HSBC Finance

Isabel Schnabel: The state contingency of monetary policy transmission

Retrieved on: 
Thursday, April 25, 2024
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Key Points: 

Digital euro safeguards – protecting financial stability and liquidity in the banking sector

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Thursday, April 18, 2024
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A digital euro would offer a wide range of

Key Points: 
    • A digital euro would offer a wide range of
      financial stability benefits, including safeguarding the role of public money and
      strengthening the strategic autonomy and monetary sovereignty of the euro area in
      the digital era.
    • Keywords: CBDC, digital euro, bank intermediation, financial stability risks.
    • A digital euro has the potential to offer a wide range of financial stability
      benefits for the digital era.
    • A digital euro would
      stimulate financial innovation among private sector entities and enhance the
      efficiency and resilience of the financial system by supporting competition and
      diversity within it.3 In addition, a digital euro would strengthen the strategic autonomy
      and monetary sovereignty of the euro area.
    • A digital euro would be designed to minimise risks to the financial system.
    • 2

      The preparation phase will pave the way for a future decision on whether or not to issue a digital euro.

    • When gauging the implications for the euro area banking sector of introducing a
      digital euro, take-up would be key, as it would determine the level of deposit
      outflows.
    • In the latter case, the
      issuance of a digital euro would not affect banks? balance sheets, since banks would return euro
      banknotes to the Eurosystem in exchange for digital euro.
    • Banknotes and digital euro are two different
      types of central bank liability, so a swap between banknotes and digital euro would only affect the
      composition and not the size of the Eurosystem?s balance sheet.
    • In our analysis, we model only the
      substitution of commercial bank deposits with a possible future digital euro.
    • 8

      The legislative proposal on a digital euro provides for the inclusion of such safeguards and establishes
      specific criteria for the limits, aiming to contain the use of a digital euro as a store of value.

    • ECB Occasional Paper Series No 346

      4

      2

      The added value of digital euro
      safeguards such as holding limits
      To understand the benefits of digital euro safeguards, such as holding limits, it
      is useful to first consider the implications of introducing a CBDC without
      adequate safeguards.

    • (2022), ?Central bank digital currency and bank intermediation: Exploring different
      approaches for assessing the effects of a digital euro on euro area banks?, Occasional Papers, No 293,
      European Central Bank, Frankfurt am Main, May.
    • deciding to adopt the digital euro, and (ii) the average amount of digital euro in a
      wallet.
    • At the same time, as discussed in this paper, the design of a digital euro would
      include effective safeguards, such as individual holding limits, to mitigate
      potential financial stability risks.
    • ECB Occasional Paper Series No 346

      15

      an upper bound on the amount of digital euro in circulation, thereby addressing and
      limiting financial stability concerns associated with the introduction of a digital euro.

    • (2023), ?A digital euro: gauging the
      financial stability implications?, Financial Stability Review, ECB, November.

The unequal impact of the 2021-22 inflation surge on euro area households

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Tuesday, April 2, 2024
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The 2021-22 surprise inflation surge had a major impact on households in the euro area.

Key Points: 
  • The 2021-22 surprise inflation surge had a major impact on households in the euro area.
  • Indeed, not everyone was a net loser: while about 70% of households suffered a loss, the rest enjoyed moderate gains.

ECB publishes new statistics on the distribution of household wealth

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Tuesday, January 9, 2024
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Through its TARGET Services, the Eurosystem facilitates the settlement of wholesale financial transactions in central bank money, the safest and most liquid settlement asset.

Key Points: 
  • Through its TARGET Services, the Eurosystem facilitates the settlement of wholesale financial transactions in central bank money, the safest and most liquid settlement asset.
  • Settling such transactions in central bank money helps to reduce risks to the financial system and to support financial stability and trust in the currency.

MoneyGram Announces New Board of Directors to Support Next Chapter of Growth as a Global Fintech Leader

Retrieved on: 
Tuesday, August 15, 2023
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DALLAS, Aug. 15, 2023 /PRNewswire/ -- MoneyGram International, Inc. ("MoneyGram" or the "Company"), a leading global financial technology company that connects the world's communities, today announced its new Board of Directors. MoneyGram's new Board is composed of a diverse mix of global industry leaders with deep experience in the payments, financial services and technology industries that will help guide the Company's digital innovation strategy.

Key Points: 
  • DALLAS, Aug. 15, 2023 /PRNewswire/ -- MoneyGram International, Inc. ("MoneyGram" or the "Company"), a leading global financial technology company that connects the world's communities, today announced its new Board of Directors.
  • The new Board will leverage its deep expertise to help MoneyGram further enhance its digital business and market-leading cross-border capabilities.
  • "Now, as a private company and with the guidance of our new Board of Directors, MoneyGram is well-equipped to strengthen its position as a leading global fintech platform that connects the world's communities," said Alex Holmes, Chief Executive Officer at MoneyGram.
  • "We greatly appreciate MDP's partnership and support in constructing our new, highly capable Board with complementary expertise across the payments, financial services and technology industries.

Cenlar Appoints Allison Batts Vice President of Executive Client Management

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Tuesday, July 11, 2023
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Cenlar FSB, the nation’s leading mortgage loan subservicer, announced today that Allison Batts has been appointed Vice President of Executive Client Management.

Key Points: 
  • Cenlar FSB, the nation’s leading mortgage loan subservicer, announced today that Allison Batts has been appointed Vice President of Executive Client Management.
  • View the full release here: https://www.businesswire.com/news/home/20230711000052/en/
    Cenlar Vice President of Executive Client Management Allison Batts (Photo: Business Wire)
    Allison is a transformational leader with a passion for innovation, process reengineering, and devising strategies to accelerate growth through organizational optimization, focused on leading employees, enhancing the client experience and driving organizational growth.
  • As Vice President of Executive Client Management, Allison will be responsible for collaborating with the client management team to improve and enhance the delivery of our services that best focuses on the needs of our clients.
  • “I look forward to partnering with the client management team and leveraging my expertise to develop processes and procedures for managing Cenlar client relationships,” said Allison.

The consumption impulse from pandemic savings ‒ does the composition matter?

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Friday, June 30, 2023
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Key Points: 

Trex Company Appoints Human Resources Leader Melkeya McDuffie to its Board of Directors

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Monday, April 24, 2023
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Trex Company, Inc. (NYSE:TREX), the world’s #1 brand of high-performance, low-maintenance and eco-friendly composite decking, railing and outdoor living products, announced today the appointment of human resources executive Melkeya McDuffie as a new independent member of its Board of Directors effective immediately.

Key Points: 
  • Trex Company, Inc. (NYSE:TREX), the world’s #1 brand of high-performance, low-maintenance and eco-friendly composite decking, railing and outdoor living products, announced today the appointment of human resources executive Melkeya McDuffie as a new independent member of its Board of Directors effective immediately.
  • View the full release here: https://www.businesswire.com/news/home/20230424005212/en/
    Trex Company Appoints Human Resources Leader Melkeya McDuffie to its Board of Directors (Photo: Business Wire)
    Ms. McDuffie is an accomplished executive and leader with a long career in human capital and general business management.
  • Prior to this role, Ms. McDuffie was Chief Human Resources Officer at The Wallace Foundation.
  • With her impressive credentials and management capabilities, she will further strengthen the business and strategic acumen on the Trex Company board.

Charlie Lee joins BroadcastMed as Chief Operating Officer

Retrieved on: 
Wednesday, February 1, 2023
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FARMINGTON, Conn., Feb. 1, 2023 /PRNewswire/ -- BroadcastMed, the world's most innovative healthcare media company, has appointed Charlie Lee, a veteran in leading world-class organizations toward substantial financial growth, as its new chief operating officer.

Key Points: 
  • FARMINGTON, Conn., Feb. 1, 2023 /PRNewswire/ -- BroadcastMed, the world's most innovative healthcare media company, has appointed Charlie Lee, a veteran in leading world-class organizations toward substantial financial growth, as its new chief operating officer.
  • In this role, Mr. Lee will work to accelerate and support BroadcastMed's strategic, sales, and operational efforts.
  • For the past four years, Mr. Lee has served as the chief marketing officer at MeridianLink, helping to take the company public on the New York Stock Exchange in July 2021.
  • Mr. Lee is a graduate of the University of Illinois and earned his MBA from the Kellogg School of Management at Northwestern University.

The impact of the recent rise in inflation on low-income households

Retrieved on: 
Friday, November 11, 2022
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The effects of the recent increase in euro area HICP inflation significantly differ for low and high-income households.

Key Points: 
  • The effects of the recent increase in euro area HICP inflation significantly differ for low and high-income households.
  • This box explores how recent high inflation levels are affecting low-income and high-income households differently in two main areas: their effective inflation rate due to different spending patterns, and their ability to buffer cost of living increases through savings or borrowing.
  • Consumption baskets vary across income groups, with low-income households spending proportionally more on essentials.
  • The income-specific consumption baskets reported in the Eurostat Household Budget Survey (HBS) allow effective inflation rates to be calculated by income quintile.
  • Decomposing the inflation gap, electricity, gas and other fuels and, increasingly, food prices are the main drivers of the higher inflation faced by lower-income households.
  • Inflation difference between the lowest and highest income quintile households in the euro area
    (percentages)

    Sources: Eurostat Household Budget Survey, ISTAT and ECB calculations.

  • Notes: Chart B shows the difference between the effective inflation rates for low-income households (first quintile) and high-income households (fifth quintile).
  • They tend to consume a larger share of their income, save less and face liquidity constraints more often than high-income households.
  • The higher incidence of liquidity constraints experienced by poorer households is reflected in the rise in households expecting to make late payments on their utility bills.
  • Low-income households perceived the recent government measures aimed at easing the impact of higher energy prices as less adequate than high-income households did.
  • This may suggest that there is scope for more effectively targeting government measures towards low-income households.