§ Lord Spensasked Her Majesty's Government:
Whether and, if so, under what provision of law the Bank of England has informed either the new owners of Baring Brothers & Co Ltd or other interested banks that certain directors of Barings are not to be appointed as directors nor employed in any capacity until conclusion of the investigation by the Board of Banking Supervision into the collapse of Barings.
4WA
§ Lord HenleyThe Bank of England has not done so.
§ Lord Spensasked Her Majesty's Government:
What procedures (if any) the Bank of England is required to follow in satisfying themselves as to the "fit and proper" qualities of the directors of Baring Brothers & Co Ltd.
§ Lord HenleyThe Banking Act does not prescribe procedures which the Bank of England is required to follow when monitoring the "fit and proper" qualities of directors of authorised institutions, but guidance on how the Bank interprets these criteria is given in the Statements of Principles which it publishes.
§ Lord Spensasked Her Majesty's Government:
Whether the Bank of England has required the resignation of any of the directors of Baring Brothers and Co Ltd, the merchant bank, and, if not, why not.
§ Lord HenleyThe Bank of England has not required the resignation of any of the former directors of Baring Brothers & Co Ltd. Pending the outcome of the current investigation into the Barings collapse, the Bank of England's view is that it is premature to consider whether or not such action would be appropriate.