Bank of Portugal
People: Tobias Adrian to replace Viñals at IMF
New York Fed economist to take over IMF’s monetary and capital markets department; Malaysia appoints new financial stability board; vice-chair picked for FinCoNet
People: Sarb gets new comms head; Bulgaria and Portugal welcome new board members
Jabulani Sikhakhane joins South African Reserve Bank; Bank of Bulgaria gets new board member, while Bank of Portugal gets two
People: African department director leaves IMF; Dallas Fed looks for new first VP
Antoinette Sayeh retires from International Monetary Fund; Dallas Fed begins looking for replacement first vice-president; and more
FinCoNet offers regulators chance to advance financial consumer protection – chairman
The association of national financial consumer protection agencies has made progress in supporting reform, but has considerable work ahead, chairman Sheridan says
Bank CEOs’ pay can hit regulation, economist argues
Washington University economist Anjan Thakor argues linking bank chief executives’ pay to returns on equity can have adverse effects on banking regulation
Investors to sue Portuguese central bank over asset writedown
A group of bondholders in a failed bank are bringing a lawsuit against the Portuguese central bank over its writedown of their holdings in a failed commercial bank
Bank of Portugal director responsible for banking supervision resigns
Board member with responsibility for banking supervision resigned on March 7; Antonio Varela had previously been state-appointed non-executive director on troubled bank Banif
Market fears endanger Italian and Portuguese bank sell-offs
Recent measures by the Bank of Portugal, as well as market fears about the quality of Italian banks’ assets, may discourage investors from buying Italian and Portuguese bridge banks
Fewer counterfeit banknotes withdrawn in Portugal in 2015
Statistics released by Bank of Portugal reveal a drop in the number of counterfeits withdrawn from circulation last year; the €20 remains the most frequently faked denomination
ECB welcomes draft Portuguese law on banknote production
Proposals would remove requirement that Bank of Portugal must own 51% of legal entity responsible for banknote production; could pave way for closer co-operation with other NCBs
‘Closed’ nature of eurozone banks increases vulnerability, Portuguese paper says
Commercial banks in the eurozone are more likely to be hit by country-specific shocks compared to US given fewer foreign branches; greater use of asset-backed securities may be a solution
Eurozone policy-makers and researchers puzzled by trends in long-term inflation expectations
Eurozone inflation more strongly influenced by inflation expectations, the ECB notes; two central bank working papers say data shows unexpected changes
Bank of Portugal suspends Banco Novo sale
Portugal's central bank has halted the planned sale of Novo Banco, the good bank created after the collapse of Banco Espirito Santo, citing unsatisfactory bids
Legal assistance cost Bank of Portugal €2 million in 2014
Bank of Portugal reveals €2 million cost of legal assistance with its intervention in BES, an act it describes as ‘an unprecedented effort to safeguard financial stability’
Bank of Portugal initiated administrative proceedings against 25 banks in 2014
Bank of Portugal also concluded 27 administrative offence proceedings during last year, applying fines worth around €0.5 million
Bank of Portugal ‘unprecedented’ decision over BES split questioned in lawsuit
Central bank’s decision to remove a loan from Oak Finance to BES from the ‘good bank’ created in the wake of its failure is challenged in court by New Zealand Superannuation Fund
Bank of Portugal considers conflict of interest
Working group will consider whether share portfolios held by central bank board members could be considered a conflict of interest; local reports suggest Varela has stake in Portuguese banks
Portuguese paper analyses crisis impact on union agreements
Bank of Portugal working paper evaluates changes in union agreements since the crisis, finding they have reduced due to ‘downward nominal wage rigidity in deflationary times’
Bank of Portugal was ‘overly cautious’ intervening in BES
A more assertive attitude from the Bank of Portugal could have resulted in the ‘possible mitigation of impacts’ arising from the BES case, finds parliamentary committee
Bank of Portugal governor calls for a European monetary fund
Costa believes such an institution is the only way to ‘guarantee stability’ in Europe; ESM head Regling says current model has created ‘successful status quo’
Portuguese parliament reshapes central bank governance
The next governor of the Bank of Portugal will face tougher parliamentary scrutiny on appointment in June; central bank board must now comprise at least 33% women
Bank of Portugal launches mobile app
Users can access key statistical indicators for Portugal and the eurozone, calculate foreign exchange rates and obtain interest rate simulations, in the first Portuguese central bank app
Bank of Portugal gets new powers to assess bank directors
Bankers’ current court cases and their personal business conduct are now also part of the Bank of Portugal's assessment of the banking system
Bank of Portugal looks set to audit banks' conduct
Central bank is expected to focus on banks’ governance models during the exercises, in an effort to prevent the issues associated with BES from resurfacing elsewhere