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To ask Her Majesty’s Government whether they would support the Bank of England initiating a public consultation on its current policy of destroying audio recordings of Monetary Policy Committee and Financial Policy Committee meetings.[HL6055]
To ask Her Majesty’s Government whether they would support the Bank of England initiating a public consultation on its current policy of destroying audio recordings of Monetary Policy Committee and Financial Policy Committee meetings.[HL6055]
The Bank of England is required to publish records of meetings of the Financial Policy Committee, and minutes of the Monetary Policy Committee under the Bank of England Act 1998. However, the Bank of England is responsible for determining what records they need to keep to satisfy these obligations, and for any decision to consult on its management procedures.
My Lords, this amendment stands in my name and in the names of the noble Lords, Lord Turnbull, Lord Lawson and Lord McFall. The issue of leverage ratios may at first sight be less emotionally gripping than some of the other things that we have been discussing over the past...
My Lords, this amendment stands in my name and in the names of the noble Lords, Lord Turnbull, Lord Lawson and Lord McFall. The issue of leverage ratios may at first sight be less emotionally gripping than some of the other things that we have been discussing over the past...
To ask Her Majesty’s Government what powers are available to the Financial Policy Committee of the Bank of England if it considers house prices are rising too fast, or mortgage lending needs to be restrained, either in the United Kingdom as a whole or any of its constituent nations or...
To ask Her Majesty’s Government what powers are available to the Financial Policy Committee of the Bank of England if it considers house prices are rising too fast, or mortgage lending needs to be restrained, either in the United Kingdom as a whole or any of its constituent nations or...
The Government has established the independent Financial Policy Committee to monitor the stability of the financial system as a whole with a view to ensuring that emerging risks and vulnerabilities are identified and effectively addressed. This includes monitoring developments in the housing market.
The Government has given the FPC two sets of powers to help it mitigate risks to financial stability. The first is a broad power to make Recommendations to regulators on a comply-or-explain basis, the second set of powers is to give Directions to regulators to adjust specific macro-prudential tools.
As the FPC noted in the record of its meeting of 18 September, the available tools to mitigate stability risks arising from developments in the housing market include, “...amongst others, supervisory guidance on underwriting standards, sectoral capital requirements and recommendations to the regulators on tightening of affordability tests”.
My Lords, the amendment concerns an issue of critical importance. As was said in the previous debate, the regulatory and supervisory system clearly failed badly. The regulators were not primarily responsible; the bankers were primarily responsible—but the regulatory and supervisory system performed badly, as did the auditors. We are all...
My Lords, the amendment concerns an issue of critical importance. As was said in the previous debate, the regulatory and supervisory system clearly failed badly. The regulators were not primarily responsible; the bankers were primarily responsible—but the regulatory and supervisory system performed badly, as did the auditors. We are all...
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...
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...
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.
To ask Her Majesty’s Government whether the Financial Policy Committee of the Bank of England has been or will be given the authority to set or recommend maximum loan-to-value and loan-to-income levels for bank lending secured on residential or commercial property.[HL2354]
To ask Her Majesty’s Government whether the Financial Policy Committee of the Bank of England has been or will be given the authority to set or recommend maximum loan-to-value and loan-to-income levels for bank lending secured on residential or commercial property.[HL2354]
The Government has established the independent Financial Policy Committee (FPC) to monitor the stability of the financial system as a whole with a view to ensuring that emerging risks and vulnerabilities are identified and effectively addressed. This includes monitoring developments in the housing market.
The Government has given the FPC two sets of powers to help it mitigate risks to financial stability. The first is a broad power to make Recommendations to regulators on a comply-or-explain basis, the second set of powers is to give Directions to regulators to adjust specific macro-prudential tools.
As the FPC noted in the record of its meeting of 18 September, the available tools to mitigate stability risks arising from developments in the housing market include, “...amongst others, supervisory guidance on underwriting standards, sectoral capital requirements and recommendations to the regulators on tightening of affordability tests”.
The FPC also has the power to make Recommendations to HM Treasury with regards to the tools it would like to have powers of Direction over. It has not requested a power of direction to set maximum loan-to-value or loan-to-income ratios.
My right honourable friend the Chancellor of the Exchequer (George Osborne) has today made the following Written Ministerial Statement.
The Government is committed to supporting people who aspire to become homeowners. Since the financial crisis, increased deposit requirements and falling equity values have left many hardworking households unable to get onto...
My right honourable friend the Chancellor of the Exchequer (George Osborne) has today made the following Written Ministerial Statement.
The Government is committed to supporting people who aspire to become homeowners. Since the financial crisis, increased deposit requirements and falling equity values have left many hardworking households unable to get onto...
To ask Her Majesty’s Government whether they have sought the views of the new Governor of the Bank of England or the Financial Policy Committee on the impact of their housing finance policies and proposals on house prices and financial stability. [HL2175]
To ask Her Majesty’s Government whether they have sought the views of the new Governor of the Bank of England or the Financial Policy Committee on the impact of their housing finance policies and proposals on house prices and financial stability. [HL2175]
The Government has a regular dialogue with the Bank of England on a range of issues relating to financial stability.
The Government has established the independent Financial Policy Committee (FPC) to monitor the stability of the financial system as a whole with a view to ensuring that emerging risks and vulnerabilities are identified and effectively addressed. Consistent with this mandate, the Government has stated that, should a Chancellor wish to extend the Help to Buy: mortgage guarantee scheme in the future, they will ask the FPC to make an assessment of the impact of the scheme on financial stability. The Government is working with the FPC to finalise the details of how this mechanism will work.
The new Governor of the Bank of England addressed the issue of the housing market specifically in a speech on the 28 August1. In that speech he noted that mortgage approvals and transactions are still well below pre-crisis levels and current house prices in line with those in 2003 relative to earnings.1 http://www.bankofengland.co.uk/publications/Pages/ speeches/2013/675.aspx
My right honourable friend the Financial Secretary to the Treasury has today made the following Written Ministerial Statement.
The June 2013 Financial Stability Report of the Financial Policy Committee (FPC) and the FPC’s response to the Chancellor’s Remit and Recommendations for the Financial Policy Committee have today been laid before Parliament....
My right honourable friend the Financial Secretary to the Treasury has today made the following Written Ministerial Statement.
The June 2013 Financial Stability Report of the Financial Policy Committee (FPC) and the FPC’s response to the Chancellor’s Remit and Recommendations for the Financial Policy Committee have today been laid before Parliament....
To ask Her Majesty’s Government whether there are any restrictions placed on the commercial employment in the financial sector of members of the Financial Policy Committee (FPC); and whether those members receive information via the FPC which is commercially sensitive.[HL809]
To ask Her Majesty’s Government whether there are any restrictions placed on the commercial employment in the financial sector of members of the Financial Policy Committee (FPC); and whether those members receive information via the FPC which is commercially sensitive.[HL809]
Before appointing a member of the Financial Policy Committee (FPC), the Chancellor considers whether a person has any interests, including from commercial employment, that could substantially restrict his/her ability to discharge the functions required of a member of the Committee. The commercially sensitive information seen by FPC members is also taken into consideration. The acceptability of particular appointments and interests is assessed on a case-by-case basis prior to appointment.