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A selection
of news stories from CentralBankNet http://www.CentralBankNet.com/
CentralBankNet
report picked up by
national press CENTRALBANKNET EXCLUSIVE REPORT -
On Thursday morning CentralBankNet.com's exclusive report,
released on CBNet Wednesday night, was picked up by
the national press and the story was carried in Thursday's
London edition of the Financial Times (page 14). 20-Dec-2001
Last-minute
deal on euro seigniorage
EUROPE - At the 11th hour, the governing council of
the European Central Bank, has agreed a deal on how
to share out the seigniorage profits of the euro. On
December 6th - almost its last formal decision before
the introduction of the new currency - the ECB released
details of a complex formula designed to avoid large
seigniorage transfers. The deal, however, runs out at
the end of 2007, after which Germany's share of European
seigniorage earnings will have fallen significantly.
19-Dec-2001
Euro
Profits Bonanza
CENTRALBANKNET SPECIAL REPORT - Europe's national central
banks stand to profit to the tune of billions of euros
as a result of retiring Europe's existing paper currencies
and introducing a single currency. 17-Dec-2001
Japan
ready to bail out banks
JAPAN - Japan's central bank stands ready to bail out
the country's ailing banks - but only in the event of
a crisis. The Bank of Japan's governor, Masaru Hayami,
drew comparisons to the situation of 3-4 years ago,
when a meltdown in banking stocks - triggered by malpractice
and bad debts - destroyed Yamaichi Securities. That
would not happen again, Mr Hayami said.
"In the
event of an unforeseen situation, we are fully prepared
to help," he said. "We now have a safety net in place
to help firms in emergency situations, compared to 1997,
1998." 17-Dec-2001
First
euro coins to be rolled out today
NETHERLANDS
Preparations for the changeover to euro notes and coins
take a key psychological step forward today as citizens
of France, Ireland and the Netherlands become the first
in the eurozone to get their hands on the new euro coins.
Small collections of the coins, known as "starter kits",
will be for sale in banks and other outlets in the three
countries. 14-Dec-2001
Kelley
resignation now official at
Fed US
Federal Reserve Board Governor Edward W. Kelley
Jr. officially resigned Wednesday, saying it was time
"to turn my attention to my family and other personal
interests." 13-Dec-2001
Profits
deal means euro will not be backed by gold SPECIAL CBNET
REPORT - One result of the
deal to distribute the profits of the euro is that the
euro will be an almost entirely paper-backed currency.
the euro will be an almost entirely paper-backed currency.
While eurozone central banks are big holders of gold,
with stocks worth 130bn euro, almost none of this will
be "earmarked" to back the note issue. 13-Dec-2001
Out-of-step
BoJ board member helps constrain
yen JAPAN - A Bank of Japan policy board member
suggested yesterday that the central bank should acquire
at least Y200bn ( £1.1bn) of foreign bonds every month
in an attempt to fulfil its legal duty to stabilise
prices. The comments, by Nobuyuki Nakahara, one of the
most outspoken of the nine-member board, contributed
to the continued weakness of the yen, which traded in
Tokyo yesterday at an eight-month low to the dollar
of about Y126.4. 12-Dec-2001
Afghanistan
's central banker invited
home AFGHANISTAN - Afghanistan's former central
banker has been asked by the leader of the Northern
Alliance to return to run the country's monetary policy.
The 38 year-old Abdul Qadeer Fitrat left Afghanistan
in 1996 to attend the World Bank's annual meeting, but
while travelling through New Delhi, Kabul was overrun
by the Taleban. Mr Fitrat was granted asylum in the
US and has since been working as an insurance and carpet
salesman in Washington. 7-Dec-2001
US Treasury
'will not dictate policy'
to Japan US - The US will not urge Japan to buy
foreign-denominated bonds to stimulate its ailing economy,
Kenneth Dam, the deputy US Treasury secretary, said
yesterday, Tuesday. 5-Dec-2001
BOT
suing Rerngchai for losses
THAILAND - The Bank of Thailand plans to sue former
central-bank governor Rerngchai Marakanond for damages
involving the failed defence of the baht that resulted
in massive losses, the central-bank's chief said yesterday,
Monday. 4-Dec-2001
Wim
to face the music
GERMANY - The temperature is rising in the dispute
over whether Wim Duisenberg will step down as president
of the European Central Bank. Jacques Chirac, the French
president, has been reminding fellow European leaders
that Duisenberg gave his word "face-to-face" that he
would vacate the top job within three months of the
introduction of euro notes and coins. 3-Dec-2001
BoE's
Wadhwani sees UK inflation
below 2.5% target UK - Bank of England monetary
policy committee member Sushil Wadhwani said he expects
UK inflation to stay below the 2.5 pct official target
over the next two years. In his speech to the Edinburgh
University Economics Society, Wadhwani said his, "personal
inflation projection is lower than the best collective
projection published in the November inflation report."
22-Nov-2001
Euro
on show in Beijing
CHINA - An exhibition entitled "The Euro Is Here" has
opened at the China Numismatic Museum in Beijing. Jointly
sponsored by the European Central Bank and the People's
Bank of China, the exhibition is the first to display
genuine euro specie in a country outside Europe, and
will be the only such exhibition held before the euro
goes into circulation on January 1, 2002. 21-Nov-2001
November
gloom in Japan
espite leaving monetary policy on hold the previous
week, the Bank of Japan downgraded its assessment of
the economy on Monday, expressing concern about the
impact of declining exports and output on incomes and
consumer spending. 19-Nov-2001:http://www.CentralBankNet.com
Bank
of Poland under fire POLAND
- A Legislative tussle challenges bank's independence
and may affect Poland's chances of EU entry. Junior
partners in the ruling coalition led by the Democratic
Left Alliance have made two proposals; firstly to change
the criteria the bank uses in setting rates and secondly
to cut central bankers salaries.
16-Nov-2001
O'Neill:
IMF forecast "off by a lot"
US - Responding to the drastically revised growth forecasts
for the US in 2002 US Treasury secretary disagreed saying
the forecast was "off by a lot". The IMF cut its forecasts
for world growth this year and next to 2.4% down from
2.6% and 3.5% respectively. 16-Nov-2001
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