In other words, it seems probable that the accommodative financial conditions ensuing from very low interest rates will be maintained for some time following a period in which the uncollateralized overnight call rate is at effectively zero percent. Through and beyond this stage, the Bank will adjust the level of interest rates gradually in the light of developments in economic activity and prices.
Specifically, that there is a recognition that compliance is expected to cover both conduct and prudential risks and regulations, and that compliance needs to consider wider governance matters – such as the functioning and effectiveness of the board.