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North America: Repo blowup was fueled by big banks and hedge funds, BIS says
The September mayhem in the U.S. repo market suggests there’s a structural problem in this vital corner of finance and the incident wasn’t just a temporary hiccup, according to a new analysis from the Bank for International Settlements.MORE >>>
North America: Poloz to leave Bank of Canada in June 2020
Bank of Canada governor Stephen Poloz is to step down in June 2020. In a statement released today (December 6), Poloz announced he would not be seeking a second term when his governorship comes to an end next year.MORE >>>
Africa: Central Bank of Liberia Denies Laying Off 400 Employees
Monrovia — The Central Bank of Liberia has dismissed reports that it is planning a massive layoff of some 400 of its staff in compliance with the International Monetary Fund’s request to slice the wage bill.
In a statement Tuesday, the CBL countered that reports of massive redundancies, to the tone of 400 staff members – something that would amount to more than 50% of all its employees, is simply untrue.MORE >>>
Asia: Malaysian loan growth dips 3.2% in October
ASIAN BANKING & FINANCE
Loan applications slimmed by 1.1% in the same month.
Malaysian loan growth slowed to 3.2% in October from 3.3% in September, as non-household (HH) loan weakened faster to 1.5% from 4.5% previously, according to a report by Maybank.MORE >>>
Asia: Tougher times ahead for APAC banks as their risk appetite grows
ASIAN BANKING & FINANCE
Four of the region’s developed-market banking systems and three of the emerging-market banking systems face a negative outlook amidst operating conditions that give them no choice but to take extra risk in order to boost earnings, according to a report by Fitch Ratings.MORE >>>
South America: Chile’s forex intervention likely to stabilise peso – experts
The Central Bank of Chile is likely to succeed in stabilising the peso’s exchange rate with the massive foreign exchange interventions announced on November 28, but the path ahead may not be smooth, say observers. Higher copper prices and an undervalued exchange rate will also contribute to tame volatility, says Quinn Markwith, Latin America economist with London-based consultancy Capital Economics.MORE >>>
Europe: HSBC overdraft rate to quadruple for some customers
About 8 million HSBC customers are to have their overdraft rate doubled – and in some cases quadrupled – to 39.9% as it becomes the biggest UK bank so far to respond to tough new borrowing rules.
Some customers – potentially running into the millions – will now pay more for going into the red as a result of the move, which comes after the Financial Conduct Authority ordered a ban on excessive overdraft fees.MORE >>>
Europe: Metro Bank chief to step down two months after chairman
The Metro Bank’s chief executive is to step down only two months after the departure of the longtime chairman.
Craig Donaldson, who has been in the role since the lender was founded in 2009, agreed to leave at the end of the month after leading it through a “challenging period” after the revelation of a significant accounting error in January.MORE >>>
Oceania: ANZ NZ removes international money transfer fee to Samoa
The ANZ Bank in Apia where the side road has been cordoned off for the Measles National Emergency Operations Centre.
ANZ New Zealand customers can send money from New Zealand to Samoa for free using ANZ Internet Banking or ANZ goMoney, to help the flow of funds to communities impacted by the measles crisis.MORE >>>