Federal Reserve Board issues enforcement action against Lineage Financial Network and announces termination of enforcement actions with National Bank of Pakistan and National Bank of Pakistan New York Branch

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below. December 19, 2024 Federal Reserve Board issues enforcement action against Lineage Financial Network and announces termination of enforcement actions with National Bank of Pakistan and National Bank of Pakistan New York Branch For release at 11:0...

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OCC Announces Enforcement Actions for December 2024

The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises.

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The Bank of England welcomes API Panel of Expert recommendations to enhance cross-border payments

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ECB appoints Karin Turner-Hrdlicka as Director General On-site and Internal Model Inspections

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Monetary Policy Committee dates for 2026

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Bank Rate maintained at 4.75% - December 2024

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Digital payments continue to rise, albeit at a slower pace; cash remains a key payment method

19 December 2024Cash most frequently used payment method in stores, although use has continued to declineShare of digital payment instruments continues to increase in value terms, with cards still dominant and share of mobile apps on the riseMajority of consumers value having option to pay with cash The European Central Bank (ECB) today published the results of the latest study on the payment attitudes of consumers in the euro area (SPACE). Despite the trend towards digital payments, the number ...

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HKMA announces inaugural cohort of GenA.I. Sandbox

The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Cyberport Management Company Limited (Cyberport), announced today (19 December) the first cohort of the Generative Artificial Intelligence (GenA. I. ) Sandbox. A total of 15 use cases, from 10 banks and four technology partners (see Annex), have been selected as the inaugural participants in the GenA. I. Sandbox from over 40 proposals received. Each use case underwent a rigorous priorisation process conducted ...

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Composite Interest Rate: End of November 2024

The Hong Kong Monetary Authority (HKMA) announced today (19 December) the composite interest rate at the end of November 2024. 1 The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 10 basis points to 2. 20% at the end of November 2024, from 2. 30% at the end of October 2024 (see Chart 1 in the Annex). The decrease in composite interest rate mainly reflected the decrease in the weighted funding cost for deposits during the month (see Chart ...

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Adjustment of Base Rate

The Hong Kong Monetary Authority (HKMA) announced today (19 December) that the Base Rate has been set at 4. 75% with immediate effect according to a pre-set formula. The Base Rate is the interest rate forming the foundation upon which the Discount Rates for repurchase transactions through the Discount Window are computed. The Base Rate is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate or the average of the five-d...

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