The governor of the Bank of England, Mervyn King, and deputy governor, Sir John Gieve, will join the committee on 20 September in a scheduled meeting to review the latest Inflation Report, published while the government was in Summer recess. The FSA’s chairman, Sir Callum McCarthy, and chief executive, Hector Sants, will meet the committee in October.
The meetings will be used by the committee to raise topics such as the stability of the financial system, credit rating agencies, the responsibilities of the institutions and the Banks’ emergency credit facility – used to bail out Barclays to the tune of £1.6 billion.
Speaking to The Independent, Michael Fallon, the senior Conservative member on the committee, said: “We will ask how the emergency facility is being used, what the Bank’s view of liquidity is, how we got into this position, and what reassurances the Bank can provide as to the stability of the entire system.”
Nitesh Palana, spokesperson for the Association of Mortgage Intermediaries, commented: “It is not surprising that the Treasury Select Committee frequently questions senior members of the FSA and Bank of England. This will, of course, be the first time Hector Sants will be quizzed as chief executive of the FSA and it will be interesting to see what questions are asked and how he will answer them.”
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