15 March 2001

News this issue:
 

Serdengecti appointed Turkish cbank governor

Serdengecti appointed Turkish cbank governor Turkey's president Ahmet Necdet Sezer approved on Mar 13, 2001 a decree regarding appointment of Sureyya Serdengecti as the central bank governor. [14-March-2001]

New and improved BIS website is launched

New and improved BIS website is launched The Bank for International Settlements (BIS) announced on Mar 12, 2001 that its redesigned and improved website is now available at www.bis.org. [13-March-2001]

BoF Fogelholm to head Finnish Bankers' Association

BoF Fogelholm to head Finnish Bankers' Association The Finnish Bankers' Association said on Mar 12, 2001 that Markus Fogelholm would replace retiring chief executive Matti Sipila in Sept 2001. [12-March-2001]

Cavallo wants Argentine peso peg to include euro, yen

Cavallo wants Argentine peso peg to include euro, yen Former Argentine Economy Minister Domingo Cavallo, who reportedly has been offered the job of central bank chief, said in a press interview he favored alterations to foreign exchange policy.
11-March-2001

New Somali central bank governor sworn in

New Somali central bank governor sworn in Mahmud Muhammad Ulusow has been sworn in as the new head of the Central Bank of Somalia. [9-March-2001]

China seeks HK expert to join central bank

China seeks HK expert to join central bank China's Premier Zhu Rongji is seeking a Hong Kong banker, possibly HKMA chief Joseph Yam, to become a deputy governor of the country's central bank, a move which analysts say shows Beijing is serious about beefing up its regulatory control of the banking sector. [9-March-2001]

RBA appoints Frank Campbell as assistant governor

RBA appoints Frank Campbell as assistant governor The Reserve Bank of Australia has announced the appointment of Frank Campbell to the post of Assistant Governor, Corporate Services department. [8-March-2001]

Mussa to step down as IMF economic counsellor

Mussa to step down as IMF economic counsellor Michael Mussa is to step down as the IMF's Economic Counsellor and Director of the Research Department at the end of his current term in the position, Managing Director Horst Köhler announced on Mar 7, 2001. [7-March-2001]

Central banks use GSE debt to adjust portfolio-BIS

Central banks use GSE debt to adjust portfolio-BIS Central banks appear to be increasingly using agency securities in lieu of Treasurys to make necessary adjustments to their portfolios, the Bank for International Settlements said in a report released on Mar 5, 2001. [7-March-2001]

S.Africa still unaware of new MPC policy-Mboweni

S.Africa still unaware of new MPC policy-Mboweni South African markets are still not fully aware of the fact that the central bank has introduced a new monetary policy regime which focuses on inflation targetting, central bank governor Tito Mboweni said. [6-March-2001]

Fed governor Roger Ferguson reappointed until 2014

Fed governor Roger Ferguson reappointed until 2014 Roger Ferguson, the Federal Reserve vice-chair whose future has been put on ice by Capitol Hill Republicans since 1999, received a major vote of confidence from the Bush administration on Mar 5, 2001. [5-March-2001]

IMF establishing international capital market dept

IMF establishing international capital market dept The International Monetary Fund (IMF) will establish an International Capital Markets Department to enhance its surveillance, crisis prevention and crisis management activities, the Fund announced on Mar 1, 2001. [1-March-2001]

Tanzanian banking sector to continue deregulation

Tanzanian banking sector to continue deregulation Liberalization of Tanzania's financial institutions has set a strong basis for increased investments and economic growth, the country's Finance Minister Basil Mramba has said. [1-March-2001]

East Timor - Central bank precursor inaugurated

East Timor - Central bank precursor inaugurated The East Timor Central Payments Office, expected to become the territory's central bank, was officially inaugurated Feb 28 by Sergio Vieira de Mello, the chief of the UN Transitional Administration in East Timor. [28-February-2001]

NZ govt monetary review suggests adopting MPC

NZ govt monetary review suggests adopting MPC A government review of the Reserve Bank of New Zealand's monetary policy by Swedish academic Professor Lars Svensson recommended the setting up of a formal monetary policy committee and altering the RBNZ's inflation objective to more formally target 1.5 percent, within the current 0-3 percent range. [28-February-2001]

Fed executive picked for position with US Treasury

Fed executive picked for position with US Treasury In a widely expected move, Peter Fisher, the executive vice president in charge of markets for the Federal Reserve Bank of New York, has been appointed as the Domestic Finance Official at the US Treasury. [26-February-2001]

Singapore MAS to brief on mon policy twice a year

Singapore MAS to brief on mon policy twice a year The Monetary Authority of Singapore said on Feb 26, 2001 it will hold a media briefing twice a year on its monetary policy in an effort to raise transparency. [26-February-2001]

ECB looking to move Frankfurt headquarters

ECB looking to move Frankfurt headquarters The European Central Bank, not even three years old, has already outgrown its headquarters and plans to construct a building outside the city's high-rise banking district by around 2006. [23-February-2001]

Israel cbank labour unrest may block rate decision

Israel cbank labour unrest may block rate decision The Bank of Israel cautioned on Feb 21, 2001 that it might not issue its next discount rate announcement on schedule because of continued labour unrest at the bank. [21-February-2001]
 

PAYMENT SYSTEMS CORNER:

Dutch cbank and Euronext offer real time DvP

The Nederlandsche Bank, the Dutch central bank, and Euronext Amsterdam are to offer real-time DvP from Mar 19, 2001, the central bank has announced.
The Nederlandsche Bank is the settlement bank for Euronext Amsterdam. A few years ago a dedicated link was established especially for OTC deals. Via this link batches were routed every half-hour during opening hours to deliver payment instructions and settlement confirmations. Approximately 40 admitted institutions are settling some 4,000 transactions per day averaging ca. 7 billion euro in total value.

Starting 19 March 2001, the existing batch interface will be replaced by a real-time interface using the SWIFT network. Once the buying and selling transactions are matched and the securities have been segregated in the system of Necigef (the Dutch Central Securities Depository and a 100% subsidiary of Euronext Amsterdam), a SWIFT message will be sent directly to the RTGS system of the Central Bank (TOP). Each transaction will be settled individually and in real time within the TOP-RTGS system. A successful financial settlement will automatically be confirmed to the admitted institutions involved and to Euronext, after which the change of ownership of the stocks takes place. The whole procedure will be finalised in minutes, if not seconds! After this introduction, all communication regarding other products involving Euronext will gradually be moved to the SWIFT network. [14-March-2001]

For more info email: J.L.Vogelzang@DNB.NL- Leon Vogelzang, Product Manager, Payments and Securities Department, De Nederlandsche Bank NV.
 
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