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Loans

Volume 507: debated on Tuesday 9 March 2010

To ask the Chancellor of the Exchequer when the tripartite authorities first discussed the risks associated with (a) self-certification loans and (b) non-deposit taking mortgage lending. (318015)

The three authorities—Bank, HMT and FSA—meet on a very regular basis at a number of levels under the auspices of the memorandum of understanding.

The Standing Committee met at least monthly to discuss financial stability issues. The Government do not comment on meetings of the Standing Committee.

Since the beginning of 2010, the Standing Committee has been replaced by the Council for Financial Stability, which will hold quarterly strategic discussions that will be publicly minuted. The Council will be established in statute by the Financial Services Bill, but the Government have moved to these arrangements initially on a non-statutory basis.