BoE’s Benjamin on market resilience, non-bank liquidity and the modern financial system
The UK central bank’s executive director for financial stability strategy and risk speaks about leverage in the gilt repo market, minimum haircuts and central clearing, and securing liquidity to where it’s needed
It appears the Bank of England has significantly changed its thinking on how to provide liquidity to the financial system during the past five years. Can you summarise this change in philosophy?
I wouldn’t characterise it necessarily as a change in philosophy, but more about us being in step with a changing world, which is something we’ve always sought to do. The outlook reflects a shift in who provides vital services to the real economy, their different roles and responsibilities within the
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