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Changes to the Bank of England

Author

Listed:
  • Murphy, Emma

    () (Bank of England)

  • Senior, Stephen

    () (Bank of England)

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.

Suggested Citation

  • Murphy, Emma & Senior, Stephen, 2013. "Changes to the Bank of England," Bank of England Quarterly Bulletin, Bank of England, vol. 53(1), pages 20-28.
  • Handle: RePEc:boe:qbullt:0094
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    File URL: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2013/changes-to-the-boe.pdf?la=en&hash=14AD9B3A7E860A2180F0F064DE54795B06A24856
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    Cited by:

    1. Debbage , Simon & Dickinson, Stephen, 2013. "The rationale for the prudential regulation and supervision of insurers," Bank of England Quarterly Bulletin, Bank of England, vol. 53(3), pages 216-222.
    2. 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, vol. 53(2), pages 147-156.
    3. England, David & Hebden, Andrew & Henderson, Tom & Pattie, Tom, 2015. "The Agencies and 'One Bank'," Bank of England Quarterly Bulletin, Bank of England, vol. 55(1), pages 47-55.
    4. Cadamagnani, Fabrizio & Harimohan, Rashmi & Tangri, Kumar, 2015. "A bank within a bank: how a commercial bank’s treasury function affects the interest rates set for loans and deposits," Bank of England Quarterly Bulletin, Bank of England, vol. 55(2), pages 153-164.
    5. Manning, Stuart, 2014. "The Bank of England as a bank," Bank of England Quarterly Bulletin, Bank of England, vol. 54(2), pages 129-136.
    6. Elliott, David, 2013. "Financial Stability Paper No 20: Central counterparty loss-allocation rules," Bank of England Financial Stability Papers 20, Bank of England.
    7. Ali, Robleh & Barrdear, John & Clews, Roger & Southgate, James, 2014. "The economics of digital currencies," Bank of England Quarterly Bulletin, Bank of England, vol. 54(3), pages 276-286.
    8. 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, vol. 54(2), pages 180-189.
    9. Tucker, Paul & Hall, Simon & Pattani, Aashish, 2013. "Macroprudential policy at the Bank of England," Bank of England Quarterly Bulletin, Bank of England, vol. 53(3), pages 192-200.
    10. Hills, Robert & Hooley, John & Korniyenko, Yevgeniya & Wieladek, Tomasz, 2015. "International banking and liquidity risk transmission: lessons from the United Kingdom," Bank of England working papers 562, Bank of England.
    11. Harimohan, Rashmi & Nelson, Benjamin, 2014. "How might macroprudential capital policy affect credit conditions?," Bank of England Quarterly Bulletin, Bank of England, vol. 54(3), pages 287-303.
    12. Farag, Marc & Harland , Damian & Nixon, Dan, 2013. "Bank capital and liquidity," Bank of England Quarterly Bulletin, Bank of England, vol. 53(3), pages 201-215.
    13. 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, vol. 53(4), pages 296-303.
    14. Footman, John, 2014. "The Court of the Bank of England," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 28-36.

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