Tag Archives: BoE

Non-bank PSP joins Faster Payments

The Bank of England has announced that TransferWise, an FCA-regulated non-bank PSP has joined Faster Payments as a direct participant. This is the first non-bank PSP to join a UK payment system settling in central bank money. BoE, FCA and the Payment Systems Regulator all heralded the development.

BoE outlines 2018 stress test

The BoE has published the scenario against which it will stress-test banks in 2018. As confirmed by the FPC, the basis of the test will be the same as the 2017 version, but the hurdles will evolve such that: banks will be held to higher standards the more systemically important they are; hurdle rates will […]

BoE publishes annual report on FMI supervision

The Bank of England has published a report on its supervision of financial market infrastructures (FMI). The report measures performance against its 2017 annual report, as well as looking ahead. The report: Defines FMIs and their importance; Explains BoE’s supervisory role and BoE’s interaction with national and international regulators; Reports on BoE’s supervision over the […]

BoE updates resolution planning MoU

BoE has updated its MoU on resolution planning and crisis management between it, the PRA and Treasury. The MoU clearly sets out the duties of each entity and was last updated in April.

BoE announces SONIA implementation date

The Bank of England (BoE) has confirmed an implementation date of 23 April 2018 for reforms to the Sterling Overnight Index Average (SONIA) interest rate benchmark. The March 2017 reforms will result in the following changes: BoE taking on the end-to-end administration, including calculation and publication of SONIA; the coverage of SONIA being broadened to […]

BoE reviews FinTech Accelerator progress

Andrew Hauser, Executive Director for Banking, Payments and Financial Resilience, has commented on the work of BoE’s FinTech Accelerator programme since its launch in June 2016. The programme sought to improve BoE’s understanding of FinTech products and firms, and also to give these firms an insight into the questions and needs central banks might have, […]

BoE updates on resolution approach

BoE has published an update to its “approach to resolution“, originally published in 2014.

BoE NEDs review conflicts policies

The BoE’s non-executive directors have published a review of its approach to identifying and managing conflicts of interest within the BoE set up. There will be an update to the Bank’s Code of Conduct to update and clarify requirements. Among changes will be the appointment of a designated Conflicts Officer, together with other organisational and technological […]

Alex Brazier, Executive Director of BoE delivers a speech entitled: ‘Debt Strikes Back’ or ‘The Return of the Regulator’?

Alex Brazier, Executive Director (Financial Stability) at BoE has delivered a speech in which he considers the recent developments in household debt, how that debt can pose dangers to the wider economy, and the three lines of defence put in place by regulators to guard against those dangers. Mr Brazier observed that in the past […]

BOE releases details of RTGS payments proof of concept

In a press release, the BOE announced the successful use of Ripple’s Interledger Protocol to make two simulated Real Time Gross Settlement (RTGS) payments. Key findings: that the Interledger Protocol was able to support synchronisation of payments between two simulated RTGS ledgers;  that the ILP Validator created a single source of truth between the two ledgers, […]