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Speech by Chairman Bernanke on Federal Reserve policies in the financial crisis

Chairman Ben S. Bernanke At the Greater Austin Chamber of Commerce, Austin, Texas December 1, 2008 Federal Reserve Policies in the Financial Crisis It is a privilege for me to be here in Texas, and I would like to thank the Austin Chamber for hosting this luncheon. The Texas economy is strong and diversified, accounting for more than a trillion dollars of output last year. However, our nation, and Texas too, is being tested by economic and financial challenges. Those challenges and the Federal Reserve's policy responses are the topic of my remarks today. Federal Reserve Policies during the Crisis As you know, this extraordinary period of financial turbulence is now well into its second year. Triggered by the contraction of the U.S. housing market that began in 2006 and detalii


Banking: Commission welcomes new industry rules on account switching

The European Commission has welcomed the European Banking Industry Committee's (EBIC) adoption of a set of 'Common Principles for Bank Account Switching', which will make it easier for consumers to switch their current account from one bank to another within their own Member State. In the Commission's view, this represents a tangible benefit for consumers and should help to boost competition on the European retail banking market. The new rules have been developed in response to an invitation from the Commission announced in the 'Single Market for 21st Century Europe' package (IP/07/1728). Internal Market and Services Commissioner McCreevy said: "I am pleased that the European banking industry took up the challenge of self-regulating on this important initiative for European citizens. I detalii


Romanian banks see demand for credits sinking in Q4, especially on the mortgage segment

Romanian banks expect a massive drop in credit demand for individuals in the last quarter of the year, especially for mortgage loans, despite estimates of cheaper lands and dwellings following worse lending conditions, a survey carried out by the central bank (BNR) shows. Credit cards represent the sole lending products where banks expect a slight increase in demand in the last quarter, but a much smaller one compared to advances registered from July to September 2008. Lenders estimate a dramatic plunge in demand for mortgage and consumer credits, despite the expected drop in prices for dwellings and land in the last quarter of the year. The shrinking demand is thought to stem from the much harsher lending norms imposed especially for mortgage loans, according to the survey. detalii


Bank of England: Alert to Fraudulent E-mail

We are aware that fraudulent e-mails, which have the appearance of being sent by the Bank of England, are in circulation. Emails are being sent from an entity describing itself as 'Central Bank of England' using the e-mail address The emails invite recipients to log on to a website and provide details of their bank account. These fraudulent emails should be deleted immediately and not used. They are not from, or related to, the Bank of detalii



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