DOCSLIB.ORG

Where Do Failed Regulators (And Bureaucrats) Wash Ashore?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Where do failed regulators (and bureaucrats) wash ashore? David Kenmir • Regulatory practice partner for PriceWaterhouseCoopers (left 31/3/09) Carol Sargeant • Chief Risk Director Lloyds TSB February 2004 - 2010 (left Oct 2003) • Chair of Simple Products Steering Group • Chair of ABI Audit of Legacy Pension Schemes Clive Briault • Own Consultancy (left 30/4/08) • The Toronto Centre for Leadership in Financial Supervision – October 2008 • Chairman Newham New Deal Partnership – November 2008 • Financial Services Compliance (as principal consultant) - 2008 • Non-exec director of IFA IN Partnership – April 2009 • Senior Adviser (part time) KPMG - August 2010 Revealing quote "The answer to the financial crisis is more regulation. The answer is: get tough. It is about trusting the industry less, and taking a tough approach as regulators, being braver as regulators. One of the things that was part of the collective intellectual failure running up to August 2007 was regulation. Regulation needs to get tougher." John Tiner • CEO Resolution (left 19/7/07) Michael Foot • Chairman of Promontary Financial Group (left 31/3/04) Dan Waters • Managing Director of ICI Global – October 2011 (left Dec 2010) Thomas Huertas • Alternate Chair at European Banking Authority – Jan 2011 to Sep 2011 (left Sep 2011) • Partner Ernst & Young – September 2011 Vernon Everitt • Managing Director Marketing & Communications Transport For London - 2007 (from 1998 to left 2007) Margaret Cole • Senior Legal Adviser PriceWaterhouseCoopers – Autumn 2012 (reportedly £680k p.a.) Was on £340k Callum McCarthy • Non-executive board member HM Treasury – October 2008 (from 29/3/03) • Non-executive Chairman of Castle Trust (left 19/9/08) • Chairman of European operations J C Flowers – November 2009 Howard Davis • Director of London School of Economics (Left 21/9/03) • Chair of Commission into a third runway at Heathrow – September 2012 Jon Pain • Partner at KPMG (Risk Consulting division) – July 2011 (from July 2008) • Head of Conduct & Regulatory Affairs – RBS – August 2013 (left January 2011) Collette Bowe • Chair Ofcom Consumer Panel – 2003 (from January 1994) • Chair of Ofcom – March 2009. £200k p.a. up to 3 days per week (left December 1997) • Executive Chairman Robert Fleming European Asset Management • Deputy Chair Thames Water • Board Member Yorkshire Building Society • Board Member Framlington Group • Board Member Morgan Stanley Group International • Chairman Electra Private Equity • Chairman of Alcohol Concern • On Governing Committee of Queen Mary College London • Board Member London & Continental Railways • Board Member AXA Deutschland GmBH • Board Member UK Statistics Authority • Trustee of the Nuffield Foundation • Trustee of the Tablet Trust Richard Farrant Payoff - £370,000 • Director Daiwa Capital markets (left 31/1/99) • Member of Competition Commission David Severn • AIFA • Freelance pontificator • Governor of the Pensions Policy Institute • Non-executive director – The IFA Centre Philip Thorpe • President of the Futures Industry Institute – June 2001 Stuart Boyd • Awarded OBE Dame Deirdre Hutton • Non-executive Director of Castle Trust (from 1/4/04) • Chair of the Civil Aviation Authority – April 2009 £130k p.a. for two days per week • Non-executive Director of Thames Water • Director of HM Treasury • Chair of the National Consumer Council • Chair of the Food Standards Agency • Honorary Vice-President of the Trading Standards Institute • Vice-Chair of the European Food Safety Authority Management Board Sir James Crosby • Crosby is a non-executive director of television company ITV, and a trustee of charity Cancer Research UK. • In January 2009, it was reported that James Crosby will become the Chairman of Misys. Tom De Swaan • Non exec director GlaxoSmithKline - £177,000 2010 • Director Zurich Assurance • Member of Supervisory Board of Royal DSM (Holland) • Was Vice Chairman of Royal Ahold – May 2007 • Chairman of Supervisory Board of Van Lanschot NV – May 2008 • Member of Public Interest Committee of KPMG ELLP – October 2010 • Chairs Advisory Board of Rotterdam School of Management Carolyn Fairbairn • Director of Corporate Development & Strategy at ITV – March 2007 till April 2011 (left 2004) • McKinsey & Co – 2006 Sir Hugh Stevenson (2004- • Trustee, Sir Siegmund Warburg's Voluntary Settlement (Chairman) 2010) • Trustee, The Stevenson Family's Charitable Trust • Trustee, The Welton Foundation (Co-Chairman) • Member of the Investment Committee, University College, Oxford Karin Forsake • Non exec Director Eniro AB (2005 onward) • Non Exec Chairman Alliance Trust – January 2012 Kyra Hazou • Director of Societe Generale – 2011 (2001-2007) Moira Black • Independent Director for The Payments Council (left 30/11/04) • Non-executive director for Defence Equipment & Support. • Non-executive member of the Defence Audit Committee • Chairman of the DE&S Audit Committee and the North West London Hospitals NHS Trust. • Member of the General Optical Council • Was appointed CBE for services to consumers and to healthcare Prof David Miles • Council member of the Royal Economic Society, (retired 31/7/09) • Research fellow of the Centre for Economic Policy Research and at the CESIFO research institute in Munich. • Re-appointed by the Chancellor of the Exchequer for a second term on the MPC in February 2012. Sally Dewar • Managing Director J P Morgan Chase – June 2011 (left Jan 2011) Mark Norris • ? (1/7/2010) David Jackman • Non-exec Director Hornbuckle Mitchell - October 2010 (December 2003) • Managing Director The Ethical Space – January 2009 • Chairman of Sustainable Communities at British Standards - 2008 • Lead on Corporate Governance at Resources Global Professionals - 2006 • Tutor & Adviser at International Compliance Association (Singapore) - 1998 • Chairman at Jersey International Business School – 2010-2010 • Chairman of Sustainability Committee at British Standards – 2003-2010 • Visiting Professor at LondonMet – 2004-2008 David Strachan • Deloittes (left Nov 2010) Katharine Leaman • Was manager of the FSA professional standards policy team – an RDR architect (2000 - left Aug 2011) • Senior Manager Royal Bank of Scotland Amanda Bowe • Head of Strategy – Consumer Financial Education Body (now the MAS) • Group Compliance Director Aegon – April 2011 Hector Sants • Head of compliance and government and regulatory relations. January 2013 (left December 2012) In his new role Sants will join the Executive Committee of Barclays and report directly to the group chief executive Antony Jenkins. Suggested salary of £700k with additions amounting to a total of £3.1m p.a. Left due to ‘stress’ December 2013 Assisting Church of England Fiona Fry • Head of RDR for KPMG • Financial Services Consumer Panel Adair Lord Turner • George Soros US Thinktank (unpaid?) • Independent Director at Oaknorth Ltd David Dickinson • KPMG Head of People Strategy – April 2010 (FSA Project Manager) Christina Sinclair • Barclays Global Head of Compliance for Global Wealth and Investment Management – 1995-2013 October 2013 Julia Dunn • Head of Compliance Nationwide – September 2013 Head Banking/Mortgages 2000-2013 Sheila Nicol • Senior Adviser Ernst & Young working with EY clients on public policy and regulatory issues Director of Conduct Policy with a specific focus on the UK and Europe. Prior to joining the FSA, Nicoll was deputy chief left April 2013 executive of the Investment Management Association. Nicoll was also a board member of the European Funds and Asset Management Association and acted as chair of its regulatory policy committee. • Head of Public Policy Schroders June 2014 Lesley Titcomb • CEO Pensions Regulator 2/3/15 Ex Chief Operating Officer Sir Howard Davies • Chairman Phoenix Group 2012 FSA Chairman 1997-2003 • CEO RBS 2015 • Chairman Airports Commission • Non Exec of Morgan Stanley & Prudential Mark Hoban • ex Treasury Secretary 07-12 Clive Adamson • Non-exec Director at Prudential 2007 to 12/14 Zitah McMillan • Director DFC Global Corp Director Communications To 12/14 • • • Members Since January 2000 there have been 36 different members of the FSA board. Biographical information on the members is below. Robert Smith (December 1997 - December 2000): Before joining the FSA Smith worked at ICFC (now 3i), the Royal Bank of Scotland, Charterhouse Development Capital Ltd, Morgan Grenfell Private Equity, Morgan Grenfell Asset Management, MFI Furniture Group plc, Stakis plc, Tip Europe plc and Network Rail. He subsequently became Vice Chairman of Deutsche Asset Management, Chairman of The Weir Group plc and Scottish and Southern Energy and a non-Executive Director of 3i Group plc, Standard Bank Group Ltd, and Aegon UK plc.[19] Stephen Thieke (December 1997 - December 2000) (November 2002 - June 2005): Before his first appointment at the FSA, Thieke worked at JP Morgan & Co in New York as Chairman of its Risk Management Committee and Head of Corporate Risk Management. During his first term on the board he was chairman of [[RiskMetrics Group]. He was reappointed to the FSA board in 2002 and was also a member of the Board of Directors of PNC Financial Service Corp.[20][21] Keith Oates (February 1998 - February 2001): Before joining the FSA Oates was Executive Deputy Chairman of Marks and Spencer plc and Chairman of all the Marks and Spencer Financial Services Companies. He was also a Non Executive Director of British Telecommunications. He subsequently joined Coutts & Co as director of its new Monaco office and became a non-executive director of Diageo plc.[22] Phillip Thorpe (June
Recommended publications
  • Rachel Lomax: Inflation Targeting in Practice - Models, Forecasts and Hunches

    Rachel Lomax: Inflation Targeting in Practice - Models, Forecasts and Hunches

    Rachel Lomax: Inflation targeting in practice - models, forecasts and hunches Speech by Ms Rachel Lomax, Deputy Governor of the Bank of England, to the 59th International Atlantic Economic Conference, London, 12 March 2005. I am most grateful to Jens Larsen, James Bell, Fabrizio Zampolli and Robin Windle for research support; and to Charlie Bean, Peter Andrews, Spencer Dale, Phil Evans, Laura Piscitelli and other colleagues at the Bank of England for helpful comments. * * * Introduction Five and a half years ago in his Monnet lecture Charles Goodhart1 was able to talk with some confidence of the features that particularly distinguished the UK’s approach to inflation targeting. Today with over 20 countries, in every habitable continent, formally operating some variant of inflation targeting and many more adopting some parts of the framework, all actively sharing experience and best practice, I suspect that most aspects of our approach would find a counterpart somewhere else in the world. But Charles’s focus on the Monetary Policy Committee’s (MPC) personal engagement in producing a published inflation forecast still seems to me to capture the essence of the UK’s approach. Today I want to talk about the role that forecasting has come to play in helping the MPC to take and communicate its decisions. In what sense does the Committee really ‘own’ the published forecasts that go out under its name? How much use do we make of models, and what models do we use? How far do our forecasts appear to drive interest rate decisions? And is there any evidence that this has helped to make policy more or less predictable? Finally I want to end by commenting on some of the issues raised by forecasts as a means of communication.
  • University of Surrey Discussion Papers in Economics By

    University of Surrey Discussion Papers in Economics By

    råáp=== = = ======råáîÉêëáíó=çÑ=pìêêÉó Discussion Papers in Economics THE DISSENT VOTING BEHAVIOUR OF BANK OF ENGLAND MPC MEMBERS By Christopher Spencer (University of Surrey) DP 03/06 Department of Economics University of Surrey Guildford Surrey GU2 7XH, UK Telephone +44 (0)1483 689380 Facsimile +44 (0)1483 689548 Web www.econ.surrey.ac.uk ISSN: 1749-5075 The Dissent Voting Behaviour of Bank of England MPC Members∗ Christopher Spencer† Department of Economics, University of Surrey Abstract I examine the propensity of Bank of England Monetary Policy Committee (BoEMPC) members to cast dissenting votes. In particular, I compare the type and frequency of dissenting votes cast by so- called insiders (members of the committee chosen from within the ranks of bank staff)andoutsiders (committee members chosen from outside the ranks of bank staff). Significant differences in the dissent voting behaviour associated with these groups is evidenced. Outsiders are significantly more likely to dissent than insiders; however, whereas outsiders tend to dissent on the side of monetary ease, insiders do so on the side of monetary tightness. I also seek to rationalise why such differences might arise, and in particular, why BoEMPC members might be incentivised to dissent. Amongst other factors, the impact of career backgrounds on dissent voting is examined. Estimates from logit analysis suggest that the effect of career backgrounds is negligible. Keywords: Monetary Policy Committee, insiders, outsiders, dissent voting, career backgrounds, ap- pointment procedures. Contents 1 Introduction 2 2 Relationship to the Literature 2 3 Rationalising Dissent Amongst Insiders and Outsiders - Some Priors 3 3.1CareerIncentives........................................... 4 3.2CareerBackgrounds........................................
  • The Tempered Ordered Probit (TOP) Model with an Application to Monetary Policy William H.Greene Max Gillman Mark N.Harris Christopher Spencer WP 2013 – 10

    The Tempered Ordered Probit (TOP) Model with an Application to Monetary Policy William H.Greene Max Gillman Mark N.Harris Christopher Spencer WP 2013 – 10

    ISSN 1750-4171 ECONOMICS DISCUSSION PAPER SERIES The Tempered Ordered Probit (TOP) Model With An Application To Monetary Policy William H.Greene Max Gillman Mark N.Harris Christopher Spencer WP 2013 – 10 School of Business and Economics Loughborough University Loughborough LE11 3TU United Kingdom Tel: + 44 (0) 1509 222701 Fax: + 44 (0) 1509 223910 http://www.lboro.ac.uk/departments/sbe/economics/ The Tempered Ordered Probit (TOP) model with an application to monetary policy William H. Greeney Max Gillmanz Mark N. Harrisx Christopher Spencer{ September 2013 Abstract We propose a Tempered Ordered Probit (TOP) model. Our contribution lies not only in explicitly accounting for an excessive number of observations in a given choice category - as is the case in the standard literature on in‡ated models; rather, we introduce a new econometric model which nests the recently developed Middle In‡ated Ordered Probit (MIOP) models of Bagozzi and Mukherjee (2012) and Brooks, Harris, and Spencer (2012) as a special case, and further, can be used as a speci…cation test of the MIOP, where the implicit test is described as being one of symmetry versus asymmetry. In our application, which exploits a panel data-set containing the votes of Bank of England Monetary Policy Committee (MPC) members, we show that the TOP model a¤ords the econometrician considerable ‡exibility with respect to modelling the impact of di¤erent forms of uncertainty on interest rate decisions. Our …ndings, we argue, reveal MPC members’ asymmetric attitudes towards uncertainty and the changeability of interest rates. Keywords: Monetary policy committee, voting, discrete data, uncertainty, tempered equations.
  • Bank of England Annual Report 2003 Contents

    Bank of England Annual Report 2003 Contents

    Bank of England Annual Report 2003 Bank of England Annual Report 2003 Contents 3Governor’s Foreword 6 The Court of Directors 8Governance and Accountability 10 The Bank’s Core Purposes 12 Organisation Overview 14 The Executive and Senior Management 16 Review of Performance against Objectives and Strategy 30 Monetary Policy Committee Processes 34 Objectives and Strategy for 2003/04 35 Financial Framework for 2003/04 39 Personnel and Community Activities 43 Remuneration of Governors, Directors and MPC Members 47 Report from Members of Court 52 Risk Management 55 Report by the Non-Executive Directors 58 Report of the Independent Auditors The Bank’s Financial Statements 60 Banking Department Profit and Loss Account 61 Banking Department Balance Sheet 62 Banking Department Cash Flow Statement 63 Notes to the Banking Department Financial Statements 92 Issue Department Statements of Account 93 Notes to the Issue Department Statements of Account 95 Addresses and Telephone Numbers Eddie George, Governor 2 Bank of England Annual Report 2003 Governor’s Foreword This is the last occasion on which I will write the foreword to the Bank of England’s Annual Report, having had the immense privilege – and enormous pleasure – of serving the Bank as its Governor for the past ten years. At the time of my appointment in 1993, many of our preoccupations were very similar to those we have today – I see that in my first foreword I wrote about the importance of price stability as the primary objective for monetary policy. But what we did not fully appreciate as the Bank entered its fourth century was the extent and speed of the changes it was about to experience, which have proved to be among the most dramatic and interesting in its history.
  • Bank of England

    Bank of England

    Bank of England Annual Report 2001 Bank of England Annual Report 2001 Contents 3 Governor’s Foreword 6 The Court of Directors 8 Governance and Accountability 10 Organisation Overview 12 The Executive and Senior Management 14 The Bank’s Core Purposes 15 Review of Performance against Objectives and Strategy 28 Monetary Policy Committee Processes 33 Objectives and Strategy for 2001/02 34 Financial Framework for 2001/02 38 Personnel, Community Activities and Technical Assistance 43 Remuneration of Governors, Directors and MPC Members 47 Report from Members of Court 51 Risk Management 54 Report by the Non-Executive Directors 56 Report of the Independent Auditors 58 The Bank’s Financial Statements 58 Banking Department Profit and Loss Account 59 Banking Department Balance Sheet 60 Banking Department Cash Flow Statement 61 Notes to the Banking Department Financial Statements 85 Issue Department Statements of Account 86 Notes to the Issue Department Statements of Account 88 Addresses and Telephone Numbers Sir Edward George, Governor 2 Bank of England Annual Report 2001 Governor’s Foreword The past year has seen further steady progress for the UK economy as a whole. By the first 1 quarter of 2001, output was some 2 /2% higher than a year earlier, leaving the annual average rate of growth at around 3% since the recovery from recession began some nine years ago. Employment has continued to rise, to over 28 million on the latest LFS data – the highest number of people in work on record; and the rate of unemployment has continued to decline, to 3.3% on the claimant count – the lowest rate since August 1975.
  • The Organisation and Structure of Central Banks. Dissertation

    The Organisation and Structure of Central Banks. Dissertation

    The Organisation and Structure of Central Banks Dissertation Approved as fulfilling the requirements for the degree of Doctor rerum politicarum (Dr. rer. pol.) at the Department of Law and Economics of Technische Universität Darmstadt by Jan Weidner, M.Sc. (born in Darmstadt) First supervisor: Prof. Dr. Volker Nitsch Second supervisor: Prof. Dr. Michael Neugart Date of submission: April 20, 2017 Date of defense: July 13, 2017 Place of publication: Darmstadt Year of publication: 2017 D17 Acknowledgments At this point, I would like to take a moment to thank those who have supported and guided me over the course of writing this dissertation. First and foremost, I owe my doctoral advisor Prof. Dr. Volker Nitsch a huge debt of gratitude for a number of reasons. Firstly, for agreeing to supervise my thesis and, secondly, for offering me a position at his chair. Above all however, I must thank him for the expertise he has shared with me and the moral support he provided me throughout this process. His knowledge, opinions, and advice have always been of great assistance and value to me. I thank Prof. Dr. Michael Neugart greatly for being my second supervisor and for his guidance and advice on many issues. Additionally, my great experience of a Winter School in Shanghai is thanks to him and I will remember this always. Finally, it would be remiss of me not to thank him for the happy hours spent on the football pitch. I wish to express my gratitude to the chairman of my examination committee, Prof. Dr. Jens Krüger, and to the other members of the committee, Prof.
  • Report 2002.Qxd

    Report 2002.Qxd

    Bank of England Annual Report 2002 Bank of England Annual Report 2002 Contents 3Governor’s Foreword 6 The Court of Directors 8Governance and Accountability 10 The Bank’s Core Purposes 12 Organisation Overview 14 The Executive and Senior Management 16 Review of Performance against Objectives and Strategy 32 Monetary Policy Committee Processes 36 Objectives and Strategy for 2002/03 37 Financial Framework for 2002/03 41 Personnel and Community Activities 45 Remuneration of Governors, Directors and MPC Members 49 Report from Members of Court 53 Risk Management 56 Report by the Non-Executive Directors 58 Report of the Independent Auditors 60 The Bank’s Financial Statements 60 Banking Department Profit and Loss Account 61 Banking Department Balance Sheet 62 Banking Department Cash Flow Statement 63 Notes to the Banking Department Financial Statements 90 Issue Department Statements of Account 91 Notes to the Issue Department Statements of Account Addresses and Telephone Numbers Eddie George, Governor 2 Bank of England Annual Report 2002 Governor’s Foreword The UK economy has faced a difficult international environment over the past year. The internationally-exposed sectors were severely affected by the global economic slowdown, aggravated by the events of 11 September, and by the continuing weakness of the euro in foreign exchange markets. Although for much of the time we were able to fend off the worst effects on the economy as a whole by stimulating domestic demand, notably consumer spending, this necessarily meant living with a two-speed economy. Even so growth came to a halt in the fourth quarter of 2001 and the first quarter of 2002.
  • Inflation Report

    Inflation Report

    Inflation Report May 2000 The Inflation Report is produced quarterly by Bank staff under the guidance of the members of the Monetary Policy Committee. It serves two purposes. First, its preparation provides a comprehensive and forward-looking framework for discussion among MPC members as an aid to our decision making. Second, its publication allows us to share our thinking and explain the reasons for our decisions to those whom they affect. Although not every member will agree with every assumption on which our projections are based, the fan charts represent the MPC’s best collective judgment about the most likely path for inflation and output, and the uncertainties surrounding those central projections. This Report has been prepared and published by the Bank of England in accordance with section 18 of the Bank of England Act 1998. The Monetary Policy Committee: Eddie George, Governor Mervyn King, Deputy Governor responsible for monetary policy David Clementi, Deputy Governor responsible for financial stability Willem Buiter Charles Goodhart DeAnne Julius Ian Plenderleith John Vickers Sushil Wadhwani The Overview of this Inflation Report is available on the Bank’s web site: www.bankofengland.co.uk/inflationreport/infrep.htm The entire Report is available in PDF format on www.bankofengland.co.uk/inflationreport/index.htm Printed by Park Communications Ltd © Bank of England 2000 ISBN 1 85730 167 6 ISSN 1353–6737 Overview In the first quarter of 2000, output in the UK economy was 2.9% higher than a year earlier, and inflation on the RPIX measure was 2.0% in March. Final domestic demand, led by household consumption, grew strongly last year.
  • Inflation Report November 2000

    Inflation Report November 2000

    Inflation Report November 2000 The Inflation Report is produced quarterly by Bank staff under the guidance of the members of the Monetary Policy Committee. It serves two purposes. First, its preparation provides a comprehensive and forward-looking framework for discussion among MPC members as an aid to our decision making. Second, its publication allows us to share our thinking and explain the reasons for our decisions to those whom they affect. Although not every member will agree with every assumption on which our projections are based, the fan charts represent the MPC’s best collective judgment about the most likely paths for inflation and output, and the uncertainties surrounding those central projections. This Report has been prepared and published by the Bank of England in accordance with section 18 of the Bank of England Act 1998. The Monetary Policy Committee: Eddie George, Governor Mervyn King, Deputy Governor responsible for monetary policy David Clementi, Deputy Governor responsible for financial stability Christopher Allsopp Charles Bean DeAnne Julius Stephen Nickell Ian Plenderleith Sushil Wadhwani The Overview of this Inflation Report is available on the Bank’s web site: www.bankofengland.co.uk/inflationreport/infrep.htm The entire Report is available in PDF format on www.bankofengland.co.uk/inflationreport/index.htm Printed by Park Communications Ltd © Bank of England 2000 ISBN 1 85730 192 7 ISSN 1353–6737 Overview The United Kingdom has continued to experience above-trend growth and low inflation. Output in the third quarter is provisionally estimated to have been 2.9% higher than a year ago, while RPIX inflation was 2.2% in the year to September, marginally below the 1 2 /2% target.
  • MPC Minutes 2.Qxd

    MPC Minutes 2.Qxd

    Publication date: 17 October 2001 MINUTES OF THE SPECIAL MONETARY POLICY COMMITTEE MEETING 18 September 2001 These are the Minutes of the special Monetary Policy Committee meeting held on 18 September 2001. They are also available on the Internet: (http://www.bankofengland.co.uk/mpc/mpc0110a.pdf). The Bank of England Act 1998 gives the Bank of England operational responsibility for setting interest rates to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. This meeting was convened by the Governor under the provisions of paragraph 10(2) of Schedule 3 to the Bank of England Act 1998. MINUTES OF THE SPECIAL MONETARY POLICY COMMITTEE MEETING HELD ON 18 SEPTEMBER 2001 1 The Governor convened a special meeting of the Monetary Policy Committee to review the stance of policy following the terrorist attacks in the United States, the decision by the Federal Reserve to reduce interest rates on 17 September, and the responses of other central banks to that move. 2 Following the terrorist attacks, the immediate priority for central banks and market participants was to ensure that financial markets continued to operate in an orderly manner. Central banks were providing additional liquidity on a temporary basis to ensure that there was no disruption to payment and settlement systems. 3 The more relevant consideration for the MPC related to the potential impact of the attacks on business and consumer confidence and hence on the global economy, in the light of market movements up to and including Monday 17 September and the reductions in interest rates by other central banks.

  • Inflation Report

    Inflation Report February 1999 The Inflation Report is produced quarterly by Bank staff under the guidance of the members of the Monetary Policy Committee. It serves two purposes. First, its preparation provides a comprehensive and forward-looking framework for discussion among MPC members as an aid to our decision making. Second, its publication allows us to share our thinking and explain the reasons for our decisions to those whom they affect. Although not every member will agree with every assumption on which our projections are based, the fan charts represent the MPC’s best collective judgment about the most likely path for inflation and output, and the uncertainties surrounding those central projections. The Report has been prepared and published by the Bank of England in accordance with section 18 of the Bank of England Act 1998. The Monetary Policy Committee: Eddie George, Governor Mervyn King, Deputy Governor responsible for monetary policy David Clementi, Deputy Governor responsible for financial stability Alan Budd Willem Buiter Charles Goodhart DeAnne Julius Ian Plenderleith John Vickers The Overview of this Inflation Report is available on the Bank’s web site: www.bankofengland.co.uk/infrep.htm. The entire Report is available in PDF format on www.bankofengland.co.uk/ir.htm. Printed by Park Communications Ltd © Bank of England 1999 ISBN 1 85730 191 9 ISSN 1353–6737 Overview 1 Inflation on the RPIX measure was close to the 2 /2% target level for most of last year. Since the summer, however, economic developments both internationally and in the UK have substantially shifted the balance of risks to future inflation.
  • Governance and Regulation of the BBC As Part of Charter Renewal

    Governance and Regulation of the BBC As Part of Charter Renewal

    A Review of the Governance and Regulation of the BBC Sir David Clementi March 2016 1 2 A Review of the Governance and Regulation of the BBC Presented to Parliament by the Secretary of State for Culture, Media and Sport by Command of Her Majesty March 2016 Cm 9209 1 © Crown copyright 2016 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected] Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] Print ISBN 9781474128131 Web ISBN 9781474128148 ID 10021601 03/16 Printed on paper containing 75% recycled fibre content minimum Printed in the UK by the Williams Lea Group on behalf of the Controller of Her Majesty’s Stationery Office 2 CONTENTS Foreword 4 Summary of Main Recommendations 7 Chapter 1: Models of Governance and Regulation 12 Chapter 2: Mechanisms of Governance and Regulation 43 Chapter 3: Engagement with the Public 61 Chapter 4: Editorial Standards and Complaint Systems 71 Appendix 1. Terms of Reference 85 Appendix 2. List of Parties Consulted 86 Appendix 3. Table of Recommendations 89 Appendix 4. Oversight of BBC Output 93 3 FOREWORD To the Secretary of State for Culture, Media and Sport 1.