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- The Bank of England's Financial Policy Committee: the financial system in the U.K. recovered from financial crisis
The Bank of England's Financial Policy Committee: the financial system in the U.K. recovered from financial crisis
The Bank of England's (BoE) Financial Policy Committee (FPC) released its Financial Stability Report on Tuesday. The FPC said that the financial system in the U.K. recovered from financial crisis.
"Following the global financial crisis, there was a period of heightened risk aversion and retrenchment from risk-taking. The system has now moved out of that period," the FPC said.
The FPC plans to introduce new rule that banks will need to hold £10 billion extra capital.
The results of the 2015 stress test were also released. All 7 major banks passed the test. But Royal Bank of Scotland Group and Standard Chartered passed the tests by improving their capital ratios through the testing process.
"UK banks are significantly more resilient now than they were before the financial crisis. Capital requirements for the largest banks have increased ten-fold, their holdings of liquid assets have increased four times, their trading assets are down by a third, interbank exposures are down by two thirds. And the result of the Bank's 2015 stress tests underscores these improvements," the BoE Governor Mar Carney said.
He also said that the interest rate hikes by the BoE will be limited and gradual once the BoE will start raising its interest rate.
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