Bank of England – News - Latest News and Information
The Bank of England detailed its cross‑border resolution framework, highlighting lessons from the 2023 failures of Silicon Valley Bank (SVB) and Credit Suisse. Using SVB’s UK subsidiary and Credit Suisse’s £506 billion (≈$632 billion) asset base, the BoE explained how coordination with home authorities, crisis‑management groups and recognition powers enable orderly wind‑downs. The SVB case showed a rapid £2.9 billion (≈$3.6 billion) deposit run and a weekend sale to HSBC for £1, while Credit Suisse’s resolution relied on legal recognition of foreign actions. These examples illustrate the UK’s statutory tools, including the Banking Act 2009, to protect stability and public funds.
Global current‑account imbalances have surged to their highest levels in 150 years, with surpluses becoming markedly more persistent. A new Bank of England staff paper attributes much of the excess to industrial‑policy programmes that suppress domestic consumption, especially where capital controls...
The Bank of England is deepening its repo‑led, demand‑driven liquidity framework, with market‑wide facilities now supplying roughly a quarter of sterling reserves. Short‑Term Repo borrowing averages about £100 billion ($125 bn) and Indexed Long‑Term Repo about £70 billion ($87.5 bn) each auction, while the...
