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Bis Tells Bank Of England To Overhaul Governance

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http://www.independent.co.uk/news/business/news/bis-tells-bank-of-england-to-overhaul-governance-2300757.html

The Government should consider changing the remit and make-up of the Bank of England's court of directors so that it can oversee the new Financial Policy Committee (FPC), the Bank for International Settlements told MPs yesterday.

The FPC will report to the governing court of directors but there is considerable overlap in membership, including the Bank's Governor Mervyn King.

Gavin Bingham, the secretary general of the committee on central bank governance at BIS, the Swiss-based central bankers' bank, told the Commons Treasury Select Committee he knew of "no precedent" for the court being involved in the decision making of the FPC.

Andrea Leadsom, a Conservative member of the committee, asked Mr Bingham if the Government needed to "re-look at the competencies and skills" of the court's members. Mr Bingham replied: "The simple answer is yes. If the responsibilities change, you have to make sure that the bodies are manned in the appropriate way.

On whether the court's remit might need to change to accommodate oversight of the FPC, Mr Bingham said: "I think that is precisely the sort of question your committee should consider."

The MPs were questioning Mr Bingham as part of their inquiry into governance at the Bank.

The Government's overhaul of regulation will give the Bank new powers but the Treasury Committee has expressed concern about the Bank's conduct and the court's ability to oversee the FPC.

Ms Leadsom asked Mr Bingham if it was "astonishing" that the court had not held an inquiry into the Bank's actions during the financial crisis. Unlike the Financial Services Authority, the Bank has not published a report into its actions during the credit crunch. Mr Bingham said: "I would have expected some form of evaluation, yes." Asked whether he had seen one, he replied: "No."

Clearly Merv has had the thumbs up even with no report he's been given a knighthood.

A bit of not fit for purpose here?

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Just checked the list and the TUC's Brendan Barber has got another year now May 2012

http://www.bankofengland.co.uk/about/people/court.htm

Can someone explain how this appointment is allowed to stand:

Lady (Susan) Rice, CBE

Managing Director of Lloyds Banking Group Scotland

Ms Susan Rice

Date of first appointment in current position 1 June 2007

Expiry date of appointment 31 May 2014

If Osorio joining Lloyds is a conflict of interest?

Following his appointment as Chief Executive of Lloyds Banking Group with effect from 1 March 2011, it has been mutually agreed by Mr Horta-Osório and the Court of the Bank of England that, because of possible conflicts of interest, it would be inappropriate for him to remain as a Non-executive Director of the Bank of England from that date. He will therefore cease to be a Non-executive Director of the Bank on 28 February 2011.Sir David Lees, Chairman of the Court of the Bank, said, “António Horta-Osório has contributed strongly to the workings of the Court of the Bank of England since his appointment on 1 June 2009. I would like to take this opportunity on behalf of his colleagues and myself of thanking him for his considerable efforts and wishing him every success in his new role.”

Mr Horta-Osório said, “It was an honour to be appointed to the Court of the Bank of England. I have been privileged to work with such a high-calibre group of colleagues and to be able to contribute to the significant work done by the Court. During this time, I have been very impressed by the culture of the Bank’s different teams, their dedication, hard work, professionalism and strong ethics.”

Note for Editors

Appointments of non-executive directors to the Court of the Bank of England are made by Her Majesty the Queen on the advice of the Prime Minister and the Chancellor of the Exchequer

http://www.bankofengland.co.uk/publications/news/2010/086.htm

Do the Bank of England think that Lloyds top level staff lack communication skills?

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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