Regulation
European parliament embraces Tobin tax
Lawmakers throw their weight behind Tobin tax on financial transactions; say global difference of opinion should not stop Europe implementing levy
NY Fed’s Krieger: liquidity backstop for shadow banks vital
New York Federal Reserve executive vice-president Sandra Krieger stresses importance of backstop measures to reduce systemic risk arising from shadow banking activities
EBA’s stress test scenarios revealed: reports
Leaked documents set out scenarios for new round of European bank stress tests
Korea’s Kim outlines obstacles to financial surveillance
Bank of Korea governor Kim Choong-soo articulates difficulties in financial sector surveillance, global policy coordination
Zambia’s Fundanga on banking sector
Bank of Zambia governor Caleb Fundanga says giving central bank licensing authority was key
Fund’s DSK on meshing monetary and regulatory tools
Policymakers are looking to academia to help see how macroprudential policy might affect central banks’ independence, IMF managing director Dominique Strauss-Kahn says
Draft Irish law sketches resolution fund, living wills
Draft legislation from Irish government sets out rules on resolution fund that all banks must pay into, living wills; law includes strict penalties for failure
Iosco draws systemic risk roadmap for securities regulators
International Organisation of Securities Commissions sets out ways in which securities authorities can help control systemic risk
Richmond Fed’s Lacker on stress test disclosure
Richmond Federal Reserve president Jeff Lacker says appropriate level of stress test disclosure poses serious challenge
CNB to investigate energy company over early data release
Czech National Bank says it will look into premature release of annual results by Czech energy company ČEZ
Return to Glass-Steagall essential: Kansas City Fed’s Hoenig
Kansas City Federal Reserve president Thomas Hoenig says reform only scratches the surface without basic separation of investment, commercial banking activity for biggest banks
Higher capital rules don’t restrict capacity to lend: Bank’s Miles
Bank of England external rate-setter David Miles takes issue with linking tougher capital stance to reduced ability to lend; says Bank should not rush to temper inflation
ECB rejects public credit rating agency role
European Central Bank says European Commission should abandon proposals for Eurosystem to issue credit ratings to public
Countercyclical buffer could be big help to output: BIS paper
Research by the Bank for International Settlements says Basel III’s countercyclical capital buffer could have “sizable” hand in preventing output falls
€100 billion of caja loans could go bad: Bank of Spain
Bank of Spain releases details of savings banks’ exposures to real estate sector, levels of provisions; says reforms have addressed slew of underlying problems
Geithner slams UK for light-touch regulation
US Treasury secretary Timothy Geithner says UK’s light-touch approach to regulation was a deeply costly strategy; says creating level playing field for banks will be crucial
Malaysia’s Zeti optimistic on sukuk growth
Bank Negara Malaysia governor Zeti Akhtar Aziz says Malaysia looks to build on success of Islamic finance products in 2011
Basel alone will not protect us: UK Treasury Committee’s Tyrie
UK Treasury Select Committee chair Andrew Tyrie says fundamental changes to the way banks are supervised a must; tripartite system left no one in charge
Interview: Andrew Tyrie
The chairman of the UK’s Treasury Select Committee talks to Claire Jones about the future of financial regulation, why he’s a sceptic on Basel and reining in a more powerful Bank of England
Applying liquidity rules to sharia banking
Brandon Davies looks to history for an idea on how regulators can develop liquidity rules that will work for Islamic and conventional finance