City expert panel mooted for Bank of England
Daily news headlines
Chancellor suggests more oversight for UK central bank to ensure financial stability
LONDON – UK Chancellor of the Exchequer Alistair Darling has laid out plans to bring in a panel of City experts to oversee the Bank of England in order to avoid another Northern Rock-type incident.
In a speech to the House of Commons, Darling insisted that the Bank of England must be instrumental in maintaining financial stability in the future. It is hoped the introduction of a panel will make the bank more alert to potential financial problems. Darling highlighted the effectiveness of the Bank of England’s interest rate setting Monetary Policy Committee, which is comprised of bank members as well as external city executives.
The plans were confirmed amid reports of tension between the chancellor and the bank's governor, Mervyn King, over the appointment of a deputy to replace the outgoing Rachel Lomax.
Darling is believed to be pushing for a deputy with a strong City background, while King favours Charlie Bean, currently the Bank's chief economist, who was a professor alongside the governor at the London School of Economics.King argues that he needs a deputy with a strong economics background to help him fight inflation, whereas the chancellor wants the bank to improve its financial stability expertise.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Banks will not be frowned upon for discount window borrowing – Fed official
Risk Live: more banks have completed paperwork to access Fed lending facility than a year ago
Capital One puts OCC’s tough stance on mergers to the test
Proposed Discover deal should be approved but will go under the microscope, ex-regulators say
As FCMs dwindle, regulators fear systemic risk
Panellists highlight dangers of clearing membership becoming more concentrated
EU banks fear green asset ratios paint an unfair picture
Industry lobbyist clashes with lawmaker over usefulness of new sustainability disclosure
EU watchdogs to launch prop trader capital review in April
Prop traders say bank-style IFR rules are driving them out, but doubt EBA will suggest changes
Investors say new SEC disclosures may sit on shelf
Advisory committee questions value of rule 605 changes, even for retail investors
CFTC hears ‘call to action’ from swaps end-users on Basel III
Commissioner Pham mulls engaging with prudential regulators over capital hit on clearing
Iosco gears up for ‘intensive work’ on AI regulation
Watchdogs risk ‘falling behind the curve’, secretary-general warns; FSB also working on guidance
Most read
- As FCMs dwindle, regulators fear systemic risk
- Top 10 operational risks for 2024
- Top 10 op risks: AI fears drive cyber risk to record high