and says UK must now turn to ‘innovative and unconventional’ policies; remains a leading contender for Bank of England governorship
IMF meeting set to reinforce global pessimism
Governments need to take urgent policy action to capitalise on the ‘breathing space’ created by central banks. But few attending the IMF meeting in Tokyo believe law-makers are fit for the task
King says price stability insufficient for economic stability
The governor of the Bank of England discusses the relationship between price and financial stability; says inflation targeting should not be buried yet
Spillovers at ‘zero lower-bound’ examined by BoE paper
Bank of England study investigates how monetary policy decisions by large countries in low interest-rate environments affect the ability of small economies to stimulate demand
BoE review estimates OTC margin requirements could hit $800bn
Bank of England review models the effect of OTC reforms on margin requirements; anticipates slow adaptation
BoE’s Jenkins attacks banking sector myths
Bank of England Financial Policy Committee member says myths about regulation are rife in the banking sector, with reform likely to suffer until the myths are dispelled
Banks could cut bail-in risk, says BoI capital head
Banks could issue more subordinated debt to protect senior creditors from the threat of a bail-in – in theory. But Bank of Ireland capital head says market is too thin
BoE’s Fisher details progress on ‘funding for lending’ scheme
Bank of England MPC member Paul Fisher reveals the initial uptake of UK ‘funding for lending scheme’; says impact difficult to judge