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Private Finance Initiative
The Treasury Committee concludes that Private Finance Initiative (PFI) funding for new infrastructure, such as schools and hospitals, does not provide taxpayers with good value for money and stricter criteria should be introduced to govern its use. Higher borrowing costs since the credit crisis mean that PFI is now an extremely inefficient method of financing projects. Poor investment decisions may continue to be encouraged across the public sector, however, because PFI allows Government departments and public bodies to make big capital investments without committing large sums up front. There is no convincing evidence that savings and efficiencies during the lifetime of PFI projects offset ...
United Kingdom
This paper reviews the institutional framework for the conduct of macroprudential policy in the United Kingdom and the steps taken by the authorities to make the macroprudential framework operational. An effective macroprudential framework is crucial for the U.K. financial system to remain a global public good, given its size and systemic nature. The paper reviews how the institutional setup promotes the willingness to act, ability to act, effective cooperation, and accountability. A strong institutional framework is essential to ensure that macroprudential policy can work effectively. This review is also focused on the authorities’ processes for monitoring systemic risk (including beyond the core financial system), data gaps, and the U.K. macroprudential toolkit.
Accountability of the Bank of England
Response to HC 874, session 2010-12 (ISBN 9780215038531)
A new approach to financial regulation
This document presents more detailed proposals for financial regulation following on from the consultation paper "A new approach to financial regulation: judgment, focus and stability" (July 2010, Cm. 7874, ISBN 9780101787420) and continuing policy development by the Treasury, Bank of England and Financial Services Authority. The Government's reforms focus on three key institutional changes. First, a new Financial Policy Committee (FPC) will be established in the Bank of England, with responsibility for 'macro-prudential' regulation, or regulation of stability and resilience of the financial system as a whole. Second, 'micro-prudential' (firm-specific) regulation of financial institutions th...
The future of cheques
The Treasury Committee's further report on the future of cheques, which includes the Government and Payments Council responses to the earlier report (18th report, session 2010-12, HC 1147, ISBN 9780215561190), focuses on the Payments Council's decision to re-examine the abolition of the cheque guarantee card as well as the Government's commitment to bring the Payments Council within the scope of financial regulation. The report concludes that the Payments Council must provide further details of the research it is undertaking on the guarantee card as well as the decision-making process it will undertake once the research is complete. There is a case for reintroducing either the cheque guarant...
Proprietary Trading
There is no commonly-accepted definition of proprietary trading. Most activity undertaken by banks results in some form of proprietary position. In principle, the type of trading which causes the greatest concern is where the bank is using its own funds, raised from shareholders, depositors and creditors, to speculate on markets, without any connection to customer activity. This has been the main focus of the Committee's consideration in this report. Some banks, particularly US investment banks, historically had units dedicated to such activity. However, an examination of proprietary trading which only considered such units would be inadequate, because speculative activity can also take plac...
Plunkett's Banking, Mortgages and Credit Industry Almanac 2008
A market research guide to the banking, mortgages & credit industry. It is a tool for strategic planning, competitive intelligence, employment searches or financial research. It contains trends, statistical tables, and an industry glossary. It also includes profiles of banking, mortgages & credit industry firms, companies and organizations.
House of Commons - Treasury Committee: Appointment of Sir Jon Cunliffe as Deputy Governmor of the Bank of England - HC 689-I
Volume 2: Oral evidence. Written evidence can be found on the Committee's website at www.parliament.uk/treascom
