Regulation
Poole on maintaining financial stability
In a speech on 'The Fed's Role in Maintaining Financial Stability' William Poole of the Federal Reserve Bank of St. Louis said the US is fortunate that the Federal Reserve is generally effective in minimizing collateral damage from unpredictable shocks…
Estonian central bank reappoints auditor
The Bank of Estonia has asked parliament to reappoint Deloitte & Touche as auditors, according to the Baltic News Service The company audited the central bank's results for 2002.
Egypt's Shura Council gives approval to bank law
The draft law of the central bank of Egypt on the banking sector and foreign currency has been approved by the Shura Council, according to a report by the MENA news agency.
Uganda's c bank appeals against Sh700m tax bill
The Bank of Uganda is appealing against a decision by the Revenue Authority to charge the central bank sh700m in taxes after it sold property, All Africa News reports.
Serbia, Montenegrin cbs sign cooperation agreement
The central banks of Serbia and Montenegro have signed an agreement pledging cooperation on bank control, according to the Tanjung News Agency
S.Korean law makers push for central bank autonomy
Lawmakers in Korea aim to give the central bank more independence from the government, according to an article in The Korea Times. But the move could be opposed by the finance ministry which feels that policy cooperation is as important as independence.
Central bank of Kenya to remove illegal accounts
Kenya's central bank plans to crack down on illegal accounts and secret banking services, according to a report in The Nation. The governor said the bank was fully aware of the practice and was "developing thoughts" on how to eliminate it.
Fed's McDonough to head new SEC accountancy board
US regulator the Securities and Exchange Commission has voted unanimously to appoint Federal Reserve Bank of New York president William McDonough as chairman of the accounting oversight board, according to a report by Associated Press.
Union reps at Bank of France call for demo
French unions are calling for Bank of France staff to demonstrate against the restructuring of the Bank's network of regional branches Le Figaro said.
Olson on the implications of Basel II
In the speech 'Basel II: Its Implications for Second-Tier and Community-Size Banks' Mark Olson of the Federal Reserve said just as Basel I has been modified on numerous occasions to accommodate new financial instruments or a new recognition of risk…
China cuts red tape for gold industry
China's central bank will no longer have to approve gold manufacturing, processing and trading in the country Eastday reported.
Chilean scandal prompts resignation of regulator
The head of Chile's financial regulator has resigned, according to the Wall Street Journal, following the scandal involving the leakage of information from the computer of the Central Bank President.
Decision on Bank of France restructuring expected
The decision on what form the planned restructuring of the Bank of France's network of branches will take is to be announced on 28 April, according to Le Figaro.
Ferguson on Basel II: A Realist's Perspective
In a speech on 'Basel II: A Realist's Perspective' Roger Ferguson of the Federal Reserve said the Basel II proposals represent a truly significant step in the evolution of bank regulation. "They are important and deserve your most thoughtful…
Strengthening of the US financial system
A Regulators Issue Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System was published on 8 April. The paper identified sound practices to strengthen the resilience of critical U.S. financial markets.
Bollard on financial sector corporate governance
In a speech on 'Corporate Governance in the Financial Sector' Alan Bollard of the Reserve Bank of New Zealand outlined the internationally distinctive way in which the Reserve Bank supervises banks in New Zealand and emphasised that the Reserve Bank…
Bank of England told to hand over BCCI documents
A ruling in the appeal court means confidential documents held by the Bank of England relating to the BCCI collapse must be released, according to a report in the Financial Times. Liquidators for BCCI creditors allege that senior Bank of England staff…
Volcker critical of corporate governance failures
Former Federal Reserve chairman Paul Volcker has said governments are partly responsible for the scandals involving corporations such as Enron and WorldCom and that public scepticism has reached worrying levels, reports the VOA News.
Nauru passes legislation to axe offshore banks
Nauru's parliament has passed legislation which will abolish the country's controversial offshore banks.
CGFS report on institutional asset management
The latest report from the Committee on the Global Financial System (CGFS) has been published. The report "Incentive structures in institutional asset management and their implications for financial markets" was prepared by a working group comprising…
UK financial services regulation needs overhaul
An article in the Financial times suggests that financial regulation is a balancing act. On the one hand too tough an approach may reduce London's position as a major financial centre, but on the other hand a laissez faire attitude will bring criticism…
Russia takes Latvia off currency control list
Russia's central bank has removed the tight currency controls which it had in place against Latvia. These are the last of the restrictions adopted by Russia's central bank regarding Latvia in 1998, according to a report from the baltic News Service.
SARB may block access to banking information
Governor of the SARB Tito Mboweni told South Africa's parliament on Friday that he may seek to prevent confidential banking information entering the public domain, reports Business World
Jordanian c b approval needed over Iraqi funds
Jordan's central bank has told banks to secure its authorisation before allowing the withdrawal of funds from Iraqi accounts. AFP reports that the governor of the central bank of Jordan said the measures would help guarantee the security of the banking…