To ask the Chancellor of the Exchequer who the UK members are of the UK-US working group to develop proposals to monitor and regulate the banking system; what the terms of reference of the group are; and on how many occasions it has met. (264722)

The UK is working closely with its international partners through the G20 to strengthen regulation and supervision of the financial system. The G20 has established working groups to develop recommendations on means of strengthening transparency and accountability, enhancing sound regulation, strengthening prudential regulation, promoting integrity in financial markets, and reinforcing international co-operation.

G20 Finance Ministers and Central Bank Governors met in March 2009 and agreed measures to address these issues, which were discussed by Leaders at the London Summit on 2 April.