governor state bank speech on 12 november 2008

Fed's Duke Says Poor Neighbourhoods Need Lending to Survive

Federal Reserve Governor Elizabeth Duke defended the Community Reinvestment Act in a speech on Tuesday in Washington.I am still surprised at the misperceptions that persist about it, she said.The CRA was created in 1977, designed to encourage banks to lend in low- to middle-income areas. Some have blamed the act for causing the subprime mortgage crisis, which saw countless mortgages awarded to people who couldn't afford them.She said any revamping of the Act must be transparent.Duke also

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Fed to Safeguard Financial System, Says Fed Governor Duke

The U.S. banking system is facing serious challenges, but the Federal Reserve will continue to ensure that the banking system remains safe and sound and is able to meet the credit needs of our economy, Fed Governor Elizabeth Duke said before the House Financial Services Committee on Wednesday.While the Fed Governor gave lawmakers little new information regarding the state of the economy or monetary policy, she did point out that as the global economy begins to recover,

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Yen Moves Lower After Quiet Session in Region

The Japanese yen is weaker on Thursday in the aftermath of a relatively quiet session in the region.Bank of Japan Governor Masaaki Shirakawa warned lawmakers that purchasing bonds to finance government stimulus spending may be detrimental to markets. PBOC Governor Zhou Xiaochuan said the country's leading indicators suggest government stimulus is helping the economy to recover.Meanwhile, North Korea is gearing up for long range missile test sometime between April 4 and 8, according to regional newspapers.All data

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Japanese Yen Rallies Sharply; BOJ Deputy Says Central Bank Could Do More

The Japanese yen rebounded on Friday following comments from a Bank of Japan Deputy Governor suggesting that the central bank could take additional actions to stimulate the economy.In an interview with Bloomberg, Bank of Japan Deputy Governor Yutaka Yamaguchi said the central bank could expand purchases of corporate debt and could review its collateral requirements. Meanwhile, People's Bank of China Governor Zhou Xiaochuan said some economic indicators are turning around, suggesting that the central bank and government's

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November 3rd - Bank On England (boe)'s Governor King Speech, Ism Manufacturing

Hello fellow traders,We are still in a consolidation. The prices are volatil, the intraday trends often change, each trade is highly risky.Some news in our forex calendar today:09:30 GMT: Purchasing Manager Index Manufacturing. The Manufacturing Purchasing Managers Index (PMI) released by both the Chartered Institute of Purchasing & Supply and

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EUR Jumps On Increased Optimism

The EUR strengthened against the Dollar Wednesday after the release of disappointing U.S. data. The EUR closed at $1.3947 from $1.3863, and at ¥133.68 from ¥133.98. The Pound Sterling weakened as much as 1.2% to 85.36 pence per EUR yesterday, the biggest decline since June 4, but was little changed against the USD at $1.6391 from $1.6410 Wednesday. The Pound's drop came after a retreat in the stock market and Bank of England (BoE)) Governor Mervyn King's speech stating that

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Euro Mixed Against Majors After Rate Cut, Ahead of ECB's Trichet

The euro is mixed on Thursday morning after the European Central Bank delivered an expected 50 bps rate cut to 1.50%, and the Bank of England pledged to use quantitative easing.The real meat of the ECB rate decision will happen at 8:30 a.m. EST when President Jean-Claude Trichet holds his monthly press conference. Markets are hoping he will comment on additional monetary policy initiatives being considered by the Governing Council.On Thursday, the Bank of England cut its

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ECB's Bini Smaghi Calls Talk of Euro Zone Breakup "Nonsense"

Frankfurt - European Central Bank Executive Board member Lorenzo Bini Smaghi said he expects the economy to recover by 2010 and dismissed talk of a euro zone break up, calling it nonsense.On Thursday, the ECB released its revised staff projections, which point to the euro zone economy contracting by between 3.2% and 2.2% before recovering modestly to a growth rate of between -0.7% to +0.7% in 2010. The central bank also decided to reduce its main refinancing rate

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ECB Has Not Exhausted its Tools to Boost Economy, Says Liikanen

(CEP News) Frankfurt - The European Central Bank has not yet used all of its tools to help the economy recover from its current slowdown, ECB Governing Council member Erkki Liikanen said.

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Fed's Duke Says Poor Neighbourhoods Need Lending to Survive

Federal Reserve Governor Elizabeth Duke defended the Community Reinvestment Act in a speech on Tuesday in Washington.I am still surprised at the misperceptions that persist about it, she said.The CRA was created in 1977, designed to encourage banks to lend in low- to middle-income areas. Some have blamed the act for causing the subprime mortgage crisis, which saw countless mortgages awarded to people who couldn't afford them.She said any revamping of the Act must be transparent.Duke also

subprime crisis central banks - the federal reserve unemployment - governor state banks speech