| Admin History | This comes under the heading of the Committee of London Clearing Bankers (CLCB) only because the Chairmanship of the Foreign Exchange Committee (FEC) was held, ex officio, by the Chairman of the CLCB, with which Committee they shared their Secretary. The Deputy Chairman of the FEC, whose office was very much in the gift of the Chairman also acted as Chairman of the Foreign Exchange Sub-Committee which was effectively the executive organ of the full Committee. The FE Sub-Committee consisted in the first place of representatives of the Big Five Banks, but subsequently representatives from the Accepting Houses and the other Clearers were added. The function of the Sub-Committee was never defined but, in practice, it discussed in an informal manner questions and problems arising out of Exchange Control. For part of their meetings a representative of the Bank of England attended (a) to discuss any questions upon which the Sub-Committee required guidance and (b) to seek the views of the Sub-Committee on matters which the Control were considering from a practical (as distinct from a policy) viewpoint. |