Financial crisis
ECB identifies dark side of wholesale funding
European Central Bank study finds that despite benefits of wholesale funding, liquidity scares can cause instability to banks that are uninformed of potential risks
Fed better prepared than us for financial crisis: ECB paper
European Central Bank study shows stronger emphasis towards output allowed the Fed to react faster than Frankfurt to financial crisis
Wellink: OTC markets still need good risk management systems
Basel Committee chairman Nout Wellink warns central clearing house not a silver bullet for over-the-counter derivatives markets
Credit boom overlooked due to silo culture in credit markets
Financial Times journalist says informational barriers between credit specialists and regulators meant credit markets were poorly managed pre-crisis
Banque de France: CDS mismanagement rather than naked shorting caused market downfall
Banque de France study says credit default swaps should not be abandoned; creation of centrally cleared market can reduce systemic risk
Central bank auctions reveal banks' liquidity risks
BIS study says aggressive bidding in central bank auctions good indication of liquidity risks at banks
Analysts dub IMF commitments to Asia redundant
IMF makes strides to repair relationship with Asian region through series of commitments, analysts say move lacks substance
UK’s Hoban wants greater say over European regulatory reform
UK financial secretary to the Treasury Mark Hoban concedes London’s prominence as financial centre has ended, says Britain must have stronger voice in Europe on regulatory reform
National Bank of Austria - Annual Report (2009)
National Bank of Austria’s 2009 Annual Report shows massive gains in reserves due to rise in gold prices
Asia must be “attuned” to prevailing shocks, says Strauss-Kahn
IMF managing director Dominique Strauss-Kahn says Asia’s quick rebound from recession should be followed by policies to counter risk of overheating economies
Trichet: Reforms must keep an eye on financial markets
ECB president Jean-Claude Trichet outlines four main areas of reform in the financial sector where there is further room for improvements
NY Fed: Shadow banks should not be kept in the dark
New York Federal Reserve study says permanent access to funding facilities for shadow banks should be considered following credit market strains
Gold should form an essential part of central banks’ liquidity portfolio
The credit crisis has highlighted that in times of turmoil, gold is one of the few assets that remains liquid, says Natalie Dempster, director of government affairs at the World Gold Council
Differing sovereign debt haircuts to be included in EU stress tests: reports
Reports quote German banking officials as saying that extreme scenarios will apply steep haircuts to PIIGS sovereign debt, but none to bunds or French paper
Protests at Icelandic central bank on car loan rules
Several hundred demonstrators congregate around central bank in peaceful protest against delinking of car loans from foreign currency exchange rates; rule change could see up to 10% of Icelanders hit with higher repayments
BoE data shows May rise in lending levels
Bank of England data on lending shows moderate gains in amount of loans issued to individuals and households; lending still remains below pre-crisis levels
Greek debt crisis sparks widening of almost all global CDS spreads
Cost of protecting against a Greek default up 190% in three months to mid-June as CDS spreads widened for 93% of sovereign debt on back of sovereign debt crisis in Europe
ECB handled Greek crisis well: CentralBanking.com readers
CentralBanking.com poll shows more than 40% approval rating for European Central Bank’s handling of the Greek debt crisis
Interview: Sanusi Lamido Sanusi
The governor of the Central Bank of Nigeria discusses banking reform, the Volcker rule, and the role of lenders in society
Philly Fed: freedom of databases may improve market oversight
Philadelphia Federal Reserve study on macro-micro databases shows that had information been made readily available, the crisis may have been less pronounced
Russian FX regime change ties rates closer to Europe: Bank of Finland
Bank of Finland study shows Russian interest rates moved more in line with Europe than the United States, following overhaul of exchange rate basket
Demand and supply forces restriced credit: Bank of Italy
Bank of Italy study finds declines in demand and supply of credit dampened lending growth in Italian banks during financial crisis
Eurozone crisis threatens Canadian financial stability
Bank of Canada links deterioration of risks surrounding global imbalances and the growth outlook to single currency zone’s sovereign debt crisis
BIS: Crisis response lacks rigour compared to Nordic countries in 90s
Bank for International Settlements study into the recent financial crisis says policy response may slowdown recovery