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Categories:Politics,Regulation

MPs attack Bank of England for not releasing crisis documents

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Treasury select committee chairman Andrew Tyrie has called on the Bank of England to reconsider his request to release minutes from meetings relating to the financial crisis.

The TSC asked members of the Bank’s court at a committee session in March to provide a copy of an internal review into the Bank’s handing of the run up to the crisis as well as minutes from relevant court meetings.

The Bank has provided a copy of a 2007 review but has refused to provide the minutes that have been requested. It says revealing what was said in meetings would leave no space for private discussions in future.

Tyrie (pictured) says the refusal means the committee cannot do its job of holding institutions to account.

He says: “I hope the court will feel able to reconsider our request. The committee is not able to properly carry out its function of holding the court of the Bank to account without access to the relevant information.

“I have been disappointed at the responses we received from the court to our requests. This was the most serious financial crisis for decades and the Bank’s decision-making affected the economic future of the country. The court’s response is a reflection of the problem which the committee’s inquiry into the accountability of the Bank of England had been seeking to address.”

After March’s evidence session, then TSC member and Labour MP Chuka Ummuna told Money Marketing that Bank Governor Mervyn King has the court “under his thumb”.

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Readers' comments (4)

  • First the FSA & now the BoE - both raising 2 fingers to a body of our elected individuals. Time to act Mr T & bring these all-powerful, unelected quangos under control & make them accountable for their actions

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  • The greatest escape act in history - how did Mervyn King come from a point where,seemingly oblivious to the financial storm coming at us,he was actively looking at putting up interest rates in late summer 2008? That they (The BOE) did not see what happened to NR and raise all hell to make sure the country was prepared,they apparently did nothing 'till it all hit the fan.Now,uneblieveably,he is now to be head of the new set up.An incredible story.

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  • If one didn't know any better one might think there was a whiff of conspiracy to brush one's former actions under the carpet.

    The whole thing stinks regarding The BofE, The FSA and their actions or rather lack of action leading up to the financial crisis.

    What's more both heads of these quangos have been subsequently kept in their positions and promoted to the new regulatory bodies formed to replace them.

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  • @ David Salmon - you can add the Inland Revenue to your list of unaccountable bodies.

    Some of the 'deals' Dave Hartnett seems to have made with the likes of Goldman Sachs and Vodafone seem quite scandalous.

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