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Changes to the Bank of England

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  • Murphy, Emma

    ()
    (Bank of England)

  • Senior, Stephen

    ()
    (Bank of England)

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    Abstract

    The Bank of England is currently experiencing its most important institutional and functional changes in a generation. Failings in pre-crisis arrangements have prompted the Government to introduce wholesale changes to the UK regulatory landscape which come into force in April 2013. This regulatory reform has resulted in the Bank gaining significant new responsibilities, including for: microprudential regulation of insurers, deposit-takers and major investment firms, through the creation of the Prudential Regulation Authority; macroprudential regulation of the financial system as a whole, through the creation of the Financial Policy Committee; and supervision of some critical post-trade financial market infrastructure providers. This article summarises the main changes to the Bank arising from these reforms, including those already put in place in anticipation of the reforms, as well as the new governance arrangements that are being introduced, as part of the Bank’s accountability to Parliament and the public.

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    Bibliographic Info

    Article provided by Bank of England in its journal Bank of England Quarterly Bulletin.

    Volume (Year): 53 (2013)
    Issue (Month): 1 ()
    Pages: 20-28

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    Handle: RePEc:boe:qbullt:0094

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    Cited by:
    1. Arrowsmith, Martin & Griffiths, Martin & Franklin, Jeremy & Wohlmann, Evan & Young, Garry & Gregory, David, 2013. "SME forbearance and its implications for monetary and financial stability," Bank of England Quarterly Bulletin, Bank of England, Bank of England, vol. 53(4), pages 296-303.
    2. Manning, Stuart, 2014. "The Bank of England as a bank," Bank of England Quarterly Bulletin, Bank of England, Bank of England, vol. 54(2), pages 129-136.
    3. Footman, John, 2014. "The Court of the Bank of England," Bank of England Quarterly Bulletin, Bank of England, Bank of England, vol. 54(1), pages 28-36.
    4. Tucker, Paul & Hall, Simon & Pattani, Aashish, 2013. "Macroprudential policy at the Bank of England," Bank of England Quarterly Bulletin, Bank of England, Bank of England, vol. 53(3), pages 192-200.
    5. Rehlon, Amandeep & Nixon, Dan, 2013. "Central counterparties: what are they, why do they matter and how does the Bank supervise them?," Bank of England Quarterly Bulletin, Bank of England, Bank of England, vol. 53(2), pages 147-156.
    6. Debbage , Simon & Dickinson, Stephen, 2013. "The rationale for the prudential regulation and supervision of insurers," Bank of England Quarterly Bulletin, Bank of England, Bank of England, vol. 53(3), pages 216-222.
    7. Davey, Nick & Gray, Daniel, 2014. "How has the Liquidity Saving Mechanism reduced banks’ intraday liquidity costs in CHAPS?," Bank of England Quarterly Bulletin, Bank of England, Bank of England, vol. 54(2), pages 180-189.
    8. Farag, Marc & Harland , Damian & Nixon, Dan, 2013. "Bank capital and liquidity," Bank of England Quarterly Bulletin, Bank of England, Bank of England, vol. 53(3), pages 201-215.

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