Regulation
Fed’s Fisher: break up the big banks
Dallas Federal Reserve’s president gets tough on those deemed too big to fail
China moots legalising some private lenders
A director-general of the People’s Bank of China says the central bank is in favour of lifting rate caps and legalising some micro-lenders
UK FSA’s penalties policy could see enforcement fines treble
British regulator’s announces new structure for penalty-setting
NZ makes credit ratings mandatory for non-banks
Governor Alan Bollard deems ratings useful for investors
Fed is investigating Goldman, hedge funds: Bernanke
Federal Reserve chairman Ben Bernanke says the central bank is looking into cross-currency swaps carried out by Goldman Sachs alleged to have helped Greece hide the extent of its debt
Europe works to cut banks’ reporting burden
The European Central Bank and Committee of European Banking Supervisors publish a system that will eliminate double reporting and improve quality of data
Libya opens doors to foreign banks
Libyan central bank welcomes overseas institutions interested in setting up a subsidiary, says ongoing reforms and strong economic performance offer great prospects for banks
FSA’s Turner queries faith in deep and liquid markets
Britain’s top regulator calls for a conservative approach to liquidity, arguing that excessive financial activity is liable to do more damage than good
British regulator asks for 10% more funds
Financial Services Authority puts bulk of responsibility to pay up on the bigger banks
British PM heralds global bank levy
British prime minister Gordon Brown flags growing consensus among leaders on a global bank tax following Obama proposals
Community banks remain crucial for US economy
Chicago Federal Reserve summarises its conference on the impact of the financial crisis on community banks
Ex-Bank deputy wants shift in monetary policy remit
Former Bank of England deputy governor and Financial Services Authority chairman Howard Davies calls for central banks to broaden ambit of monetary policy; insists supervision best handled outside the central bank
BIS’s Caruana: central banks up to stability task
Bank for International Settlements’ Jaime Caruana says crisis highlighted the prominent role central banks should have in financial stability policy
Some microfinance rules to mirror banks’: Basel
Basel Committee on Banking Supervision says some of its original principals on effective banking supervision will broadly apply to microfinance with a little tweaking
UK FSA chief executive in quit surprise
Financial Services Authority’s Hector Sants surprises City with decision to depart in the summer after three years as chief executive
Barbados’ Worrell: supervisors of the region unite
Central Bank of Barbados’ governor urges Caribbean supervisors to ramp up cooperation
Ex-NY Fed chief opposes Volcker rule
Former New York Fed head Jerry Corrigan, now at Goldman Sachs, plays down impact of banks’ activities; warns against regulatory arbitrage
US can go it alone on reforms: Volcker
Former Fed chairman Paul Volcker says international consensus on reform not necessary
Iceland’s Gudmundsson: EU legislation guilty
Central Bank of Iceland’s Már Gudmundsson says the risks in cross-border banking were underestimated
Global rules for regulation or “catastrophe”: Trichet
ECB president Jean-Claude Trichet says international coordination is absolutely necessary in revamping regulation
Systemic risk more than size and default probability
Bank of Canada looks at measuring aggregate risk in the financial system
HKMA’s Chan: Asian Crisis lessons were forgotten
Hong Kong Monetary Authority’s Norman Chan on drawing lessons from financial crisis
ECB’s Bini Smaghi demands capital uptake
European Central Bank’s Lorenzo Bini Smaghi “insists” banks use profits to raise capital rather than wages; line echoes position of the Bank of England