Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Gulliver ‘Uncomfortable’ With Bank of England Powers

HSBC Holdings Plc Chief Executive Officer Stuart Gulliver told a parliamentary committee hearing he is “uncomfortable” with the concentration of regulatory powers with the Bank of England.

“If you compare this to a corporate structure, you have the equivalent of a CEO, who for political reasons is hired for five years and can’t be fired and who has no real board who can check him or her,” Gulliver told a committee of both Houses of Parliament in Westminster today.

“If this was a listed company on a stock exchange, would we be comfortable with that, and I guess the honest answer is we would be a bit uncomfortable,” he said. The Financial Policy Committee has too many executives, Gulliver said.

The British government is planning the biggest shakeup of regulation since 1997, scrapping the current banking regulator and handing the powers to a new authority within the Bank of England. The plan will also create a Financial Policy Committee chaired by Governor Mervyn King, entrenching his responsibility for financial stability as well as monetary policy.

Former Bank of England policy makers Willem Buiter and Kate Barker said ownership of financial stability should reside with the Treasury rather than the central bank, criticizing a government overhaul of regulation.


“The Bank of England is greatly overburdened and too powerful in this proposed construction, especially the governor and the two deputy governors,” Buiter said at a parliamentary hearing in London in May. “The obvious solution is to remove prudential supervision from the bank.”

The Bank of England’s Financial Policy Committee has too many executives, Gulliver said. The Monetary Policy Committee and the Financial Policy Committee could theoretically pursue contradictory policies, he said.

Barclays Plc CEO Robert Diamond told today’s parliamentary hearing that banks will struggle to increase lending at the same time as they bolster capital.

“One of the things that is challenging today is that there is a tendency for regulators to say increase capital, increase capital, increase capital and also call us up and say increase lending, increase lending, increase lending and we can’t do both.”

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.