Written question asked by Lord Myners (Labour), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Monday, 12 July 2010.

Bank of England

Question: To ask Her Majesty’s Government whether (a) the Financial Stability Board, and (b) the Financial Stability Committee, are committees of the Bank of England; whether both committees are chaired by the Governor of the Bank of England; and whether the Governor also sits on the Financial Stability Board established by the G20.

Answer: The Bank of England has a Financial Stability Executive Board. This is a working level committee, chaired by the Deputy Governor for Financial Stability (Paul Tucker). The Governor may attend meetings. The Financial Stability Committee was established by the Banking Act 2009 as a committee of the Court of the Bank and, by statute, is chaired by the Governor. The Governor is not a member of the Financial Stability Board established by the G20; the Deputy Governor for Financial Stability attends this committee.

Secondary information

Type: Written question
Reference: 913; 720 c88WA
Session: 2010-12
Subjects: Bank of England Financial Stability Committee Financial Stability Board
Link: View this Written question on www.publications.parliament.uk