Find a page

ECB challenged over bond details
28 May 2015 16:04
The EU's top watchdog has challenged the European Central Bank over privately disclosing sensitive plans for money printing to a group of hedge funds, giving them a head start over investors who found out only the following day.
-
Earlier this month, a top ECB official, Benoit Coeure, said at a dinner in London attended by hedge funds, academics and bankers that the central bank would accelerate bond buying in the coming weeks.
-
When his speech was released on the ECB's website on Tuesday morning, the euro fell sharply and stock and bond prices jumped. Many investors cried foul.
-
In a letter to ECB President Mario Draghi, the European Union's Ombudsman has now asked for a "detailed account of the incident", joining the ranks of those, from lawmakers to fund managers, who have expressed concern.
-
Ombudsman Emily O'Reilly, who keeps tabs on European Union institutions, called on the ECB to outline the "measures it has taken to avoid a similar incident occurring in the future, so as to enable me to ascertain whether there is any need for action".
-
The ECB's response, she said, should be given in public within a fortnight, offering the prospect of further embarrassment in Frankfurt over the preview of sensitive information to a closed circle.
-
Although the Ombudsman, who monitors for lapses in ethical or transparency standards, is unable to demand a response, the public nature of its request pressures the ECB to do so.
-

Where can I get RTÉ Aertel Digital?

RTÉ Aertel Digital is an enhanced digital version of the RTÉ Aertel teletext service. It functions in the same way as the analogue service, offering current news, sport and weather updates but is now more agile and easier to use.

RTÉ Aertel Digital is available on Saorview, the new free digital TV service in Ireland.
Press TEXT button on your remote to launch Aertel from RTÉ One, RTÉ Two, RTÉ News Now.