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Annual Report 2010 Cover:3680 Boe Annual Report 2010 Cover 25/5/10 15:47 Page 1 3680 BoE Annual Report 2010 Cover:3680 BoE Annual Report 2010 Cover 25/5/10 15:47 Page 1 BANK OF ENGLAND Annual Report 2010 Annual Report 2010 © Bank of England 2010 ISSN 1467-016x Printed by Park Communications Limited Job No.: Proof Event: Park Communications Ltd 3680 31 Alpine Way London E6 6LA Customer: Project Title: T: F: BOE Annual Report 020 7055 6500 020 7055 6600 3680 BoE Annual Report 2010 Cover:3680 BoE Annual Report 2010 Cover 25/5/10 15:47 Page 2 Contacts Head Office Threadneedle Street London EC2R 8AH 020 7601 4444* The Bank’s Core Purposes are determined by Court as part Regional Agencies of its role in setting the Bank’s objectives and strategy. The South East Wales North East and East Anglia 4 Village Way Dobson Building The statement opposite was endorsed by Court in May 2010. Threadneedle Street Greenmeadow Springs Prestwick Park London EC2R 8AH Tongwynlais Newcastle Upon Tyne 020 7601 3954 Cardiff CF15 7NE NE20 9SJ 029 2061 4678 01661 871432 Greater London Threadneedle Street West Midlands and Oxfordshire North West London EC2R 8AH Cornwall Court Suite 401 020 7601 5504 19 Cornwall Street Thomson House Birmingham B3 2DT Faraday Street Central Southern England 0121 200 2599 Birchwood Park First Floor Warrington WA3 6GA Unit 4, Fulcrum 2 East Midlands 01925 813703 Solent Way 6 Experian Way Solent Business Park ng2 Business Park Scotland Whiteley Nottingham NG2 1EP 177 West George Street Fareham PO15 7FN 0115 985 0174 Glasgow G2 2LB 01489 570603 0141 221 7972 Yorkshire and the Humber South West Regent House 11–15 Dix’s Field 5 Queen Street Exeter EX1 1QA Leeds LS1 2TW 01392 438302 0113 242 0355 Contents The Bank’s Financial Statements 2 Foreword by the Chairman of Court 44 Report of the Independent Auditor Northern Ireland 3 Foreword by the Governor 46 Banking Department Income Statement Harvester House 4 Governance and accountability 47 Banking Department Statement of 4–8 Adelaide Street 6 The Court of Directors Comprehensive Income Belfast BT2 8GD 8 The Executive Team 48 Banking Department Balance Sheet 10 Organisation overview 49 Banking Department Statement of Changes 028 9024 1692 12 Review of 2009/10 in Equity 23 The Bank’s priorities in 2010/11 50 Banking Department Statement of 28 Financial review Cash Flows 34 Risk management and business practices 51 Notes to the Banking Department Financial 38 Remuneration of Governors, Directors and Statements MPC members 91 Issue Department Statements of Account 41 Report by the Non-executive Directors 92 Notes to the Issue Department Statements of Account Contacts * General enquiries relating to the Bank may be made on 020 7601 4878 or by email to [email protected]. Information about the Bank and its publications and additional telephone numbers and email addresses are available on the Bank’s website at www.bankofengland.co.uk. Enquiries relating to the Bank of England Quarterly Bulletin and Inflation Report may be made on 020 7601 4030 and Financial Stability Report on 020 7601 3009. Job No.: Proof Event: Park Communications Ltd 3680 31 Alpine Way London E6 6LA Customer: Project Title: T: F: BOE Annual Report 020 7055 6500 020 7055 6600 3680 BoE Annual Report 2010 pp01-43:3680 BoE Annual Report 2010 pp01-43 25/5/10 15:39 Page 1 Bank of England Annual Report 2010 1 The Bank’s core purposes The Bank of England exists to ensure monetary stability and to contribute to financial stability. Core Purpose 1 Monetary Stability Monetary stability means stable prices and confidence in the currency. Stable prices are defined by the Government’s inflation target, which the Bank seeks to meet through the decisions delegated to the Monetary Policy Committee, explaining those decisions transparently and implementing them effectively in the money markets. Core Purpose 2 Financial Stability Financial stability entails detecting and reducing threats to the financial system as a whole. Such threats are detected through the Bank’s surveillance and market intelligence functions. They are reduced by strengthening infrastructure, and by financial and other operations, at home and abroad, including, in exceptional circumstances, by acting as the lender of last resort. In pursuit of both purposes the Bank is open in communicating its views and analysis and works closely with others, including: • Other central banks and international organisations to improve the international monetary and financial system. • HM Treasury and the Financial Services Authority, under the terms of the Memorandum of Understanding, to pursue financial stability. The Bank will also play its part in promoting an open and internationally competitive financial centre in the United Kingdom, using its expertise to help make the United Kingdom financial system more efficient, where such efforts would be in the public interest and provided that they do not conflict with its primary responsibilities or those of other agencies. Job No. Proof Event Park Communications Ltd 3680 31 Alpine Way London E6 6LA Customer Project Title T F BOE Annual Report 020 7055 6500 020 7055 6600 3680 BoE Annual Report 2010 pp01-43:3680 BoE Annual Report 2010 pp01-43 25/5/10 15:39 Page 2 2 Bank of England Annual Report 2010 Foreword by the Chairman of Court The review continues with the aim of ensuring the Bank’s processes are robust and reflect best practice. An early decision was to change the name and terms of reference of the Audit Committee to the Audit and Risk Committee to reflect both externally and internally the Committee’s responsibilities for risk governance. On completion of the review a report will be made to Court. Two other aspects of governance are worthy of comment both of which produced a satisfactory outcome. The first was a series of interviews carried out by myself with the Sir David Lees Chairman external and internal members of the Monetary Policy Committee (MPC). This together with the completion of a questionnaire by all members of the MPC provided useful Over the past year the governance of the Bank has inputs for the Non-executive Directors Committee (NedCo) undergone a radical change. Following the provisions of the whose responsibility it is to ensure that the MPC’s processes 2009 Banking Act, the Court of Directors was last June and the resources available to it are appropriate for its reduced in size from 19 members to twelve, and the needs. The second was a formal review by NedCo of the non-executive members from 16 to nine. Four Governor’s proposed objectives for 2010/11 which were non-executive members of the old Court continued and five agreed. were newly appointed — including myself, to assume the As well as providing financial support, the Bank has made a new role of Chairman. substantial contribution to the policy debate over the past One of our early tasks was to form the new Financial two years; developing approaches to operating monetary Stability Committee, whose task is to oversee and advise on policy in a period of very low interest rates; and putting the Bank’s financial stability work. The Committee forward a clear line on the future structure and regulation of formulated for Court’s approval a strategy (which is banking in this country. I and my non-executive colleagues reproduced in this Report), and a framework for monitoring on the Court have been impressed by the quality and rigour implementation. A first review of implementation of this of the Bank’s analysis and presentation of issues over the strategy has been undertaken by the Financial Stability year. It is essential that we maintain the culture that fosters Committee and by Court and it remains the responsibility of this, and build and develop the talent pool that will produce Court to ensure that the current strategy remains fit for our future central bankers. purpose. The Committee advised on aspects of the Dunfermline resolution and endorsed the policy messages The new Court formed under the 2009 Banking Act has in the Bank’s Financial Stability Report ahead of publication. been in place for less than a year. Its reduced size has facilitated constructive discussion on many issues and I am In addition to the Financial Stability Committee, the exercise grateful to all my colleagues, both executive and of good governance in the Bank is reinforced by the non-executive, for their committed and enthusiastic Remuneration Committee and the Audit and Risk Committee. support in what has been another testing year for the Bank. Both are working well. A review of the effectiveness of Court was undertaken by myself during the year based on a series of I write this foreword at a time for the country when firm and interviews with individual members. A report was made to stable Government is necessary for the re-establishment of a Court on the overall results of this review and some strong economic and financial base. The Bank’s contribution constructive suggestions are being effected. to this will be the continued pursuit of its monetary and financial stability core purposes. Whereas risk management in the commercial banking sector is more closely related to risk appetite, the focus in the central bank is more on risk tolerance and avoidance. Given the influx of new non-executive members of Court the Audit Committee, with the support of Court, set up a special working group to review risk governance in the Bank. May 2010 Job No. Proof Event Park Communications Ltd 3680 31 Alpine Way London E6 6LA Customer Project Title T F BOE Annual Report 020 7055 6500 020 7055 6600 3680 BoE Annual Report 2010 pp01-43:3680 BoE Annual Report 2010 pp01-43 25/5/10 15:39 Page 3 Bank of England Annual Report 2010 3 Foreword by the Governor Other changes are also needed.
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