Minutes of Money Market Committee meeting – March 2025
The Money Markets Committee is a forum for market participants and authorities to discuss the UK unsecured deposits and funding market and securities lending and repo markets.
Financial institutions
Minutes of the Standards Advisory Panel - December 2024
The latest meeting of the Standards Advisory Panel (SAP)
Minutes of the Standards Advisory Panel - March 2025
The latest meeting of the Standards Advisory Panel (SAP)
FEDS Paper: QE, Bank Liquidity Risk Management, and Non-Bank Funding: Evidence from U.S. Administrative Data
Matthew R. Darst, Sotirios Kokas, Alexandros Kontonikas, Jose-Luis Peydro, and Alexandros P. VardoulakisWe show that the effectiveness of unconventional monetary policy is limited by how banks adjust credit supply and manage liquidity risk in response to fragile non-bank funding. For identification, we use granular U.S. administrative data on deposit accounts and loan-level commitments, matched with bank-firm supervisory balance sheets.
Update on modification by consent of the Liquidity Coverage Ratio part of the PRA Rulebook – Third Country Covered Bonds
Modification by Consent for Third Country Covered Bonds in the Liquidity Coverage Ratio
FEDS Paper: Effect of the GSIB surcharge on the systemic risk posed by the activities of GSIBs
Marco Migueis, Sydney PeirceThis study assesses whether the introduction of the GSIB surcharge requirement resulted in GSIBs reducing the systemic risk posed by their activities. We find limited evidence of GSIBs managing their activities to avoid increases in their surcharges. For a sample of international banks, proximity to surcharge thresholds is associated to a decrease in the growth of intra-financial system liabilities, underwriting activities, and holdings of trading and available-for-sale securities.
Minutes of the CBDC Engagement Forum - November 2024
Meeting of the CBDC Engagement Forum
Asset Purchase Facility: Gilt Sales Amendment - Market Notice 10 April 2025
This Market Notice sets out an amendment to the schedule for sales in Q2 2025 of gilts held in the Asset Purchase Facility (APF) for monetary policy purposes.
FEDS Paper: Household Debt, the Labor Share, and Earnings Inequality
Mark Robinson, Pedro Silos, and Diego VilánWe show that the secular decline in real interest rates in the United States, which began in the early 1980s and persisted for nearly four decades, reduced the labor’s share of output and the unemployment rate, and increased earnings inequality. We establish this link using a model of frictional labor markets, estimated from household-level data, in which unemployment risk is only partially insurable.
FEDS Paper: Monetary Policy Strategy and the Anchoring of Long-Run Inflation Expectations
Michael T. KileySince the 1990s, monetary policy research has highlighted the properties of policy rules that stabilize inflation and economic activity, the role of inflation targeting in anchoring expectations, and the constraints posed by the effective lower bound (ELB). This paper combines these themes by examining whether explicitly responding to long-run inflation expectations improves policy effectiveness.
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