Clearinghouses should have detailed explanations how they will assign losses to members in the event of a default that depletes the company’s emergency funds, according to a Bank of England paper on financial stability.
The Bank of England is tasking its economists to do research on the lower limits of interest rates and credit flows as part of a focus on unconventional policy, according to a job advertisement on its website.
Bank of England Deputy Governor Paul Tucker’s account of his involvement in the Libor scandal stoked new criticism of the bank’s oversight failures as he struggles to stay in contention for its top job next year.
Bank of England Deputy Governor Paul Tucker will testify today on the Libor scandal that cost Barclays Plc’s top three managers their jobs and cast doubt on his prospects of succeeding his boss, Mervyn King.
Paul Tucker, whose three-decade career at the Bank of England marked him out as the leading candidate to become the next governor, failed to secure the top post after the Libor scandal undermined his bid.