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Financial System (Major Operational Disruption)

Volume 407: debated on Thursday 19 June 2003

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I am announcing today our reply to the responses to the consultation document "The financial system and major operational disruption" (Cm 5751). I have asked Sir Andrew Large, Deputy Governor of the Bank of England (Financial Stability) to establish a Task Force to research and make recommendations on the issues arising from the consultation responses. The Task Force is charged to make final recommendations by the end of February 2004, with an interim report to be produced by early November 2003.Copies of the summary of responses to the consultation exercise and the terms of reference of the Task Force have been placed in the Library of the House.