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Bank of England laments its lack of power over bank rescues

Bank of England governor Mervyn King and chairman Sir John Parker have used their annual report to raise concerns once again over the Bank’s lack of power to trigger the Special Resolution Regime.

In his foreword to the report King says he regrets that among other powers to deal with financial stability, he has not been given the capacity to trigger bank rescues via the regime.

He says: “As I have made clear, I regret that the new responsibility has not been accompanied by any new powers to deal with banks before they fail. Responsibilities and powers need to be aligned.”

And in a separate foreword, Sir John Parker says: “Although we believe that the creation of the Special Resolution Regime is a significant development, it is fair to say that there remain some concerns that the legislation may not go as far as necessary in terms of the Bank’s influence in triggering the SRR and in giving the Bank timely and full access to the data it will require.”

The Bank revealed record profits of £995m, the highest profit since its inception in 1694.

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