Archive for July 17th, 2019

Representing LGBT rights on banknotes

July 17, 2019

I had blogged that Bank of England has chosen Alan Turing as the person to be represened on their banknote.

Sarah John, chief cashier of Bank of England whose signs go on the banknotes (yeah Governor does not sign the banknotes in UK) tells us the proces behind Turing’s selection.

I found this bit really inspiring:

It is Turing’s incredible scientific achievements that are reflected in the design, and the reason he was chosen to appear on the £50 note. But I am also very proud that Turing will be the first gay man to be depicted on a Bank of England note. This fact is all the more poignant given the horrific treatment Turing received as a result of his sexual orientation. In 1952, Turing was convicted of Gross Indecency for his relationship with a man. To avoid a prison sentence, he accepted probation which was conditional on receiving oestrogen hormone, otherwise known as ‘chemical castration’. After his prosecution, he was no longer able to consult with GCHQ as homosexuals were ineligible for security clearance.

In 2009, Gordon Brown made an official posthumous apology for Turing’s treatment, and Turing received a royal pardon for the conviction in December 2013. In 2017, the ‘Alan Turing Law’, was passed that posthumously pardoned men cautioned or convicted under historical legislation that outlawed homosexual acts.

I hope that Turing’s depiction on the note will serve as a reminder to all of us of that prejudice has no place in the UK today whatever guise it comes in. Everyone’s achievements deserve to be celebrated, no matter their personal characteristics.

Bank of England officials have been speaking about building and promoting diversity. They seem to mean it in every  possible way.

Reserve Bank of New Zealand’s Financial Dashboard celebrates first year of operations

July 17, 2019

One has been fascinated by RBNZ’s financial dashboard ever since it was launched last year. I also argued for RBI to have a similar dashboard in this piece. It won innovation of the year award this year.

The central bank celebrates one year of the dashboard with this article:

Just over a year ago, we launched the Bank Financial Strength Dashboard, a website all about the financial health of registered banks in New Zealand. This article discusses our experience with running the Dashboard as well as the Dashboard’s role in promoting a sound and efficient financial system.

We use website user statistics to get an early indication of how well the Dashboard is achieving its objective of better informing market participants about the financial strength of banks.

Uptake for the Dashboard has been strong. It receives nearly 10,000 visits each quarter. To put this in perspective, the Dashboard’s predecessor (the little known G1 table) received about 500 visits per quarter. The Dashboard has also received international acclaim by winning the Initiative of the year award from the Central Banking Publication. These are both good indications that the Dashboard is meeting our admittedly lofty expectations. However, there is always room to do more and do better.

Further improvements to the Dashboard are being considered. This includes a Te Reo Māori version of the Dashboard; API functionality; better information on trends; and the possible addition of new metrics. The Reserve Bank is also considering a dashboard approach to improve prudential disclosures in the insurance sector.

The Reserve Bank is committed to supporting the broader effort to help build the financial capability of New Zealanders. The Dashboard contributes to this broader effort by providing relevant and accessible information on the financial strength of banks to the public.

Not suprised by the response. It is one of its kind.

50 Years Of Bank Nationalisation: The Banks That Were

July 17, 2019

This is the second part on bank nationalisation in Bloomberg Quint. The first part looked at the political economy around bank nationalisation.

The second one looks specifically at the banks that were nationalised.

Niranjan in Cafe Economics argues that Bank Nationalization did more harm than good.

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