Regulation
Russia's chief banker briefs Putin on inflation
Speaking on Channel One TV in Russia, Sergey Ignatyev said the central bank must continue to strengthen banking supervision and that over a number of years, we will deliver full convertibility for the rouble.
Kuwait Islamic Banking Law opens doors for others
An article in Arab News says Kuwait's long-awaited Islamic banking law leaves Saudi Arabia and Oman the only two Gulf Cooperation Council (GCC) states which do not have an Islamic banking law in place.
Experts want Nigeria's central bank split into two
A team of experts from the IMF, Bank of England, CBN and key areas has recommended splitting the central bank of Nigeria into two separate institutions with different responsibilities, according to a report from This Day News.
New Chinese banking panel to focus on loan reform
The newly established China Banking Regulatory Commission has revealed its priorities will be to reduce the NPL ratios at commercial banks and quicken reform at state-owned commercial banks, says The China Daily.
Fed's Ferguson to head G7 stability body-G7 source
Federal Reserve Vice Chairman Roger Ferguson will be named the new head of the Financial Stability Forum this weekend, Reuters reports. A G7 source apparently said on Thursday "It will be Ferguson" when asked about the appointment, according to a Reuters…
Hoenig on supervisory information disclosure
In a speech on 'Should More Supervisory Information Be Publicly Disclosed?' Thomas Hoenig of the Federal Reserve Bank of Kansas City said although bank supervisors must be very careful in defining the role they will play in financial markets, they could…
Germany sparks row over bank watchdog
Bundesbank president Ernst Welteke is reported by the Independent newspaper to have said on Tuesday 13 May that Germany rather than London should house the new supervisory regulator for banking in Frankfurt because of the proximity to the ECB and because…
Ghana- Bill against money laundering in the offing
An anti-money laundering bill developed by the Bank of Ghana, according to Ghanaweb, is intended to address the devastating economic, security and social consequences of money laundering.
Hoenig calls for more disclosure by banks
Speaking at the Chicago Fed conference Kansas City Federal Reserve Bank President Thomas Hoenig said banks could make "relevant disclosures" unearthed by supervisors about such issues as credit quality problems or substantial market risks, Reuters reports
New Irish financial regulator welcomed
An article in the Irish Times welcomes the development of the Irish Financial Services Regulatory Authority (IFSRA), saying it makes little sense for financial services activities within a group to be regulated by separate regulators when a failure of…
Solomon Island: pyramid fraud shuts cb and banks
The Solomon Islands has shut major banks including the central bank after threats were made by the organisers of a failed pyramid investment scheme to blow up the banks, says the Sydney Morning Herald
Mutebile wants full BOU independence
The governor of the central bank of Uganda is seeking more autonomy for the bank to protect it from political interference. Appearing before the Constitutional Review Commission (CRC), Mutebile called for an amendment to the BOU Statute, according to a…
Big German banks to pay dearly for Basel II - Buba
Bundesbank council member Edgar Meister has said large German companies will pay heavily under the new Basel II regime as they will have to set aside billions of euros in additional capital to buffer against surprise losses.
Regular OTC Derivatives Market Statistics
The Global OTC Derivatives Market at end-December 2002, 8 May. The BIS is releasing today its semiannual statistics on positions in the global OTC derivatives market for end-December 2002. The statistics cover the notional amounts and gross market values…
Ecuador's Gutierrez withdraws bill from Congress
Four days after the president of Ecuador submitted a bill to Congress which aimed at reform of the central bank, the bill was withdrawn. President Gutierrez said the withdrawal aimed to "reformulate and enrich it with opinions from the Central Bank,…
Report says Bank of Canada broke contract rules
The Canadian Press reports that the Bank of Canada apparently broke its own financial rules over the awarding of contracts worth millions of dollars. Apparently the Bank twice hired consulting firms without getting competing bids and then paid them…
FATF cancels Philippine mission due to Sars fears
The Financial Action Task Force has cancelled a mission to the Philippines due to the threat posed by Sars.
QIS 3 - Basel Committee releases Impact Study
The Basel Committee on Banking Supervision has released the results of the latest field test of new capital rules. This is the third impact study undertaken by the committee and was intended to show how the committee's new capital accord will impact the…
Bank of Uganda's powers trimmed by parliament
The central bank of Uganda has lost the power to control capital requirements for commercial banks after parliament voted to amend rules under the Financial Institutions Bill.
Ecuador seeks tighter controls over banking system
Ecuador's President Lucio Gutierrez has called for reform of the country's central bank which could involve the Bank's board replacing an existing board at the helm of the Banking Superintendency regulator in a bid to tighten controls.
New law to boost BMA role as a key regulator
A new law is expected to reflect the Bahrain Monetary Agency's expanded role as regulator of capital markets and will make it easier for international dealings to operate as a central bank.
Bank of Israel supervisor cleared by comptroller
The Bank of Israel's supervisory office has been cleared of a direct failure in monitoring the embezzlement at Trade Bank Ltd.
Ireland's long awaited financial regulator arrives
The Irish government has launched the new Central Bank and Financial Services Authority of Ireland, according to a report by BizWorld. Described as a historic day by the governor, John Hurley, the new Authority will establish a code of conduct for banks,…
New commission regulates Chinese banks
The China Banking Regulatory Commission began operations on Monday 28 April and will take over the supervisory role of the People's Bank of China, according to a report in Asia Times Online.