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Mark Carney to live broadcast statement to soothe market anxieties Mark Carney to live broadcast statement to soothe market anxieties
(2 months later)
Bank of England governor Mark Carney is to live broadcast a statement on Thursday to soothe any anxieties about the health of the financial markets in the wake of the vote for Brexit.Bank of England governor Mark Carney is to live broadcast a statement on Thursday to soothe any anxieties about the health of the financial markets in the wake of the vote for Brexit.
Slotted into the governor’s diary at the last moment, the speech is part of efforts by Threadneedle Street to reassure the public and investors following the historic vote on 23 June for the UK to leave the EU.Slotted into the governor’s diary at the last moment, the speech is part of efforts by Threadneedle Street to reassure the public and investors following the historic vote on 23 June for the UK to leave the EU.
Related: FTSE 100 now higher than before EU vote
It follows his address from the Bank on Friday, just as the markets were opening for the first time since the result of the referendum was announced, in which Carney said the Bank would take any measures needed to secure economic and financial stability.It follows his address from the Bank on Friday, just as the markets were opening for the first time since the result of the referendum was announced, in which Carney said the Bank would take any measures needed to secure economic and financial stability.
Five days ago, with the markets wrong-footed about Brexit vote, Carney had stressed banks were stronger than before the 2008 financial crisis. But he also spelt out that Threadneedle Street could inject an additional £250bn into the system to ensure that financial institutions did not run short of cash during the uncertain period ahead.Five days ago, with the markets wrong-footed about Brexit vote, Carney had stressed banks were stronger than before the 2008 financial crisis. But he also spelt out that Threadneedle Street could inject an additional £250bn into the system to ensure that financial institutions did not run short of cash during the uncertain period ahead.
The Bank said that Carney would be making a speech on Thursday at 4pm on its website but provided no further details about what it would entail. Details of the address were revealed after he had met the heads of the UK’s biggest banks on Wednesday to discuss the impact of Brexit on their business and on the financial markets.The Bank said that Carney would be making a speech on Thursday at 4pm on its website but provided no further details about what it would entail. Details of the address were revealed after he had met the heads of the UK’s biggest banks on Wednesday to discuss the impact of Brexit on their business and on the financial markets.
The meeting was part of the contingency plan drawn up by the Bank ahead of the vote which built upon the lessons of the 2008 crisis.The meeting was part of the contingency plan drawn up by the Bank ahead of the vote which built upon the lessons of the 2008 crisis.
The governor was in attendance for part of the meeting, which is thought to have been attended by Ross McEwan, chief executive of Royal Bank of Scotland, and António Horta Osório, his counterpart at Lloyds Banking Group, among others.The governor was in attendance for part of the meeting, which is thought to have been attended by Ross McEwan, chief executive of Royal Bank of Scotland, and António Horta Osório, his counterpart at Lloyds Banking Group, among others.
Other senior Bank officials were present, including Andrew Bailey – who has one more day in his job as deputy governor at the Bank before taking up his new role as chief executive of the Financial Conduct Authority. Sam Woods, who is succeeding Bailey as a deputy governor and head of the Prudential Regulation Authority, was also present at the meeting.Other senior Bank officials were present, including Andrew Bailey – who has one more day in his job as deputy governor at the Bank before taking up his new role as chief executive of the Financial Conduct Authority. Sam Woods, who is succeeding Bailey as a deputy governor and head of the Prudential Regulation Authority, was also present at the meeting.
It is likely that the bank bosses – who also included those from Barclays, HSBC and Standard Chartered – will be called to the Bank of England regularly as policymakers try to maintain close lines of communication in the months ahead when political uncertainty will also feed into the markets.It is likely that the bank bosses – who also included those from Barclays, HSBC and Standard Chartered – will be called to the Bank of England regularly as policymakers try to maintain close lines of communication in the months ahead when political uncertainty will also feed into the markets.
Among the topics thought to have been discussed is the need for banks to keep lending. No one present was prepared to comment on the meeting.Among the topics thought to have been discussed is the need for banks to keep lending. No one present was prepared to comment on the meeting.
The shares in the major lenders have been under pressure since the referendum result five days ago and prompted the bosses of Lloyds and RBS to issue memos to staff to try to reassure them about the impact of the Brexit vote. As an example, Lloyds shares were trading at 70p before the referendum result and have fallen to 55p.The shares in the major lenders have been under pressure since the referendum result five days ago and prompted the bosses of Lloyds and RBS to issue memos to staff to try to reassure them about the impact of the Brexit vote. As an example, Lloyds shares were trading at 70p before the referendum result and have fallen to 55p.
Carney had been expected to be in Portugal on Wednesday for an annual meeting hosted by the European Central Bank to discuss policy issues but changed his plans to remain in London. He chaired a scheduled meeting of the financial policy committee, set up in the wake of the 2008 crisis to look for threats to financial stability, on Tuesday. The outcome of that meeting will be known next week.Carney had been expected to be in Portugal on Wednesday for an annual meeting hosted by the European Central Bank to discuss policy issues but changed his plans to remain in London. He chaired a scheduled meeting of the financial policy committee, set up in the wake of the 2008 crisis to look for threats to financial stability, on Tuesday. The outcome of that meeting will be known next week.