Operational Standing Facilities and Parliamentary Commission on Banking Standards: Difference between pages

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imported>Doug Williamson
(Expand. Source: Bank of England Red Book June 2015 p10.)
 
imported>Doug Williamson
(Shorter Archbishop of Canterbury's additional titles.)
 
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''Bank of England.''
(PCBS).


(OSF).
=== Terms of reference ===


The Bank of England's Operational Standing Facilities (OSF) are part of its Sterling Monetary Framework (SMF).
The Parliamentary Commission on Banking Standards was established by the UK Parliament to:


The OSFs are the:
'''A.''' Consider and report on:
*Operational Standing Lending Facility.
*Operational Standing Deposit Facility.


The facilities are overnight and on demand, at predetermined fixed interest rates.
# Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
# Lessons to be learned about:
## Corporate governance.
## Transparency.
## Conflicts of interest.
## Their implications for regulation and for UK Government policy.


'''B.''' Make recommendations for legislative and other action.


As part of the SMF, the OSFs' purposes are to:
__NOTOC__
*Provide a mechanism to bring about a close alignment of money market rates and the Official Bank Rate.
*Provide a means for banks and other SMF participants to manage any temporary liquidity shortages arising from technical problems in their internal payments and settlement systems, or in the market-wide payments and settlements infrastructure.


=== Final report ===


==See also==
The Commission's 2013 report was designed to address:
*[[Bank of England]]
 
*[[Financial Policy Committee]]
# Making the individual responsibility of senior bankers a reality.
*[[Inflation]]
# Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
*[[Infrastructure]]
# Creating better functioning and more diverse banking markets.
*[[Liquidity insurance]]
# Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
*[[Monetary policy]]
# Specifying the responsibilities of the UK Government.
*[[Monetary Policy Committee]]
 
*[[Money market]]
 
*[[Official Bank Rate]]
The Commission's report setting out its conclusions and recommendations can be downloaded here:
*[[Sterling Monetary Framework]]
[[Media:PCBS report June 2013.pdf|PCBS final report June 2013]].
 
Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013. However a number of areas of concern remain to be implemented effectively.
 
 
====Note====
 
The Association of Corporate Treasurers gave both written and oral evidence to the Commission. Justin Welby, a member of the Commission, was Lord Bishop of Durham on his appointment and became the Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.
 
 
== See also ==
* [[LIBOR]]
* [[Banking Standards Review]]
* [[MCT]]
 
 
====Other links====
[http://www.parliament.uk/bankingstandards UK Parliament: PCBS]
 
[[Category:Compliance_and_audit]]
[[Category:Ethics]]

Revision as of 12:43, 19 January 2016

(PCBS).

Terms of reference

The Parliamentary Commission on Banking Standards was established by the UK Parliament to:

A. Consider and report on:

  1. Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
  2. Lessons to be learned about:
    1. Corporate governance.
    2. Transparency.
    3. Conflicts of interest.
    4. Their implications for regulation and for UK Government policy.

B. Make recommendations for legislative and other action.


Final report

The Commission's 2013 report was designed to address:

  1. Making the individual responsibility of senior bankers a reality.
  2. Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
  3. Creating better functioning and more diverse banking markets.
  4. Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
  5. Specifying the responsibilities of the UK Government.


The Commission's report setting out its conclusions and recommendations can be downloaded here: PCBS final report June 2013.

Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013. However a number of areas of concern remain to be implemented effectively.


Note

The Association of Corporate Treasurers gave both written and oral evidence to the Commission. Justin Welby, a member of the Commission, was Lord Bishop of Durham on his appointment and became the Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.


See also


Other links

UK Parliament: PCBS