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More Work is Needed to Make Big Banks Resolvable
Almost a year ago, Credit Suisse, a globally systemic bank with $540 billion in assets and the second-largest Swiss lender, founded in 1856, failed and was sold to UBS. In the United States, Silicon Valley Bank, Signature Bank and First Republic Bank failed at around the same time amid Federal Reserve interest rate hikes to contain inflation. With a combined $440 billion of assets, these were the second, third, and fourth biggest bank resolutions since the Federal Deposit Insurance Corporation was created during the Great Depression. This banking turmoil represented the most significant test since the global ... (full story)
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The Bank of Japan on Tuesday scrapped its negative interest rate policy, in a major overhaul of the central bank's unprecedented monetary easing framework of the past decade that ...
But inflation remains high. • Recent data suggests we're on the right track. • We need greater confidence in seeing inflation return to target in a reasonable timeframe. • Risks ...
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Ladies and Gentlemen It is our pleasure to present the Swiss National Bank’s Annual Report for 2023. The first part comprises the accountability report submitted by the Governing Board to the Federal Assembly, and sets out how the SNB has fulfilled its tasks pursuant to art. 5 of the National Bank Act (NBA) during the past year. The second part comprises the financial report, which provides information on organisational and operational developments as well as the financial result of the SNB. The financial report is submitted for approval first to the Federal Council and then to the General Meeting of Shareholders. One of the defining events of 2023 was the crisis at Credit Suisse. On 19 March, the Federal Council, the Swiss Financial Market Supervisory Authority (FINMA) and the SNB announced a package of measures comprising the acquisition by UBS as well as state support. The SNB played a key part in finding a solution. Moreover, in its role as lender of last resort, it made ample liquidity assistance available on an unprecedented scale and in various currencies. The package of measures was crucial in managing the acute crisis at Credit Suisse and thus in avoiding a financial crisis which would have had serious economic consequences for Switzerland and other countries. Global economic growth was solid overall in 2023, while growth in Switzerland was modest. The US economy remained robust, and China’s exit from its zero-COVID policy led to a significant recovery. However in Europe, which is important for Switzerland’s economy, momentum slowed markedly. Inflation declined globally in the course of the year, but remained above central banks’ post: SNB: A REVIEW OF UBS SYSTEMIC CAPITAL REQUIREMENTS IS NEEDED. post: SNB: THE STABILITY OF SWISS BANK FINANCING NEEDS TO BE STRENGTHENED. post: SNB: BANKS NEED TO PREPARE MORE COLLATERAL FOR EMERGENCIES. post: SWISS NATIONAL BANK: THE BANK RECOGNISES A NEED FOR ACTION IN THE AREAS OF EARLY INTERVENTION, CAPITAL AND LIQUIDITY REQUIREMENTS, AND RESOLUTION PLANNING.
post: BOJ'S GOVERNOR UEDA: WE'VE CONFIRMED A VIRTUOUS CYCLE OF WAGES AND PRICES. post: BOJ'S GOVERNOR UEDA: POLICY FRAMEWORK OF QQE WITH YIELD CURVE CONTROL, NEGATIVE RATES FULFILLED ROLES. post: BOJ'S GOVERNOR UEDA: ACCOMMODATIVE FINANCIAL CONDITIONS WILL BE MAINTAINED FOR THE TIME BEING. post: BOJ'S GOVERNOR UEDA: WE WILL CONTINUE BUYING BROADLY THE SAME AMOUNT OF JGB BUYING AS BEFORE. post: BOJ'S GOVERNOR UEDA: WE WILL USE THE SHORT-TERM POLICY RATE AS OUR MAIN TOOL.
post: BOJ'S GOVERNOR UEDA: RECENT DATA SHOWS A VIRTUOUS ECONOMIC CYCLE STRENGTHENING. post: BOJ'S GOVERNOR UEDA: PRICE TARGET IS NOW IN SIGHT. post: BOJ'S GOVERNOR UEDA: ACCOMMODATIVE CONDITIONS WILL FIRMLY UNDERPIN THE ECONOMY AND PRICES. post: BOJ'S GOVERNOR UEDA: WE DON'T EXPECT DEPOSIT RATES AND LENDING RATES TO SPIKE FOLLOWING TODAY'S DECISION. post: BOJ'S GOVERNOR UEDA: WE WILL SET SHORT-TERM INTEREST RATES JUST LIKE OTHER CENTRAL BANKS THAT USE SHORT-TERM RATES AS POLICY TOOL.
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- Posted: Mar 19, 2024 2:02am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,265