The Financial Crisis Reform Agenda - speech by Andrew Bailey

In a speech to the British Bankers Association's Annual Banking Conference, Andrew Bailey, Executive Director of Banking Services (and Head of the Special Resolution Unit), Chief Cashier of the Bank of England and designated Deputy CEO of the new Prudential Regulation Authority (PRA), talked about the recently announced changes in prudential supervision and the resolution of large banks when they get into trouble.
Published on 13 July 2010

Andrew Bailey began by reviewing the Bank's previous role in banking supervision. He explained: "My own view on this record is that the Bank was relatively good at the prudential competencies of capital adequacy and liquidity, but it was relatively weak at identifying and dealing with fraud and abuses of risk controls. The world is now a very different place to the 1990s, and it is very important to be clear that the new organisation of supervision will not be a return to the way it used to be done at the Bank – a slavish return to the past would be a mistake."

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