Articles by Tristan Carlyle
Irish central bank forms macroprudential committee
Governor Philip Lane announced internal advisory committee on design of macroprudential policy; featuring senior officials, the group will convene for the first time in “early September”
Sri Lanka invites bids to mint 970 million coins
Central bank calling for four denominations of coin to be minted by end-March 2019; looking for mints with experience of supplying foreign countries with circulation coins
MAS announces ‘firm regulatory actions’ against multiple banks
Monetary Authority of Singapore finds “control failings” at DBS, Standard Chartered and UBS as part of probe into 1MDB funds; US Department of Justice seeking to recover $1bn in assets
Norges Bank questions contingency plans for cash distribution
Report warns Norwegian banks’ back-up plans “may prove inadequate” in a crisis; both the central bank and financial supervisory authority in communication with the finance ministry
Asian central banks shift bond funds towards local currency debt
Eleven East Asia-Pacific central banks agree to close fund for buying US dollar debt issued in the region and invest the money in local currency debt instead
DMO will not change course after Brexit vote
Head of the UK Debt Management Office stresses principles of predictability and transparency ahead of gilt auctions next week; market reaction to S&P’s downgrade was “extremely muted”
Philippines creates financial inclusion steering committee
Central bank will chair the committee, which comprises 12 other government agencies; will follow up on their work creating a national strategy for financial inclusion
Irish banks prepared for Brexit but face material effects, deputy says
Effects on profitability and business models could be ‘material’ if UK votes to leave EU, Irish deputy warns, though central bank is satisfied with short-term contingency planning
Singapore central bank creates AML and enforcement departments
Monetary Authority of Singapore hopes to “enhance supervisory focus”; shake-up follows what Ravi Menon described as the worst case of control lapses in the financial sector
Philippines central bank reveals counterfeiting arrests
Central bank says it was behind four successful anti-counterfeiting operations in Q1; has the legal authority to make arrests and seize property
Board member appointed as next Czech governor
Rusnok has been on the board since 2014 and is a former interim prime minister; he will serve a term of “at least five years”, from July 1
Bank of Mauritius spells out cost-cutting measures
Central bank defends finances after posting losses in successive years; points to range of measures taken to reduce expenses, including release of "unproductive but fatly remunerated" employees
Polish president picks Adam Glapiński to lead central bank
Board member Glapiński needs approval from parliament before succeeding Marek Belka; both Belka and the markets expect an element of continuity
Philip Lowe picked as next RBA governor
Deputy governor Lowe will succeed Glenn Stevens, who says there is “no-one better qualified” to lead the Reserve Bank of Australia
Malaysian deputy picked to succeed Zeti
Muhammad bin Ibrahim will be handed five-year term effective May 1; analysts point to potential challenges from growth slowdown and capital outflows
Hoenig warns reliance on long-term debt could represent systemic vulnerability
FDIC vice-chairman warns of danger of substituting long-term debt for equity and comments on disagreement with Fed over ‘living wills’
Seychelles central bank will chair new financial stability committee
Advisory body will comprise representatives from four different public bodies and meet on a quarterly basis; supported by new financial stability unit within central bank
AFI’s Hannig sees central banks bolstering resources to drive inclusion
Alfred Hannig expects central banks gradually to increase resources devoted to inclusion as they take more responsibility for the area; Alliance for Financial Inclusion announces independence
Bangladesh governor resigns over theft
Atiur Rahman has resigned after $101 million was stolen from the central bank’s account at the New York Fed; finance minister announces Fazle Kabir as successor
IMF to publish informal briefings on Argentina
Staff compile informal briefings on countries when they fail to complete Article IV consultations; IMF will grant request from Argentina to publish those produced 2013-2015
Ten Fed presidents handed new terms
All presidents and first-vice presidents at the 12 reserve banks now have terms that run to end of February, 2021; Powell insists there was a ‘rigorous process’
Eurosystem reveals rules on national asset holdings
ECB publishes an agreement governing the size of ‘non-monetary policy holdings’ at national central banks in the eurozone; aggregate net financial assets totalled €490 billion at end-2015
Kosovo’s ELA rules are ‘major improvement’, say IMF staff
Central Bank of the Republic of Kosovo adopts regulation setting out the conditions for emergency fund provision; staff at IMF welcome the additional ‘detail and rigour’
IMF cuts global growth forecast on back of EM challenges
Maurice Obstfeld says emerging markets and developing economies account for more than two-thirds of revisions; largest changes come in Brazil, where the MPC meets today