Bank of England (BoE)
BoE paper models risk of financial shock amplification
Working paper develops model of financial system linkages to illustrate shock transmission; finds spread of defaults is amplified by fire sales and curtailed lending
Robert Pringle’s Viewpoint: The next governor of the Bank
British bank scandals have dramatically reduced the likelihood of a commercial banker taking over from Mervyn King as governor of the Bank of England. But there are still plenty of other candidates
UK FSA chairman slams past regulatory mistakes
Adair Turner highlights ‘dangerous institutional underlap’ prior to financial crisis; sets out steps to improve regulation, but says bank management must also change
BoE paper studies information in sticky and flexible prices
Working paper studies the usefulness of sticky and flexible prices in showing firms’ estimates of the output gap and inflation expectations
UK Treasury proposes payments regulation overhaul
Government sets out options for changes to payments regulation in UK; favours creation of new ‘Payments Strategy Board’ to monitor industry and make recommendations
IMF urges UK to take further measures to promote growth
Staff report on UK Article IV Consultation urges policy-makers to act in order to boost ‘flat’ economy; says fiscal tightening may need to be eased next year
BoE reports mixed credit conditions
Bank of England’s quarterly ‘Trends in Lending’ shows lending to UK businesses contracted but consumer credit flows rose over the second quarter of 2012
Former Bank of England MPC member blasts QE dissenters
David Blanchflower says Spencer Dale and Ben Broadbent were 'on another planet' when they voted against an increase to the asset purchase programme; minutes of July MPC meeting show 7:2 split
NY Fed failed to share Libor low-balling fears with BoE, says King
Governor of the Bank of England says NY Fed did not pass on anecdotal evidence of Barclays’ manipulation of Libor submissions; says recommendations for reform were not a warning of trouble
Del Missier renews pressure on BoE over Libor scandal
Former chief operating officer of Barclays Bank says he was told instruction to submit lower Libor rates came from Bank of England; directly contradicts Bob Diamond’s testimony
Geithner emails to King bring BBA into focus over Libor
Communications between the then president of the NY Fed and the governor of the BoE show 2008 concerns over Libor system; British Bankers' Association was asked to look at recommendations for change
BoE’s Jenkins examines severity of Basel regulations
Bank of England Financial Policy Committee member, Robert Jenkins, says Basel III requirements are not too tough on banks; argues higher capital levels do not harm the economy or bank shareholders
BoE paper quantifies output gap estimation errors
Bank of England discussion paper models accuracy of output gap estimations based on OECD data; argues that absolute size of revisions to estimates does not improve over time
Agius confirms BoE governor’s intervention in Barclays
Chairman of Barclays recounts meeting with Mervyn King during which he was told Bob Diamond had lost the confidence of the regulator; following day the bank’s chief tendered his resignation
BoE’s Tucker denies involvement in Libor scandal
Paul Tucker says no members of the last government urged him to pressurise banks to alter Libor rates; claims no prior knowledge of Libor 'low balling' ahead of official investigations
McCafferty to replace Posen on BoE’s Monetary Policy Committee
UK Treasury names CBI economics adviser, Ian McCafferty, to replace Adam Posen on the Bank of England’s monetary policy board
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally
Diamond clarifies note on conversation with BoE deputy
Former chief executive of Barclays explains note written after conversation with Paul Tucker; gives evidence on same day Tucker makes public request for hearing with Treasury Select Committee
Barclays draws Bank of England into Libor debacle
Email relaying conversation between Bob Diamond and Paul Tucker raises questions over BoE deputy’s role in rate-setting scandal; Diamond set to explain further before parliamentary committee tomorrow
King calls for overhaul of UK banking system
Governor of the Bank of England says cultures of investment and retail banking operations do not mix; calls on government to legislate on all of Independent Commission on Banking’s recommendations
King laments growing problems in global economy
BoE governor says worsening situation in emerging economies, slowing US growth and continued eurozone trouble leave him “pessimistic”; Treasury Committee member confronts MPC over decision-making
BoE paper studies impact of Lehman’s collapse on payments
Bank of England working paper studies the effect of the Lehman Brothers collapse on wholesale payment patterns; finds slower payments and increase in risk following the default
BoE’s Weale discusses monetary policy challenges
Martin Weale paints bleak picture of the global economy; says new Bank of England schemes should help to support the recovery
Bank of England to post collateral in OTC derivatives trades
BoE thought to be the first major central bank to change policy on collateralisation as it seeks to reduce dealer funding charges