Treasury select committee chairman Andrew Tyrie has called on the Bank of England to reconsider its request to release minutes from meetings relating to the financial crisis in 2007/08.
In March, the TSC asked members of the bank’s court at a committee session to provide a copy of an internal review into the bank’s handling 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, Tripartite Lessons From Northern Rock, but has refused to provide the minutes. It says revealing what was said in meetings would leave no space for private discussions.
Tyrie says that without the information, the committee cannot do its job. He says: “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 had been seeking to address.”
Facts and Figures managing director Simon Webster says: “The bank is supposed to be free of political interference but the recent history of regulation inspires such little confidence that I cannot say politicians should leave regulators alone.”