Written evidence to be reported to the House
Banking Bill
5:28 pm
Stephen Haddrill: I think that the Bank brings a great deal to such issues, because it is in the market. It trades on its own account, which gives it a perspective. In retrospect, I believe that it is right that the Bank should be brought much more firmly into the system and given a strong financial stability role within the new tripartite proposals.
We have reservations about the financial stability committee being a sort of subsidiary of the court, because we are not convinced that the court is at the operational heart of the bank. It should be a very senior committee at the top of the Bank and able to take effective decisions. We have not seen the court operating in that way.