The BBA published a written evidence to the Treasury Select Committee inquiry into the circumstances of the Northern Rock affair stating that financial stability and transparency should be guiding principles for the UK's growing financial services sector.
The BBA paper notes among others that the tripartite regulatory structure of HM Treasury, the Financial Services Authority and the Bank of England needs to agree a clearer allocation of roles and responsibilities. Also, the Bank of England should offer a standing facility at a lower rate during times of market stress, rather than sticking to its penalty rate of one per cent above base.
Press release
Memorandum by the BBA to the Treasury Select Committee's Inquiry into Financial Stability and Transparency
BBA Paper: The Credit Crunch, The Northern Rock: Some implications and changes required
© Graham Bishop
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