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Clause 1 - Deputy Governors

Part of Financial Services Bill – in a Public Bill Committee at 11:15 am on 21st February 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 11:15 am, 21st February 2012

I hope that I have managed to reassure the Committee that the oversight committee will look at the substance of policy making—not necessarily the fonts or whether the minutes are in the right order—because it wants to be effective. That is why the argument is not about its name but about what it does and how it does it. I think the oversight committee will provide an effective challenge, and because it will have the power to commission both internal and external reviews, it will be able to scrutinise and hold to account the Bank’s executives and its committees in a way that represents a major step forward in accountability.