Treasury - Twenty-First Report
Accountability of the Bank of England

Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 19 October 2011.


Terms of Reference


1 Introduction

The accountability of the Bank of England

2 Historical context

Before 1997

The tripartite system

3 The Court of the Bank of England

The origins and role of the Court

Make-up of the new Supervisory Board

The Chairman of the new Supervisory Board

Size of the new Supervisory Board

Appointment and review of members of the new Supervisory Board

Staff available to the Court

Ex-post review of policy performance

The availability of information to the new Supervisory Board

Provision of information by the new Supervisory Board

4 Committees of the Bank of England

Membership and appointments

The risk of groupthink

The financial stability objective

Macro-prudential measures

Duty of the Bank to explain its decisions

Handling conflicts between policy areas

The Financial Operations Committee

The monetary policy objective of the Bank

5 The office of Governor of the Bank of England

Appointment and dismissal

Term length and reappointment

Parliamentary involvement in appointment and dismissal

6 Crisis management and the role of the Chancellor

Responsibility in a financial crisis

The Chancellor and crisis management

A wider role for the Chancellor?

Conclusions and recommendations

Formal Minutes


List of printed written evidence

List of additional written evidence

List of Reports from the Committee during the current Parliament

Oral and Written Evidence

15 March 2011

23 March 2011

20 June 2011

21 June 2011

28 June 2011

5 July 2011

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© Parliamentary copyright 2011
Prepared 8 November 2011