United Kingdom
FCA’s McTeague examines cyber risks in open banking
Regulator expects firms to maintain high standards of security despite “potentially uncomfortable” transition period
Brexit will hit Irish economy hard, Banque de France paper finds
Researchers look at cost of undoing European Union’s single market
Central banks should personalise communications – BoE’s Haldane
Explaining how monetary policy affects the lives of everyday people could help bridge trust gap, the BoE’s chief economist says; calls for monetary policy ‘scorecards’
BoE goes granular with data experiment
UK central bank announces successful data proof of concept looking to store, organise and combine data based on the XBRL standard
UK regulators count cost of Brexit work
PRA and FCA devote additional resources to handling UK’s withdrawal from EU
High-denomination notes still needed, says De La Rue
Banknote firm says high denominations make up an increasingly large proportion of banknotes in circulation thanks to inflation
BoE: UK-based financial firms will face same regulations during transition period
“Back-stop” will be available if withdrawal agreement is not ratified - BoE
BoE outlines DLT proof of concept
Participants will access cloud-based platform which will simulate new RTGS system
‘Interventions’ are needed for gender balance, says BoE COO
Offering women opportunities is not enough, says Joanna Place; women need to feel confident enough that they “can and will” take positions
Book notes: Respectable banking, by Anthony Hotson
The author’s sensible goal of “respectable banking” is admirable, but the recommendations would not all help to achieve this
BoE on track for May rate hike
MPC votes 7-2 in favour of maintaining rates at 0.5% but leaves the door open for two potential rate hikes in 2018
BoE and FCA to lead new ‘crypto-assets task force’
Regulators will manage the risks around crypto assets as well as “harnessing the benefits” of blockchain; robo-compliance on cards
UK’s PSR needs powers to protect cash – report
Think-tank report believes regulator should have consumer protection mandate, as cash machine closure threatens to leave the public excluded from payments network
BoE’s FPC sees risks lurking in global debt markets
Committee highlights “material” global vulnerabilities, particularly in debt markets
BoE changes stress test framework but keeps scenario the same
Stress tests will attempt to gauge impact of IFRS 9
UK considers scrapping some currency denominations
Decline in cash usage has seen the 1p and 2p coins largely fall out of circulation
BoE not to blame for gold standard-era crises in US – paper
Bank of England’s rate decisions between 1884 and 1913 were not responsible for “causing or aggravating” crises in the US, author finds
People: ECB clears way for de Guindos
Governing council says it has “no objection” to the Spanish candidate; Bank of England’s David Thorburn resigns; RBNZ gains a board member
Haldane embraces idea of ‘citizen councils’ to support BoE’s work
Chief economist hopes the initiative will facilitate a “two-way dialogue” between the central bank and the general population
Cryptocurrencies are failing to displace money, Carney says
BoE governor says digital currencies are “virtually non-existent” as units of account
Sovereign debt more ‘enforceable’ – ECB paper
Results show creditors have used courts to “pressure” foreign governments, resulting in restricted access to capital markets
PRA’s Sam Woods rebuts 'myths' about Solvency II
Directive has neither “crushed growth” nor driven up prices, Woods argues; regulator will form subcommittee to discuss challenges with participants
Remembering Charles Freeland
Charles Freeland, former deputy secretary-general of the Basel Committee and friend of Central Banking, died in 2017
UK lawmakers launch inquiry into DLT and cryptocurrency
Parliamentary committee is to investigate whether UK regulators have struck the right balance in regulating emerging technologies without stifling innovation