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Council for Financial Stability

Volume 506: debated on Monday 22 February 2010

I have today deposited in the Libraries of both Houses copies of the minutes of the first meeting of the Council for Financial Stability, which was held on 14 January 2010.

The Council comprises the Chancellor of the Exchequer, who chairs the Council, the Governor of the Bank of England and the Chairman of the Financial Services Authority. The Council is responsible for considering emerging risks to the financial stability of the UK and global financial system, and co-ordinating an appropriate response by the UK’s authorities.

At the first meeting of the Council, the Governor of the Bank of England, the Chairman of the Financial Services Authority and I discussed the following issues:

the Bank of England Financial Stability Report published on 18 December 2009;

Financial Sector Remuneration;

Recovery and Resolution Plans.

The Financial Services Bill currently before Parliament provides for the establishment of the Council in statute, including the requirement to publish minutes of its quarterly meetings. The Government have moved to the new arrangements ahead of the passage of the Bill.