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Reforming Financial Markets

My Lords, I agree with much that has been said by my noble friend. I repeat that I have seen nothing to suggest that the Bank of England believes that it is the right body to carry out microsupervision of building societies, banks and systemically important institutions. What the governor has been very clear about is that, to deliver the Bank’s responsibilities for systemic financial stability, he needs access to information and the ability to influence outcomes. The council for financial stability and the proposals that we are making for improving the capture and delivery of information to the supervisory and regulatory bodies will address those concerns.