The Bank is proud to be providing capability and leadership.29 There are also significant one-off operational risks and costs if we continue to try and make do with outdated technology that is not effective, efficient, or safe. Digital ‘cloud-based’ operations are now benchmark tools for people to operate effectively and manage risks. We must remain on the frontier of technology development and risk mitigation.
It is worth mentioning that since 2007 the balance sheet of the Federal Reserve has increased by 229%, the Bank of England by 193%, the Swiss National Bank by 128%; the balance sheet of the Eurosystem has risen by 71%.