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."
Published on
13 July 2010
Press release