§ Mr. Derek Twigg
To ask the Chancellor of the Exchequer if he will make a statement on the role and membership of the Standing Committee set up by the Memorandum of Understanding between Her Majesty's Treasury, the Bank of England and the Financial Services Authority. 556W
§ Mr. Darling
The Memorandum of Understanding states that the Standing Committee will meet on a monthly basis to discuss developments relevant to financial stability, including individual cases of significance. Meetings can be called at other times by one of the participating institutions if it considers there to be an issue which needs to be addressed urgently.
The formal membership of the Committee is the Chancellor of the Exchequer, the Governor of the Bank of England and the Chairman of the Financial Services Authority. But the routine monthly meetings will normally be attended by Deputies, who are the Director of Financial Regulation and Industry at HM Treasury, the Deputy Governor of the Bank of England with responsibility for financial stability and the Managing Director and Head of Financial Supervision at the Financial Services Authority.
HM Treasury provides the secretariat for the Committee.