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| Bank of England committee to reveal size of banks' funding gap | Bank of England committee to reveal size of banks' funding gap |
| (2 days later) | |
| A key policy making committee at the Bank of England will on Wednesday reveal whether the capital shortfall at the major high street banks is as large as the £60bn it estimated last year. | A key policy making committee at the Bank of England will on Wednesday reveal whether the capital shortfall at the major high street banks is as large as the £60bn it estimated last year. |
| The financial policy committee, set up to avoid a rerun of the banking crisis, warned at its last meeting in November that banks might need to fill a gap in their capital cushions created by inadequate provisions for bad loans and mis-selling scandals. | The financial policy committee, set up to avoid a rerun of the banking crisis, warned at its last meeting in November that banks might need to fill a gap in their capital cushions created by inadequate provisions for bad loans and mis-selling scandals. |
| The outcome of its three-month review comes after the chancellor announced four external members for the FPC to sit alongside Bank of England executives. Dame Clara Furse, the former boss of the London Stock Exchange, is the first woman named to sit on the FPC. One-time Barclays boss Martin Taylor, who sat on the Vickers commission on banking, is also appointed alongside ex-Goldman banker Richard Sharp. | The outcome of its three-month review comes after the chancellor announced four external members for the FPC to sit alongside Bank of England executives. Dame Clara Furse, the former boss of the London Stock Exchange, is the first woman named to sit on the FPC. One-time Barclays boss Martin Taylor, who sat on the Vickers commission on banking, is also appointed alongside ex-Goldman banker Richard Sharp. |
| Donald Kohn, the former US central banker, was reappointed but there was some surprise that interim members Robert Jenkins and Michael Cohrs were not reappointed to the FPC, which had been acting in a preliminary capacity for 18 months before it becomes a formal body next week. Both were regarded to have been outspoken members of the FPC with Jenkins attacking bankers' pay. Cohrs remains on the court – akin to a board – of the Bank of England. | Donald Kohn, the former US central banker, was reappointed but there was some surprise that interim members Robert Jenkins and Michael Cohrs were not reappointed to the FPC, which had been acting in a preliminary capacity for 18 months before it becomes a formal body next week. Both were regarded to have been outspoken members of the FPC with Jenkins attacking bankers' pay. Cohrs remains on the court – akin to a board – of the Bank of England. |
| In November the FPC had estimated the potential shortfall could be between £24bn and £60bn. | In November the FPC had estimated the potential shortfall could be between £24bn and £60bn. |
| To take up the position on the FPC, Furse will resign from the boards of Legal & General and Japanese bank Nomura. The Treasury did not say that Sharp would need to resign as chairman of PR agency Huntsworth, or chief executive of finance house DII Capital. | To take up the position on the FPC, Furse will resign from the boards of Legal & General and Japanese bank Nomura. The Treasury did not say that Sharp would need to resign as chairman of PR agency Huntsworth, or chief executive of finance house DII Capital. |
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