UK: Financial Policy Committee - recommendations from the Chancellor

One of the amendments made to the Bank of England Act 1998 by the Financial Services Act 2012 was to require the Chancellor, on an annual basis, to provide recommendations to the Financial Policy Committee in respect of the financial stability objective given to the Bank of England. The Chancellor did this earlier this week: see here (pdf).

Russia: Financial Stability Board publishes peer review report

The Financial Stability Board has published its peer review of Russia: see here (pdf). The review considered the macroprudential policy framework (and tools) as well as the framework for the resolution of banks. The report recommends, amongst other things, that the mandate of the newly formed National Council on Ensuring Financial Stability is clarified; a wider range of resolution tools is also recommended.