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PRA, Bank of England

Lords committee to question Treasury, Bank of England and PRA

4 November 2014

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On 4 November 2014, the EU Economic and Financial Affairs Sub-Committee will hear evidence from two Deputy Governors of the Bank of England, the Prudential Regulation Authority and the Economic Secretary to the Treasury, in the final evidence sessions in relation to the Committee’s current inquiry into the EU Financial Regulatory Framework.

Witnesses

Tuesday 4 November 2014, Committee Room 3, House of Lords.

The Committee will hear evidence at 10.35am from:

  • Sir Jon Cunliffe, Deputy Governor, Financial Stability, Bank of England
  • Mr Andrew Bailey, Deputy Governor for Prudential Regulation & Chief Executive, PRA
  • Mr David Rule, Prudential Policy Executive Director, PRA

The Committee will then hear evidence at 3pm from:

  • Andrea Leadsom, Economic Secretary to the Treasury

Possible questions

The Committee will ask the witnesses key questions including:

  • What is their overall assessment of the reforms brought forward since the outbreak of the financial crisis, and any overlaps, inconsistencies, contradictions and gaps that they have created;
  • What is their assessment of the effectiveness of the Commission, the Council and the European Parliament in relation to the legislative process;
  • How the business models of financial institutions are changing to take account of the financial reforms that have been agreed;
  • Whether financial regulation has been too focussed on financial stability rather than growth;
  • How the Bank of England and other UK institutions interact with the ECB and the European Supervisory Authorities (ESAs), including the EBA;
  • What are the challenges for the UK as a non-eurozone Member State, and what can the UK do to engage more actively in the upstream process within the EU institutions?

The Committee will take the opportunity to ask the Bank of England about its response to the EBA’s recent report on EU bankers’ allowances. It will also ask the Economic Secretary to the Treasury for an update on the request from the Commission for the UK to make a €2.1 billion payment to the EU Budget by 1 December.

Further information