Liquidity
New York Fed announces record use of reverse repo facility
Value of transactions exceeds December peak and number of counterparties nearly doubles
Central bank mandates differ between advanced and emerging economies
Governance Benchmark 2021 data shows emerging economy central banks more likely to have financial stability mandate
Should the Fed’s Fima facility be made permanent?
The emergency repo facility reassures reserve managers about access to dollar cash during a breakdown in the US Treasuries market
Benoît Cœuré on CBDCs, stablecoins and central bank fintech co-operation
BIS Innovation Hub chief voices concerns about the timing of stablecoin and CBDC roll-outs, fintech risks for supervisors and monetary policy, and details development plans for eight innovation locations
Central Bank of Kenya to liquidate bank after ‘severe violations’
Action on smaller lender comes as CBK looks to complete long-running resolution of Chase Bank
Paycheck protection facility supported lending – Fed paper
Study finds liquidity facility helped banks lend more to small businesses during the Covid-19 crisis
UK regulators launch plan for less liquid fund structure
Aim is to allow productive investment for the long term while curbing vulnerabilities
BlackRock research pushes back at concerns over bond ETFs
BIS paper had suggested ETF sponsors may have sold illiquid assets to discourage redemptions amid Covid stress
RBI steps in with liquidity amid worsening Covid outbreak
Central bank “stands in battle readiness”, governor says, as virus death toll climbs
BoE prepares to break with EU rules on smaller banks
Central bank signals a more tailored approach to regulating non-systemic banks
BIS to operate sterling liquidity facility backed by BoE
Move echoes 20th century arrangements when BIS acted as intermediary in swaps network
BoE publishes emails showing unsuccessful lobbying by former PM
David Cameron urged BoE to support Greensill Capital during pandemic, correspondence shows
Capital and liquidity rules work better together, BoE paper finds
Literature review finds having both requirements is better than just one, but “significant gaps exist”
PBoC to more than double scope of stress tests
Chinese central bank will stress-test over 4,000 banks and plans to include all banks by 2023
MMFs should increase public debt investment – ECB paper
Regulatory framework for money market funds has “fragilities”, researchers argue
Regulating big tech and non-bank financial services in the digital era
Big tech incursions into financial services in China and elsewhere demonstrate the potential benefits of adopting a digital-bank or holding-company approach to financial regulation
Money markets in focus for FSB non-bank work
FSB set to publish policy proposals for tackling risks in July
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Robert Pringle critiques the key findings raised in Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Bank regulation can ease non-bank distortions – BIS paper
Authors challenge common narrative that bank regulation can worsen non-bank instability
Central Banking Awards 2021: winners in full
Winners in 2021 include the Federal Reserve, Alejandro Díaz de León and Charles Goodhart
IMF weighs up $650 billion SDR issuance
Figure would allow Biden administration to avoid a vote in Congress
Central Banking Awards 2021: final winners unveiled
Awards announced for central bank of the year, economics, risk management and more
Specialised lending initiative: Clearstream
Clearstream supports eurozone central bank asset purchase programmes by returning liquidity to the market through securities lending while helping Asian and American central banks secure access to this market
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan