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Written question asked by Lord Myners (Labour) on Tuesday, 8 October 2013, in the House of Lords. It was due for an answer on Tuesday, 22 October 2013. It was answered by Lord Deighton (Conservative) on Tuesday, 22 October 2013.

Financial Policy Committee

Question

To ask Her Majesty’s Government whether they will consider giving the Financial Policy Committee (FPC) of the Bank of England guidance on excluding from the published minutes of meetings certain matters discussed by the FPC; and what assessment they have made of any effect on markets of editing the minutes of the November 2012 meeting to exclude a record of discussion of bank capital. [HL2356]

Answer

The independent Financial Policy Committee (FPC) objectives are to exercise its functions with a view to contributing to the achievement by the Bank of its Financial Stability Objective and, subject to that, support the economic policy of Her Majesty's Government, including its objectives for growth and employment.

As set out in the Bank of England Act 1998, the Bank must publish a Record of each meeting of the FPC before the end of the period of 6 weeks beginning with the day of the meeting. The Act also notes that FPC can decide to defer publication of certain information which it judges to be contrary to the public interest, the FPC are responsible for determining what is withheld from publication. It is for the FPC to keep under review whether information withheld on public interest grounds should remain withheld from publication.

Secondary information

Type
Written question
Reference
HL2356; 748 cc155-6WA
Session
2013-14
Subjects
Disclosure of information Meetings Financial Policy Committee
Link
View this Written question on www.parliament.uk