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Sweden: Financial Sector Assessment Program Update - Technical Note on Reviewing the Systemic Liquidity Risk Management Framework
September 14, 2011--I. INTRODUCTION
1. Swedish banks faced a severe liquidity strain in the autumn of 2008, when global funding markets were impaired following the collapse of Lehman Brothers. The vulnerability of these banks to liquidity shocks reflected, in part, their extensive reliance on global wholesale funding. As the global crisis worsened, the authorities implemented aggressive
stabilization measures, which helped to successfully contain the financial instability risks that had emerged.
2. However, the experience of the crisis revealed some weaknesses in the existing systemic liquidity risk management framework in Sweden. In particular, the liquidity
regulations in place before the crisis, including the regulatory reporting framework, proved ineffective. There was also some ambiguity in regard to the institutional arrangements for
international reserve management. Furthermore, given the leanness of its balance sheet structure, the Riksbank faced constraints in flexibly implementing some liquidity easing measures, such as a securities lending facility.
ESMA publishes the responses received to the Consultation on ESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive
September 14, 2011--ESMA published a consultation paper (ESMA/2011/209) setting out its proposals for the detailed rules underlying the Alternative Investment Fund Managers Directive (AIFMD). This is in response to the request for assistance which the European Commission sent to ESMA’s predecessor, CESR, in December 2010. ESMA has to deliver its final advice to the Commission by 16 November 2011.
view responses
Source: ESMA
EPEX SPOT’S Exchange Council approves 15-minute products on German Intraday Market
15-minute products will deliver more flexibility for the marketing of renewables
September 14, 2011--– The ninth meeting of the EPEX SPOT Exchange Council was held on 13 September 2011 in Rome and chaired by Peter Heydecker, member of the Executive Board of Alpiq. The main topics discussed were:
the planned introduction of 15-minute products on the German Intraday Market
the ongoing consultations EPEX SPOT is participating in.
The members of the Exchange Council welcomed the planned introduction of 15-minute products on the German Intraday Market. The new product, a reaction to the demand of the members of the exchange, will provide more flexibility, especially when power delivery time comes closer and generation forecasts are more accurate. It improves in this way the marketing and integration of renewable energy into the power system. With the introduction of 15-minute products, planned for the end of 2011, EPEX SPOT contributes to facilitate the German energy transition
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Source: EPEX SPOT SE
ESMA published updated list of registered and certified credit rating agencies
September 14, 2011-- According to the Credit Rating Agencies Regulation ((EC) No 1060/2009), ESMA publishes today the list of those credit rating agencies that as of today were either registered or cirtified in the European Union
view List of registered and certified credit rating agencies
Source: ESMA
UK jobless up most in 2 yrs, gov’t cuts bite
September 14, 2011--
Record public sector job losses pushed up British unemployment at its fastest pace in two years in the three months to July, and the number claiming jobless benefit rose for the sixth straight month in August.
The official numbers add to pressure on the government to do more to boost growth as budget cuts that have helped kept it out of trouble on debt hurt thousands of British households. Claimant count unemployment rose by 20,300 last month -- a smaller rise than July's 33,700 increase and below forecasts for a jump of 35,000, but continuing a rising trend since February. The dip below forecast initially prompted some gains for sterling , but the broadly negative numbers brought it back to trade flat compared to before the data. On the wider ILO measure, which includes people who are looking for work, the number of people without a job rose by 80,000 in the three months to July to 2.510 million, the biggest quarterly rise since August 2009. The jobless rate came in as forecast at 7.9 percent. The number of people in employment also fell by 69,000 in the three months to July, the biggest drop since March 2010. The data show the impact of cuts to reduce a record budget deficit is starting to kick-in in earnest; they also add to the case for the Bank of England to do more to stimulate a flagging economy as turbulence in the UK's main trading partners threatens to tip the nation back into recession.
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Source: Todays Zaman
Greece default idea gains ground despite denials
September 13, 2011-- Ihe idea Greece could default on its 350-billion-euro-plus debts is gaining ground despite official denials given ever-tightening room for manoeuvre in Athens and growing reticence among partners to keep shelling out loans.
Privately, eurozone governments are examining what the radical option would mean, despite carrying on publicly with ratifying a July 21 agreement a second bailout for Greece worth 160 billion euros.
The default scenario "is now inevitable," said Greens financial affairs MEP Pascal Canfin, a specialist in this area.
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Source: EUbusiness
Russia can consider help for individual countries: Kremlin
September 13, 2011--Russia is available to consider requests for financial assistance from individual countries, a Kremlin source told AFP on Tuesday, after Brazil said top emerging economies would discuss possible aid to the European Union.
"We study requests of individual countries if we receive them. Not within the framework of BRICS" though, a high-ranking Kremlin source said.
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Source: EUbusiness
Italy issues close to EUR 6.5bn in bonds, rates soar
September 13, 2011-- Italy placed bonds worth close to 6.5 billion euros (8.8 billion dollars) on Tuesday but the yield it had to offer reached a new high level, the Bank of Italy said, revealing a marked lack of investor confidence.
Shortly before the placement, the Italian finance ministry announced that Finance Minister Giulio Tremonti had met delegates from China's biggest sovereign wealth fund CIC, as the government fights acute market pressure over its public finances.
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Source: FIN24
Deutsche Börse announces changes to the DivDAX
Changes effective September 19, 2011
September 13, 2011-- Deutsche Börse today announced the results of the regular annual review of the DivDAX.
The following four companies will be added to the DivDAX: Lufthansa AG, Daimler AG, Man SE ST O.N. and Bayerische Motoren Werke AG.
The following four companies are being removed from the DivDAX: Merck KGAA, Linde AG, Volkswagen AG and Beiersdorf AG.
All component changes will be effective at the start of trading on Monday, September, 19, 2011.
DivDAX® is a registered trademark of Deutsche Börse AG.
Source: Deutsche Börse
Eurozone government debt will peak next year
September 12, 2011--Public debt across the 17-nation eurozone will rise even as growth returns, hitting a peak of 88.7 percent of gross domestic product in 2012, the EU said on Monday.
The bailed-out trio of Greece, Ireland and Portugal -- facing deeper recession than others -- will already have to wait much longer to see their debt burdens ease, according to the annual European Commission report on public finances.
But so too will Spain and non-euro Britain, where heavy banking bailouts and burst housing bubbles will make it even harder to deal with the impact of ageing populations on government finances over coming decades, it said.
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Source: EUbusiness
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