House of Lords written question – answered on 19th July 2010.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether their representatives on the Basel Committee are promoting the interests of contingent capital bonds and investors in such instruments; and whether they plan to encourage further issuance of such bonds.

Photo of Lord Sassoon Lord Sassoon Conservative

The UK is represented on the Basel Committee on Banking Supervision (BCBS) by the Bank of England and the Financial Services Authority (FSA). In December 2009, the BCBS put out proposals for consultation, which included a commitment to continue to review the role that contingent capital and convertible capital instruments should play in the regulatory framework. G20 leaders in Toronto called on the BCBS to ensure that consideration of contingent capital is included as part of the 2010 reform package. Detailed questions about the UK's stance at the BCBS should be directed to the Bank of England and the FSA.

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