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The Nederlandsche Bank (DNB) confirmed it moved gold worth more than 10 billion euros away from vaults in New York and Ottawa between March and August, sending most of it to the Bank of England in London while some was also routed through its Zeist facility. The move reduced New York's share of Dutch reserves from 31.3 percent to about 18.5 percent, with a similar cut in Ottawa's holdings.
Bank of England Governor Andrew Bailey, writing as chair of the Financial Stability Board, told G20 finance officials that cutting-edge AI models could sharply increase the speed, scale and affordability of cyberattacks on the financial system. He warned that many countries still lack rules to govern how these advanced models are developed, released and deployed, leaving the sector exposed. Bailey urged banks and tech providers to bolster defenses and prepare for scenarios where multiple firms are hit simultaneously through shared technology dependencies.
Bank of England Governor Andrew Bailey cautioned that artificial intelligence could threaten global economic stability, citing risks from enhanced cyber capabilities and inflated market valuations tied to AI-driven growth. His remarks add a central banker's voice to growing concerns about AI's financial and security implications.
Bank of England Governor Andrew Bailey told G20 finance ministers that a collapse in AI sector growth could trigger a market correction that ripples across the world economy. He pointed to high stock valuations, rising investor leverage, and growing financial ties between AI firms and major tech companies as factors that could magnify such a shock, while also flagging cyber security risks from coordinated attacks on multiple firms at once.
Bank of England Governor Andrew Bailey, writing as chair of the Financial Stability Board, told G20 finance ministers that advanced AI models are gaining autonomy and threat capabilities that could destabilize markets. He flagged cyber risk tied to concentrated third-party tech providers as the most pressing danger, warning many countries lack rules to govern how such models are developed and deployed.