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O'Connell
ON THE WAY OUT
Now that the introduction of euro notes and coins has
been cleanly executed, Maurice O'Connell, governor of
the Central Bank of Ireland, feels it is time to let
go. After eight years as governor, he is set to relinquish
his position on 10 March. John Hurley has been announced
as his successor: he is currently secretary general
of the Department of Finance as well as a member of
the board of the central bank. He will take charge on
11 March.
O'Connell
has had an unusual career as central banking careers
go, doing a postgraduate degree in Ancient Classics,
and went on to teach for a number of years. He was appointed
as governor in 1994 and had already served a full seven
year term before he was reappointed last May to serve
a second term. However, he made it quite clear at the
time that he would stay on only until the euro changeover
was complete. That task has now been accomplished.
Indeed, the
bank is so proud of its handiwork that it organised
a staff party on Friday 22 February to celebrate the
successful changeover to the euro. All of the bank's
staff were invited to the event which was held in the
bank itself. O'Connell made a short speech warmly congratulating
the staff for their role in the smooth introduction
of the euro. http://www.centralbank.ie/mainpage.asp
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Russian
CENTRAL BANK GOVERNOR SHOWS
SIGNS OF EXHAUSTION
In an interview given on February 18 to a Russian television
show, Viktor Geraschenko sounded unenthusiastic about
continuing into a second consecutive term - in fact
his third term overall as he did a stint as governor
in the early 1990s. When asked if the president was
likely to offer him to stay on for a second term, he
responded: "I think that the president has so many troubles
that I am horrified that he will have to think about
that too. So, I am not thinking about it." Pressed by
the interviewer, he replied: "My thinking is very simple.
I have worked in the banking system for 41 years and
without bragging I must say that I have been working
very hard. I wouldn't like to retire at 70." Still eager
for a solid response, the interviewer pushed further:
would he like to work more? "On the contrary." So you
don't want to work more?! "That's not what I said. If
I had said it, they would come down on me like a ton
of bricks at work."
It can't
be easy to play such a fine balancing act, to be constantly
under such close public scrutiny, and one can sympathise
with Geraschenko for tiring of his role. But at least
he plays his part with good humour. In another part
of the interview, when accused of being cunning, he
protested, "I am a very simple man". When asked what
the exchange rate would be at the end of the year, he
parried, "We are not a weather office, we issue no forecasts"!
http://www.cbr.ru/eng/today/directors_board/
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Faites
VOS JEUX!
As if the recent round of betting over who might succeed
Wim Duisenberg's following the announcement of his departure
date was not enough, the European press has now initiated
a new sequence of speculation. Who is to succeed Christain
Noyer? He completes his four year term on May 31. The
most favoured candidates are the governors of the central
banks of the six countries that have not yet been represented
on the ECB's board: Belgium, Ireland, Austria, Greece,
Luxembourg and Portugal. Well, Ireland can be ruled out
now that O'Connell is soon to leave. Belgium too, as Guy
Quaden has recently roundly stated: "I've been governor
for only three years and there is enough work here for
me. I'm going to stay in Brussels." All eyes on the remaining
four; and the Financial Times is hedging its own bets
on Austria and Portugal. Greece may lack allies, while
Luxembourg may be too small. But Noyer is not the only
one on the out. There has also been gossip about who might
take the place of the Finnish board member Sirkka Hamalainen,
whose term ends in 2004. The Austrians have touted their
own deputy governor, Gertrude Tumpel-Gugerell, for the
position. Let the games begin! http://globalarchive.ft.com/globalarchive/article.html?id=020220000071&query
=Guy+Quaden |
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Kazakh
CENTRAL BANKERS PRAISEWORTHY
It seems that in Kazakhstan central bankers are doing
the right thing. Grigory Marchenko, the governor of the
central bank, has been told by his president that "the
country needs him" and that he deserves "much credit"
for the state of Kazakhstan's esteemed financial system.
This was in stark contrast to what the president had to
say about the national companies, which received a severe
dressing down: he accused them of being "feudal principalities"
and their leaders "princelings". Meanwhile, the central
bank wallowed in glowing praise, largely responsible for
Kazakhstan's financial system being "the best in the Commonwealth
of Independent States and one of the best in Europe".
http://www.insightmag.com/main.cfm/include/detail/storyid/185296.html
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Vietnamese
GOVERNOR CAUGHT OUT
Much humour has resulted from a recent episode in Vietnam
in which the governor of the central bank, Le Duc Thuy,
was caught out breaking the rules of his own game. While
campaigning for the country to use less cash - because
it caused "inconvenience, wastefulness and risk" - it
transpired that the governor himself does not in fact
have a credit card of his own, or even a personal bank
account. He later conceded that he had "absolutely no
need" for either, and that it would be a "mere formality"
were he to use either. He jokingly granted: "If I had
to get my salary through an ATM, I would give my wife
the card." http://perso.wanadoo.fr/patrick.guenin/cantho/vnnews/ldthuy.htm
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Central Banker turns to oil
Venezuela's central bank has been going through a rocky
patch recently. Not only has the national currency, the
bolivar, been switched to a full float, causing central
bankers something of a fright - worsened by the political
instability and military unrest - but they have been robbed
of their vice-president, Gaston Parra. The country's gung-ho
president, ex-paratrooper Hugo Chavez, has appointed him
as head of the state oil company, which has been widely
interpreted as a way of bringing the company under his
own control since Parra is known to be a staunch supporter
of Chavez. He had been a lecturer on petroleum economics
at the provincial university of Zulia, and lasted only
a year in this position at the central bank. http://globalarchive.ft.com/globalarchive/article.html?id=020211001322&query
#docAnchor020211001322 |
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Creative
FLAIR
The Bank of Latvia was selected at the World Money Fair
in Basel, Switzerland, as the most Creative banknote issuer.
It was awarded the Vreneli prize which goes to the money-issuing
institution with the most imaginative designs. 40 other
countries were judged for the competition. http://www.collectors.olympic.org/e/fino/fino_basel_02_e.html
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Latvians
KEEN FOR EURO
The Latvian Parliament has not concealed its eagerness
to join the euro club with its unanimous vote in favour
of the appointment of Andris Ruselis as deputy governor
to the central bank. It is well known that one of Ruselis's
key tasks will be to prepare the country for the introduction
of the euro, and they think he is the right man for the
job. Clearly his experience in the capital markets has
won him respect: he had previously been president of Balta
and Latva insurance companies since 1998; he had also
been president of Latvijas Zemes Banka (later merged with
Hansabanka). He worked at the central bank as a council
member in 1990-91, graduating from the University of Latvia
faculty of finance and commerce. http://ojr.usc.edu/content/ejc.cfm?request=1046#4
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Czechs
TOO
Good news too for the Czech National Bank, as the president
of the Czech Republic reappointed the vice governor Ludek
Niedermayer to the board for another six year term. This
was announced on 15 February and will take effect from
27 February. This means redoubled focus on the economic
effects of the nation's accession to the EU, an area in
which Niedermeyer is particularly interested. Among his
top priorities will also be the financial system and the
profile of the central bank as an open and effective institution.
http://www.pbj.cz/user/article.asp?ArticleID=141925 |
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Pakistan
CENTRAL BANK GOVERNOR SUFFERS
HEART ATTACK
Ishrat Hussein, the governor of the State Bank of Pakistan,
suffered a heart attack on 6 February. The deputy governor,
Rashid Akhtar Chughtai, took care of his duties in the
meantime. He was purportedly preparing for work when he
complained of a chest pain and had to be hurried to hospital
immediately. http://www.sbp.org.pk/index.cfm |
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Wadhwani
STAYING OR GOING?
According to the Times newspaper, Sushil Wadhwani asked
Gordon Brown if he might be able to keep his position
on the Bank of England's Monetary Policy Committee, but
Wadhwani has been quick to quash this rumour. Indeed,
the odds are against him - so far, no independent member
of the Monetary Policy Committee has been reappointed
- though Wadhwani, as the committee's most consistent
dove, may have had reason to be hopeful. http://www.thetimes.co.uk/article/0,,5-212531,00.html
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