It’s Carney live. We know George Osborne is
frustrated excited. Mark Carney, the next Governor of the Bank of England and the man Osborne once called “quite simply the best, most experienced and most qualified person in the world to do the job”, is in front of the Treasury select committee.
Here’s the live feed:
Lord Dennis Stevenson (former HBOS and Pearson chair ) sent two rather telling letters to the FSA in 2008. Both were mentioned during Tuesday morning’s session with the Parliamentary Commission on Banking Standards and one of which claimed HBOS was “in as secure a position as it could be” roughly half a year before its collapse.
No “lurking horrors in our business or balance sheet” either.
Oh dear. Read more
We have Sir Mervyn King, Governor; Paul Tucker, Deputy Governor; Donald Kohn and Lord Turner, Members of the Interim Financial Policy Committee, Bank of England.
At pixel time this was going on… Read more
John Charcol mortgage expert Ray Boulger has written up his thoughts on the Treasury Select Committee’s brief on the housing market, Mortgage Arrears and Access to Mortgage Finance.
He makes some very lucid, if disconcerting observations. First, Boulger says the report focuses far too much on first time buyers, the subprime sector and remortgaging. In that way, he notes, it fails to acknowledge the fact that problems go well beyond these sectors. Read more
Adam Posen, the new addition of the Bank of England’s monetary policy committee, has been speaking on Tuesday morning at his appointment hearing before Parliament’s Treasury Committee.
And true to form Posen, who has called for wholesale sackings at failing banks, is speaking his mind. Read more
This should make for fun TV: Robert Peston is to face off against John McFall, Labour chairman of the Treasury select committee, next month.
The Treasury select committee raised the question of whether journalists should be muzzled to protect financial stability when it started its inquiry last month into the causes of the banking crisis. Read more