Central Banks

  • 2015-03-27 12:18

    --Reiterates view that Greece's banks remain solvent

    FRANKFURT (MNI) - European Central Bank Supervisory Board Chairperson Daniele Nouy said Friday that she is confident the intended E55 billion size of the Single Resolution Fund will be sufficient.

    "The size of the single resolution fund will be enough," Nouy said during a panel discussion at the Bundesbank's Conference on Debt and Financial Stability.

    Only in "really, really tough crises" might limits be hit, but even in those cases new bail-in rules mean that cost for taxpayers should remain more contained than in the previous crisis.

    Nouy called for a quick implementation of new supervision rules that should leave supervisors better quipped than ever before.

  • 2015-03-27 11:32

    By Martin Baccardax

    LONDON (MNI) - European investors will look to key economic data on jobs and inflation to confirm the strength of the region's recovery in an Easter holiday shortened week dominated by consumer price data and the ongoing debt crisis in Greece.

    Good Friday observances around much of Europe will truncate the trading week to four days as we head into April, and the calendar of European Central Bank speakers is thin as a result, but there is still enough economic data to spark and active session in the region's financial markets.

    Germany opens proceedings Monday with March inflation data, starting with state readings in the morning and ending with a federal "flash" estimate at 14:00 CET.

  • 2015-03-27 10:44

    --Warns Fed Could Get Behind the Curve vs Inflation
    --But Models Only 'Suggestive' Not 'Optimal;' Risks May be Asymmetric


  • 2015-03-27 10:32

    --Rejections of Credit Card Limit Hikes Decrease

    WASHINGTON (MNI) - The New York Fed survey taken three times a year Friday gave a faint signal of stronger credit demand, particularly for mortgage refinancing, but its overall finding appeared to be the continuing lack of enthusiasm to plunge back into heavier debt.

    The most striking illustration in the report appeared to be the bar graph that showed a nearly imperceptible change in the rate of credit applications and the proportions that were accepted, rejected and discouraged going back to late 2013.

    In a post on the Bank's Liberty Street blog, the report was characterized as showing "little change in application rates for credit over the last 12 months, but a decline in rejection rates, in particular fo

  • 2015-03-27 06:51

    By David Robinson

    LONDON (MNI) - Bank of England Deputy Governor Ben Broadbent said the BOE does not have a sterling exchange rate strategy and he rejected the widespread view that central banks are currently engaging in competitive devaluations.

    Following a speech at Imperial College Business School, Broadbent was asked about the BOE's strategy towards the currency given its strength and the decline in other currencies on the back of monetary easing. He said the BOE just looks at the impact of sterling moves on growth and inflation.

    "There is no strategy ...

  • 2015-03-27 06:30

    --More Work Needed on Short-Term Wholesale Funding, Hedge Funds, Derivatives

    WASHINGTON (MNI) - While progress has been made in regulating the non-banking financial sector since the 2008 crisis, Federal Reserve Board Vice Chair Stanley Fischer said Friday more work needs to be done to stay ahead of further changes.

    "Many reforms have been adopted for both banks and nonbank financial institutions," Fischer said in remarks prepared for the Deutsche Bundesbank Conference on Debt and Financial Stability in Frankfurt.

    "But regulation is a cat and mouse game," he said.

  • 2015-03-27 06:02

    LONDON (MNI) - Bank of England Governor Mark Carney restated the central forecast of the Bank's Monetary Policy Committee Friday, telling a forum that low inflation in the UK is temporary and the next move in domestic interest rates will likely be higher.

    "The central forecast is that the next move in rates will be a rise," Carney told the forum on Financial Stability in Frankfurt.

    Carney's comments echo those of other MPC members in recent days, including Deputy Governors Nemat Shafik and Ben Broadbent.

    Carney was speaking in his capacity as Chairman of the Financial Stability Board and his comments were not broadly focused on the UK economy.

    --MNI London Bureau; tel: +44 207-862-7495; email: lcommons@mni-news.com

    [TOPICS: M$B$$$,M$E$$$,M$$BE$]

  • 2015-03-27 05:47

    By Silvia Marchetti

    ROME (MNI) - Bank of Italy Governor Ignazio Visco said Friday that despite being anchored to the past, many of Italy's current economic woes were also linked to the ongoing phase of low inflation which had worsened the outlook.

    Delivering a key speech at Rome's Economy Faculty of La Sapienza university for the memorial of former economist Ezio Tarantelli, who was murdered by the Red Brigades, Visco stressed that Italy's current problems were still those of the past hinting at the fact that more must be done in terms of reforms.

  • 2015-03-27 05:15

    -Broadbent: Likelihood Of Persistent Deflation 'Pretty Low'

    LONDON (MNI) - Bank of England Deputy Governor Ben Broadbent said Friday that deflation is unlikely to persist in the UK and the price falls seen so far are boosting demand and output.

    Broadbent, in a speech at Imperial College Business School, attacked the hackneyed view that deflation will depress current demand, boost savings and become self-reinforcing.

  • 2015-03-27 04:03

    BEIJING (MNI) - Yields on bonds traded in the interbank market rose this week as traders braced for at least CNY1.6 trillion in new regional-government issues - a flood that threatens to undo central-bank efforts to guide rates lower at the short-end of the curve.

    The PBOC on Tuesday cut the rate of seven-day reverse repos for the second time in two weeks - by 10bps again to 3.55%.