Here is how Norman described the relationship between the Bank of England and the Government in the 1930s: AUDIO INSERT: “The Bank of England has always been constitutionally a private body... but what matters is not the position on paper but the position in practice. In monetary as in other matters the Government of the day must have the final word and this is fully recognised.” Today, the position on paper and the position in practice are the same. Our job is given to us by the Government and by Parliament. But for me, the story of the modern independent Bank of England began exactly fifteen years ago in early May 1997. It was a Bank Holiday Monday, immediately following the general election. After an early morning tennis match, I returned home to find a message from the Governor, Eddie George. He wanted to meet me in the Bank as soon as possible. An hour later we met in his office, alone in the imposing building known to most of you only by the facade shown on television. Eddie told me of his meeting that morning with the Chancellor, Gordon Brown, who had explained the proposal for Bank independence. It was something for which Eddie and I had worked for five years since Britain’s departure from the Exchange Rate Mechanism in 1992. Now we had a chance to show what an independent central bank could do.
And I believe that the future of Regtech in Hong Kong is very bright, and there are opportunities for everyone. 25. Thank you for joining us on our Regtech journey. Before I finish, let me take this opportunity to express my heartfelt thanks to so many distinguished speakers who have taken time out of their respective busy schedule to contribute towards the discussion sessions today. I should of course also thank everyone of you participating in this event from around the world. I’m confident that the event will deliver rich rewards for all of us. Thank you very much. 3/3  BIS central bankers' speeches