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British Bankers' Association's annual conference
The Governor of the Bank of England outlined his plans for his next five year term siting his top priority to be financial stability as the world faces a long period of financial turmoil and stating that the worst was not over yet.
Mr King said "During my second term as Governor I would like to see us establish a framework for financial stability that is on as sound a footing as the one we have successfully established for monetary stability." Mr King also said that although the central bank had come to the aid of Northern Rock and acted as a lender, he would hope that this would not be repeated in the future and would encourage other banks not to indulge in risky behaviour. He said that forthcoming reforms to the UK banking system would hopefully discourage excessive risk taking by financial institutions. Last April the Bank of England introduced a £50billion special liquidity scheme which allowed banks to borrow against riskier assets such as mortgage backed investments. Also attending the conference was the chairman of HSBC Stephen Green, he told the conference that the banking industry needed to get "back to basics"and focus on attracting retail deposits instead of excessive borrowing to fund business growth.
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