BoE governance slammed by MP

Nov 2, 2012

Bank's governance deemed 'defective' following the publication of performance reviews

Shutterstock - Adrian Reynolds
The Bank of England has "defective" governance, according to Andrew Tyrie, chairman of the Commons Treasury Committee, following the publication of three reviews into its performance during the 2008 financial crisis. According to the BBC, the reviews found that the bank's structure was too "centralised and hierarchical" and hadn't given enough thought to the possibility of individual banks going under. Tyrie slammed the decision to commission three independent reports into the Bank, saying: "The decision to commission these reviews fell well short of what was required. A comprehensive review should already have taken place, not just to enable the Bank to learn from its past mistakes but also to inform the legislation currently before Parliament."

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