United Kingdom
Capital buffers not all working as intended – BoE paper
Some banks raised rates and contracted credit supply during the Covid-19 crisis
BoE completes unwind of gilt market intervention
“Financial stability portfolio” took a month and a half to wind down, as QT continues
BoE’s Pill says UK vulnerable to inflation persistence
Confluence of factors leaves UK in worse position than others, chief economist says
People: Nigeria reappoints deputy governors
Czech National Bank names new deputy; New York Fed appoints chief operating officer; and more
BIS finds Brexit dented London’s financial ‘pre-eminence’
London remains a leader in banking and derivatives, but has lost some market share
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
It is time to reorganise the Bank of England
Recent crises have shown the BoE’s management structure to be outdated, says William Allen
BoE outlines plan to adapt to drop in cash volumes
Legislation will give regulators stronger powers to intervene in wholesale cash market
BoE raises rates 50bp as outlook marginally brightens
Two MPC members vote to keep rates on hold, as staff predict slightly lower inflation
BoE to stress-test non-bank sector for first time
“Exploratory” exercise will test market liquidity as officials call for “urgent” action on non-banks
BoE tenders for CBDC mobile wallet
Central bank will not release wallet to the public but says it wants to “sharpen functional requirements”
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
Bank of England pushes ahead with ‘Basel 3.1’
Central bank says amendments to Basel III could halt downward drift in risk-weighted capital ratios
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
BoE not briefed on disastrous ‘mini-budget’, Bailey says
Governor says absence of independent assessment of tax package made it very hard to assess
BoE begins unwinding gilt market intervention
Use of “reverse enquiry window” designed to limit market impact from £19 billion sales
Balance sheet policy needs rethink, economists say
BoE chief economist says central banks should focus more on risks of assets they buy
BoE’s Ramsden says forecasts now less reliable
High uncertainty means policy-makers cannot rely heavily on forecasts, deputy says
UK Treasury makes first payment to BoE to offset QE losses
Indemnity was “integral” to QE but “day of reckoning” had to come, economist says
BoE’s Cunliffe details ‘familiar’ failings at FTX
Deputy governor says crypto assets need to be regulated
BoE simulates ‘major operational disruption’ to UK firms
Central bank restarts “Simex” testing of financial sector after pandemic hiatus
BoE officials reject criticism of forecast misses
Bailey says labour market dominates firms’ concerns and says Brexit has hampered economy
BoE paper finds U-shaped collateral impact from central clearing
Centrally clearing all derivatives trades does not necessarily free up the most collateral
Central bank assets enjoy ‘99%’ immunity
Why central bank assets possess legal immunity – but not from sanctions