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PrintBoE's Bailey says tools need to improve to surveil non-banks
BY Reuters | ECONOMIC | 10/22/24 09:59 AM EDTBy Michael S. Derby
NEW YORK, Oct 22 (Reuters) - The Bank of England needs to improve the ways it is able to track developments in the non-banking system, which is less transparent relative to the banking system, Bank of England Governor Andrew Bailey said Tuesday.
"We are going to reach a point and we are reaching a point...where we need to pivot from rule making to surveillance" and improve the ways regulators can track financial dealings in the non-banking system, the official said at a Bloomberg event in New York.
He also said regulators need to improve how they provide emergency liquidity to non-banks, noting "non-banks don't have a right to come to the central bank for liquidity, but there are times when we have to provide it, and I think we've learned that we have to provide it on a more systematic basis." (Reporting by Michael S. Derby)
