Financial Policy Committee (FPC)
Goodhart hits out at current macro-prudential focus
Economist Charles Goodhart agrees with Robert Pringle that risk and return incentives need to change at banks to ensure future financial stability. But permitting failures is a step too far
Macro-prudential powers are no panacea
Central banks will take on substantial new macro-prudential supervisory powers in the years ahead. But this is a dangerous experiment, and a step in the wrong direction
Robert Pringle’s Viewpoint: Central bank macro-prudential powers are no panacea
Central banks will take on substantial new macro-prudential supervisory powers in the years ahead. But this is a dangerous experiment, and a step in the wrong direction
UK government publishes Financial Services Bill
New legislation to fundamentally change financial regulation in the UK; fears raised that the important issue of the accountability of the Bank of England has not been addressed fully
BoE rejects proposals to revamp court
Bank of England dismisses Treasury Select Committee’s recommendations to replace its court with a new supervisory board; proposes establishment of new Oversight Committee for financial stability
Bank consults on instruments of macroprudential policy
Bank of England releases discussion paper to gather feedback on possible tools for macroprudential policy management
Kohn talks of macro-prudential policy ‘infancy’
Donald Kohn tells US audience about the UK’s Financial Policy Committee; explains the “consistent and systematic” application of macro-prudential policies is still developing
BoE’s Jenkins attacks banking lobby tactics
Bank of England Financial Policy Committee member Robert Jenkins says lobbyists' attempts to scupper banking reforms are dishonest and potentially damaging
UK financial system faces severe sovereign risks: BoE survey
Bank of England Systemic Risk Survey shows risk managers believe probability of high-impact event in the UK financial system has increased sharply in 2011
Jenkins calls for shift in bank profitability calculation
Newest Interim FPC member, Robert Jenkins, says banks “confuse” return on equity with shareholder value; calls for “clear-headed” dialogue on the “true cost of capital”
Robert Jenkins appointed to interim Financial Policy Committee
Robert Jenkins approved by Treasury Committee to join interim FPC
Ex-UK chancellor calls for disbandment of Bank's Court
UK former chancellor of the exchequer Alistair Darling launches scathing attack on Bank of England's governance framework; says the Bank's Court should be broken up
FPC explains capital requirement switch
FPC explains worries about credit availability to business; says banks must know that capital and liquidity buffers are "useable" in a crisis situation
FSA’s Turner considers more active role for macroprudential policy
Financial Services Authority chairman Adair Turner says new macroprudential policy tools could play a more active role in ensuring socially optimal level of credit in economy
UK’s FPC changes tack on capital requirements
Loosely-worded document does not clarify FPC’s demands on banks; new regulatory body asks for more powers in new legislation
UK Lords debate Independent Commission on Banking plans
Lord Myners deeply critical of ICB's plans; complains chairman John Vickers failed to address important issues
Bank veterans identify challenges to macroprudential policy
Bank of England paper co-authored by Andrew Large and Alastair Clark highlights difficulties in developing macroprudential policy toolkit; identifies conflicts with monetary and regulatory policy
Kohn calls for improved transparency for all
Donald Kohn calls for more information from banks; notes “considerable” resources and effort put in by Bank of England to better understand the market
King defends governance of FPC
Bank of England governor Mervyn King says Financial Policy Committee should remain a committee of the Bank Court to preserve independence
Sovereign debt crisis dominates BoE’s first FPC briefing
European sovereign debt crisis leads discussions at Bank of England’s first interim Financial Policy Committee briefing; body issues five policy recommendations to Financial Services Authority
FPC member gets call to Bank’s governing body
External Financial Policy Committee member Michael Cohrs appointed to Court of the Bank of England
UK lawmakers highlight lack of market expertise on FPC
Treasury Committee labels Alistair Clark an “insider”; calls on Michael Cohrs to make more public pronouncements
Kohn apologises for financial crisis
Former Federal Reserve vice-chairman and external FPC member Don Kohn apologises for failures that led to financial crisis; says FPC will need to ensure new tools are not circumvented by markets
UK lawmakers launch inquiry into BoE’s accountability
Influential parliamentary committee calls for views on the impact of regulatory change on Bank of England; changes will see Bank’s ambit expanded