Bank of England Deputy Governor Andrew Bailey said weak growth in credit partly reflects a need to deal with existing debt and doesn’t necessarily indicate a failure of central bank policy.
Bank of England Chief Cashier Andrew Bailey said the finance industry can’t be allowed to dilute the new Basel III regulations requiring banks to build up capital buffers.
Andrew Bailey will become deputy governor for prudential regulation at the Bank of England as the central bank prepares for its new role as Britain’s financial regulator.
Financial regulators should be able to force failing banks to restructure debts in the way that other companies do instead of having to bail them out with public money, Bank of England official Andrew Bailey said.
"The severe disruption experienced by RBS, NatWest and Ulster Bank in June and July 2012 revealed a very poor legacy of IT resilience and inadequate management of IT risks."
- Andrew Bailey on Nov 20, 2014