The strong growth in digital payments over the past decade continued in 2021. The volume and value of fast payments reached record levels. Even so, digital payments have not yet fully replaced cash. Public demand for cash remains steady, both as a means of payment and as a safe haven. While the digitalisation of payments is a global trend, payment habits still differ across countries. Interoperability of payment systems within and between countries is key to ensuring that payments can be made seamlessly, regardless of the chosen payment method.
Financial Stability Board (FSB) , Basel, Switzerland, Application deadline: 28 February 2023
Financial Stability Board (FSB) , Basel, Switzerland, Application deadline: 28 February 2023
Daily data on monetary policy rates have been updated. This covers 38 central banks with the earliest data starting in 1946.
Daily data on effective exchange rate indices in nominal terms have been updated. Broad indices cover 60 economies, with data from 1996. Narrow indices cover 26 economies with data from 1983.
Daily data on exchange rates against the US dollar have been updated. This covers 81 economies with the earliest data starting in 1949.
An overview of the FSI's most recent activities, covering publications, outreach events and FSI Connect, as well as special projects pursued in 2022.
Проект указания Банка России «О внесении изменений в Инструкцию Банка России от 21 июня 2018 года № 188-И «О порядке применения к кредитным организациям (головным кредитным организациям банковских групп) мер, предусмотренных статьей 74 Федерального закона «О Центральном банке Российской Федерации (Банке России)»
Keynote address by Mr Shaktikanta Das, Governor of the Reserve Bank of India, at the 22nd Fixed Income Money Market and Derivatives Association of India - Primary Dealers Association of India (FIMMDA-PDAI) Annual Conference, Dubai, 27 January 2023.
The European Banking Authority (EBA) launched today a public consultation on its draft Implementing Technical Standards (ITS) on supervisory reporting with respect to IRRBB. Proportionality is a key consideration in the proposed new reporting, in order to make reporting requirements better suited to the size and risk of the institutions. The consultation runs until 2 May 2023.
The European Banking Authority (EBA) today published three Q&As that, jointly with three other Q&As that the EBA had published previously, clarify comprehensively the application of strong customer authentication (SCA) to digital wallets under the revised Payment Service Directive (PSD2). This press release provides a summary of these Q&As and, thus, aims at bringing about a consistent understanding by all market stakeholders of the applicable requirements.
The European Banking Authority (EBA) launched today the 2023 EU-wide stress test and released the macroeconomic scenarios. This year’s EU-wide stress test is designed to provide valuable input for assessing the resilience of the European banking sector in the current uncertain and changing macroeconomic environment. The adverse scenario is based on a narrative of hypothetical heightened geopolitical tensions, with high inflation and higher interest rates having strong adverse effects on private consumption and investments, both domestically and globally. In terms of GDP decline, the 2023 adverse scenario is the most severe used in the EU wide stress up to now. The severe nature of the adverse scenario reflects a deliberate choice and reflects the purpose of the stress test exercise, which is to assess the resilience of the European banking system to a hypothetical severely deteriorated macro-environment. The EBA expects to publish the results of the exercise at the end of July 2023.
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today a consultation paper on draft joint Guidelines on the system for the exchange of information when assessing the fitness and propriety requirements. These Guidelines aim to increase the efficiency of the information exchange between sectoral supervisors by harmonising practices and clarifying how competent authorities should use the information system developed by the three ESAs.
Сводная таблица замечаний и предложений по проекту указания Банка России «О внесении изменений в Положение Банка России от 4 июля 2018 года № 646-П «О методике определения собственных средств (капитала) кредитных организаций («Базель III»)»
The term global liquidity is used by the BIS to mean the ease of financing in global financial markets. Credit is among the key indicators of global liquidity, and is the focus of the quarterly indicators estimated by the BIS.
by Bernardus F Nazar Van Doornik, Armando Gomes, David Schoenherr and Janis Skrastins
We assess the employment and income effects of access to credit dedicated to investment in individual mobility by exploiting time-series variation in access to credit through random lotteries for participants in a group-lending mechanism in Brazil.
Проект указания Банка России «О порядке опубликования Банком России данных о результатах сопоставления национальных рейтинговых шкал кредитных рейтинговых агентств»
In the BIS global liquidity indicators, dollar credit to non-banks in EMDEs fell sharply, whereas credit in euro and yen expanded. The contraction in dollar credit mainly reflected a drop in bank loans.
The stock of international debt securities denominated in US dollars issued by EMDEs declined for the first time since the Great Financial Crisis of 2008–09.
Banks' cross-border claims, which comprise mainly loans, debt securities and derivatives with a positive market value, increased by $1.1 trillion in Q3 2022, raising the year-on-year growth rate to 10%. Derivatives drove this increase.
Of this total, the change in cross-border credit, defined as loans and holdings of debt securities, was only $169 billion. Euro-denominated credit outpaced dollar credit, which remained virtually unchanged.
Credit to advanced economies continued to grow, while that to emerging market and developing economies1 fell, driven by a contraction in credit to China and Hong Kong SAR. Foreign claims on Russia fell by a third since end-2021.
In the BIS global liquidity indicators, dollar credit to non-banks in EMDEs fell sharply, whereas credit in euro and yen expanded. The contraction in dollar credit mainly reflected a drop in bank loans.
The stock of international debt securities denominated in US dollars issued by EMDEs declined for the first time since the Great Financial Crisis of 2008–09.
The locational banking statistics provide quarterly data on the outstanding claims and liabilities of internationally active banks located in reporting countries against counterparties residing in more than 200 countries. They capture the currency composition of banks' balance sheets and the geographical breakdown of their counterparties.
Banking IT, Basel, Switzerland. Application deadline: 20 February 2023
Проект указания Банка России «О порядке отражения отдельными некредитными финансовыми организациями, бюро кредитных историй, кредитными рейтинговыми агентствами в условиях действия мер ограничительного характера на счетах бухгалтерского учета отдельных активов и (или) обязательств в иностранной валюте»
7 hours ago ... Allowance for Loan & Lease Losses (ALLL); Basel I, II, III · Current Expected Credit Loss Model (CECL) · Internal Capital Adequacy Assessment Program (ICAAP) ...
Проект указания Банка России «О признании утратившим силу Указания Банка России от 13 октября 2016 года № 4157-У «О порядке представления кредитными рейтинговыми агентствами в Банк России документов, информации и данных, а также форме и сроках их представления»
Проект указания Банка России «О внесении изменений в Положение Банка России от 22 декабря 2014 года № 448-П»
by Claudio Borio, Boris Hofmann and Egon Zakrajšek
The strength of the link between money growth and inflation depends on the inflation regime: it is one-to-one when inflation is high and virtually non-existent when it is low. A link can also be seen in the recent possible transition from a low- to a high-inflation regime. An upsurge in money growth preceded the inflation flare-up, and countries with stronger money growth saw markedly higher inflation. Looking at money growth would have helped to improve post-pandemic inflation forecasts, suggesting that its information value may have been neglected.
Проект указания Банка России «О признании утратившим силу Указания Банка России от 28.06.2021 № 5829-У «О порядке согласования Банком России перечня оказываемых кредитным рейтинговым агентством дополнительных услуг»
Monthly and annual data have been updated for 60 countries. The average length of the monthly series is more than to 55 years. Some annual series go back to the middle of the 19th century - or even earlier for several countries.
More than 320 series at various frequencies for 61 countries have been updated.
This is a partial update of Q3 2022 data. Full release of Q3 2022 data is scheduled for 23 February 2023.
50 series at various frequencies for 21 countries have been updated. New commercial property price indicators for Argentina, Slovenia.
The consolidated banking statistics provide quarterly data on the worldwide consolidated positions of banks headquartered in reporting countries. They are designed to analyse the exposure of internationally active banks of different nationalities to individual countries and sectors.
Daily data on monetary policy rates have been updated. This covers 38 central banks with the earliest data starting in 1946.
Daily data on effective exchange rate indices in nominal terms have been updated. Broad indices cover 60 economies, with data from 1996. Narrow indices cover 26 economies with data from 1983.
Daily data on exchange rates against the US dollar have been updated. This covers 81 economies with the earliest data starting in 1949.
Opening statement by Mr Tiff Macklem, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 25 January 2023.
The European Banking Authority (EBA) published today a response to the letters received from a law firm on 23 June and 3 October 2022, regarding the case of the prudential classification as Tier 2 instruments of legacy perpetual bonds (so-called ‘Discos’) of an institution established in Norway (DNB Bank ASA).
The European Banking Authority (EBA) published today an Opinion on the draft European Sustainability Reporting Standards (ESRS) developed by the European Financial Reporting Advisory Group (EFRAG). In this Opinion, addressed to the European Commission, the EBA acknowledges that, overall, the draft ESRS are consistent with international standards and any other relevant EU Regulation. In addition, the EBA very much welcomes the level of alignment with the Pillar 3 disclosure requirements reached at this stage. The EBA also highlights a few aspects that should deserve further consideration by the European Commission.
Opening statement by Mr Gabriel Makhlouf, Governor of the Central Bank of Ireland, before the Joint Oireachtas (National Parliament) Committee on Finance, Public Expenditure and Reform, and Taoiseach (Head of Parliament), Dublin, 25 January 2023.
Speech (virtually) by Mr Klaas Knot, President of the Netherlands Bank and Chair of the Financial Stability Board, at the 11th ILF Conference on the Future of the Financial Sector "The Next Systemic Financial Crisis – Where Might it Come From?": Financial Stability in a Polycrisis World, at the Goethe University's Law and Finance Institute, Frankfurt am Main, 24 January 2023.
by Se-Jik Kim and Hyun Song Shin
This paper presents a "time-to-build" theory of supply chains which implies a key role for the financing of working capital as a determinant of supply chain length. We apply our theory to offshoring and trade, where firms strike a balance between the productivity gain due to offshoring against the greater financial cost due to longer supply chains. In equilibrium, the ratio of trade to GDP, inventories and productivity are procyclical and closely track financial conditions.
by Damiano Sandri and Olivier Jeanne
We use a tractable model to show that emerging markets can protect themselves from the global financial cycle by expanding (rather than restricting) capital flows. This involves accumulating foreign liquid assets when global liquidity is high to then buy back domestic assets at a discount when global financial conditions tighten.
by Amanda Liu and Jinming Xie
We examine the predictability of the model-free implied volatility from swaptions on future realized volatility of the underlying swap rates. The model-free implied volatility demonstrates significant predictability on future realized volatility of swap rates along a wide cross-section of tenors.
Publication by Mr Dimitar Radev, Governor of the Bulgarian National Bank, in the Bulletin of the Association of Banks in Bulgaria, issue 73, January 2023.
Speech by Mr Yannis Stournaras, Governor of the Bank of Greece, to the staff of the Bank of Greece at the New Year ceremony, Athens, 12 January 2023.
Speech by Ms Christine Lagarde, President of the European Central Bank, at the Deutsche Börse Annual Reception, Eschborn, 23 January 2023.
Introductory statement by Mr Fabio Panetta, Member of the Executive Board of the European Central Bank, at the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 23 January 2023.
Speech by Mr Luigi Federico Signorini, Senior Deputy Governor of the Bank of Italy, at the 54th Credit Day, Rome, 3 November 2022.
Remarks by Mr Paolo Angelini, Deputy Governor of the Bank of Italy, at the Roundtable on "New Frontiers in Banking and Capital Markets", University La Sapienza, Rome, 15 December 2022.
Opening speech by Ms Alessandra Perrazzelli, Deputy Governor of the Bank of Italy, at an international conference on Alternative Dispute Resolution schemes in the banking, financial and insurance sectors, Rome, 19 December 2022.
Speech by Ms Lisa D Cook, Member of the Board of Governors of the Federal Reserve System, at the "110 years of Deltas embracing the past while shaping the future" event, Norfolk, Virginia, 21 January 2023.
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Положения Банка России "О требованиях к системе управления операционным риском в кредитной организации и банковской группе"